NFTBooks token (NFTBS) loses 37% in a week, likely to see further decline

Key Takeaways:

• NFTBooks’ native token NFTBS continues to fall, with historical trends suggesting further downside movement.

NEW DELHI (CoinChapter.com) — DeFi platform NFTBooks’ native token NFTBS continues to fall after reaching a local high on Dec 27. In addition, the platform’s fully diluted market cap went down by 1.4% to reach $29 million at the time of writing.

NFTBS prices opened trading on Jan 6 at $0.000000000310, with prices falling 10.2% during the first quarter of the trading day. However, the NFTBooks token launched a bullish rally towards the second half of the day but could not recuperate much of its initial loss and ended the day down by 9.2%

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In the last seven days, NFTBS has shed over 37% of its value, going from a high of $0.000000000437 on Dec 31 to Jan 6’s low of $0.000000000275.

Moreover, historical trends indicate the NFTBS token prices have nosedived after a significant bull run. For example, after NFTBooks reached $0.000000000709 on Oct 17, NFTBS price fell over the next seven weeks, losing 72.9% of its value in the process.

If the trend repeats, the NFTBS token would likely see its prices reach $0.000000000136 before starting another consolidating.

What Is NFTBooks?

NFTBooks is a DeFi platform built on the Binance Smart Chain (BSC) and backed by the Binance Accelerator Fund. The platform offers NFTb Market, NFTb Earn, and NFTb Launch. NFTBooks claims ‘to transform the world of book-readings, making it more affordable and accessible to people.‘

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In detail, NFTb Market is an NFT marketplace where creators can get in touch with buyers worldwide. NFTb Earn is a DeFi platform that offers access to yield farming activities. In addition, NFTb Earn also helps provide liquidity to various DeFi farms as an AMM.

Lastly, NFTb Launch is a launchpad that helps creators fund their projects.

NFTBS is the platform’s native token, with a total supply of 100 quadrillion tokens, of which the project burned 20%. The platform charges 4% transaction fees, of which it burns 2% and shares the remaining 2% as a reward to NFTBS holders.

At the time of writing, NFTBS was trading at $0.000000000291.