BABB is promising additional bonus BAX tokens proportionate to the amount invested in their so-called crowdsale. Subsequently to this increased supply, the price has dropped significantly.
BAX Token holders have been seen selling their tokens in what many market participants attribute to an anticipation of a bigger price drop depending on how many actual bonus BAX tokens are being handed out.
By the time of writing this news, the price had dropped by 23 percent. The price action can be observed in the following chart:
Market Reactions: Traders vs Investors
As always in financial markets, there is no telling of what the future is going to bring with 100% certainty. At the same time, this harsh move is most likely very much driven by short-term traders. Investors with a long-term horizon stated on Twitter that they perceived this as a buying opportunity:
— Redx (@StayClassy369) April 29, 2018
BABB Banking License Update
BABB also issued a statement updating on their positive progress regarding their banking license in Lithuania and the UK:
An update on our Lithuanian banking license application! https://t.co/R80EpOmFGd
— BABB (@getbabb) April 27, 2018
Additional sources: BABB via Medium
Disclaimer: This article is does not constitute financial advice. Educate yourself or get independent, professional advice before making any trading or investing decisions.