BCPT and the 'Binance Chain' effect
Blockmason Credit Protocol becomes the latest project to migrate to Binance Chain, prompting a rollercoaster price action over the last 48 hours.
“As a developer of base-layer blockchain technologies” notes the project in their announcement, “the Blockmason team is always looking for ways to expand the usability of our innovations. Launching BCPT on Binance Chain allows us to explore a new blockchain venue, assess the potential and suitability of cross-blockchain Credit Protocol transaction recording as well as the scaling of transaction capacity beyond what is currently capable on Ethereum.”
The coin gained over 35% in a few hours following the announcement, eventually ballooning to a 6-month high $0.082. The news rally proved to be extremely short-lived, however, as BCPT soon headed south along with most of the market. It’s currently down 15.3% for the day, although the price change is clearly exacerbated by the recent uptrend.
As a result of both the migration and the chaotic price action, the ‘BCPT’ mentions on social media have also hit a local high, with over 310 new coin mentions recorded by the Social Trends tool in the last 2 days:
Much of Telegram's sentiment about BCPT swayed with its price action. As expected, the crowd reaction quickly turned ugly following the retraction:
Things are not looking much better for the project on reddit either. As one r/cryptocurrency user noted:
“Unfortunately, BCPT is a s#!tcoin. Sorry you had to find out this way.”
As expected, most of the coins migrating to CZ’s new chain received an immediate price boost, the latest two being BCPT and Gifto (GTO), which also exhibited very similar price action since the announcement:
Seems like the ‘Binance Chain pumps’ are in full effect.