Alteason: BNB, Kucoin, NMX & other exchange tokens to watch

Alteason: BNB, Kucoin, NMX & other exchange tokens to watch – Centralized Exchange (CEX) tokens have been in the spotlight since the beginning of the bull season, as the crypto community is gearing towards altseason, exchange tokens such as Binance Coin (BNB), Kucoin (KCS) and Nominex (NMX) are poised to take the charge into the next phase of the bull market.

Exchange tokens are coins created by cryptocurrency exchanges to incentivize users and also serve as payment options for exchange fees; most exchanges usually give discounts for holders of their tokens and as the exchange keep growing user base so will the utility increase.

Binance is the largest exchange in the world and in addition to being a big exchange the company is building a giant crypto ecosystem which includes Binance smart chain (BSC) which is a smart contract protocol for building defi apps, recently they launched an NFT marketplace which will no doubt dominate the fungible token space in no time.

Between January and May this year BNB moved from around $43 and picked at $686 thanks to the BSC hype which took much of Ethereum market share; with Binance NFT marketplace already live, it is expected that BNB will once again replicate the big gains it made with BSC. BNB is worth keeping a close watch on as it is currently making an upward movement, the past seven days alone BNB have gained 11% and is currently trading at $334 as the time of writing this post.

KuCoin Token (KCS) is another exchange token that have made big movement the past seven days, after the company announced a giveaway of 500 Tether (CRYPTO: USDT) for those watching the EURO2020 soccer championships the token have seen a whopping 90% gain as at the time of writing this report.

Kucoin which recently rebranded have seen a 27.4% gain the past 24hrs alone and currently have a marketcap of $1,095,628,574; traders and crypto investors should keep an eye on this token because it is likely to make more gains in the coming market cycle.

NMX is the internal token of the Nominex cryptocurrency exchange, the ongoing NMX farming will continue to next 72yrs, when farming the token you temporarily send NMX and USDT to a special smart contract and receive a reward in the form of new NMX tokens, the farming have already generated a total liquidity of about $23billion.

NMX have gained 21.1% the past seven days with a low marketcap of $194,600,282; if you are looking for a hidden gem NMX is your token.

Other exchange tokens to keep a close watch on are OKB, FTX token, Leo token, Huobi token and AscendEx Token.

Disclaimer

This article is for information purposes only and should not be taken as a financial advice, consult your financial advisers for professional financial advice.