22 May 2024
The crypto industry has been dominated by the recovery of major cryptocurrencies and regulatory developments, but one unexpected player has taken the market by storm. Black Phoenix, a payment system protocol, and its native token, BPX, have witnessed an astonishing surge in price, outperforming the entire market with historical performance.
Notably, Black Phoenix’s BPX token reached an all-time high of $2.60 on May 22, propelled by a staggering 4,400,000% growth in the past 24 hours and over 6,500,000% in the past fourteen days.
This unexpected victory has caught the attention of investors, prompting them to examine the protocol’s underlying principles and design more closely.
Exploring The Black Phoenix Design
According to the protocol’s “Black Paper” released in April 2021, Black Phoenix presents a fully on-chain liquidity protocol for instant cryptocurrency token swaps in a decentralized manner on any smart contract-enabled blockchain.
The protocol’s design aggregates liquidity within each blockchain, claiming to offer “the best rates” for takers executing trades. Additionally, Black Phoenix envisions a connected liquidity network facilitating seamless cross-chain token swaps across its networks on different chains, with its token based on the Tron (TRX) blockchain.
To implement a distributed infrastructure services economy, Black Phoenix introduced its native token BPX. BPX aims to eliminate “inefficiencies” in the existing protocol and attract a broad user base, ultimately creating a marketplace for distributed infrastructure services.
Black Phoenix’s long-term and short-term goals revolve around achieving reputable exchange listings, increasing the token’s value, and expanding the user base.
Currently, BPX tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Black Phoenix is FameEX, where the most active trading pair BPX/USDT has a trading volume of $2,809,201 in the last 24 hours, which has been the propeller of the current uptrend.
Nevertheless, Black Phoenix plans to list the BPX token on several exchanges, including Hotbit, Hitbtc, Coinex, Binance, and Coinbase Pro.
Trading Volume Skyrockets 2,800,000%
One key indicator of Black Phoenix’s recent success is the increase in trading volume. CoinGecko data shows a significant spike in trading volume for BPX on Wednesday, reaching 2,800,000%.
At the same time, Black Phoenix’s market capitalization has risen to $3.8 billion, a significant increase from $29 million in hours.
The fully diluted valuation (FDV) is a statistical representation of the maximum market capitalization an asset can achieve, assuming that all available tokens are in circulation.
For Black Phoenix, the FDV currently stands at an impressive $10.4 billion. This valuation represents the potential growth and market cap of BPX if all 4 billion tokens were in circulation.
Following the notable surge in all key metrics for BPX, the project’s team has made a bold prediction, stating that BPX will soon become one of the top 5 cryptocurrencies in the world.
Ultimately, the potential listing of Black Phoenix’s token on top exchanges promises to propel its upward trend further. However, as is typical for all cryptocurrencies, the extent of its surge and the subsequent occurrence of a market correction remains uncertain.
Featured image from Shutterstock, chart from TradingView.com