What is Swipe (SXP)?
Swipe is a debit card and wallet platform that gives users access to spend various cryptocurrencies in fiat currencies on-demand.
Not too long ago Exchange giant Binance has acquired this crypto wallet which supposedly will be a serious contender of Crypto.com Coin (CRO).
Starting 2020/08/17 00:00 UTC, Binance will begin taking live snapshots of user BNB balances to calculate each users’ weekly average BNB holding amount held on Binance.com. and airdrop SXP accordingly.
So far so good…
However, the SXP that airdropped to BNB holders will be taken from the existing circulating supply and bought from the market, thus this program will not increase any circulating supplies.
Not too long before the airdrop was announced by Binance the price of SXP passed over 4 dollars, but after the price started a steep decline, with currently hovering between 2.5 to 3 dollars.
Here it is…I am just going to say it…
I thing Binance is pressing down the price of SXP so that it does not have to pay the full price of SXP as it is giving it for “free” anyway, and will continue to do so for 12 weeks starting from 2020/08/17 00:00 UTC, until the 14th week (according to my calendar calculations the last snapshot date or end of the airdrop is on 22nd of November.
interesting view, one must note that SXP have risen 16x from lows in March, and it is a time for healthy correction, no matter the situation with Binance airdrop, and that circulating supply is only 20% of total supply, so total capitalization is already with 700 milion range, not that far from CRO market capitalization, as looks on first
https://www.coingecko.com/en/coins/swipe
