KEYTAKEAWAYS
- FORM token dropped over 55%, hit $1.97, with weak liquidity and whale selling driving market panic and trust loss.
- Community trust erodes as whale selling, poor ecosystem execution, and token unlocks intensify FORM’s steep decline in the BNB Chain ecosystem.
- FORM’s crash shows fragile liquidity, weak buying power, and fading confidence, despite ecosystem efforts in GameFi, AI, Meme, and RWA.
CONTENT
The FORM token ($FORM, formerly BinaryX or BNX), a core asset in the BNB Chain ecosystem, has recently suffered a sharp drop. The price fell to $1.97, down more than 55% from the all-time high in August (about $3.50).
This crash increased fears of whale selling and a liquidity crunch, and it also showed the broader correction pressure in the crypto market. As the pillar of the Four ecosystem, FORM supports GameFi, the IGO (Initial Game Offering) launchpad, AI, Meme, and DeFi. The total supply is 5 billion tokens. It covers staking, governance, and RWA (Real-World Assets) trading functions.
PRICE TREND UPDATE AND KEY DATA
Since early September, the price trend of FORM has kept moving down. On September 17, it hit a low of $1.97. Market cap shrank to about $750 million (CoinGecko data). The 24-hour trading volume was only $45 million, down almost 70% from the early-September peak of $150 million. The drop started on September 15. The price moved in the $2.10–$2.50 range, but fell 40% within one week. Key support levels broke fast, and a liquidity issue began to show.
By September 16, the price slid to $2.05, a daily drop of 2.4%. Sideways trading and small whale selling added pressure. On September 17, the price fell to $1.97, down 8% in 24 hours. Market alerts on X (Twitter) listed it as one of the “24-hour biggest losers,” ranked #101. Community fear rose sharply. Overall, since September 1, FORM is down about 45%. Market cap lost over 25%. Low volume amplified price swings. Weak buying power hurt market confidence. The data sources include CoinGecko, KuCoin real-time quotes, and the latest market alerts on X, which give a solid base for this analysis.
DEEP DIVE INTO REASONS FOR THE DROP
Micro Level: Project and On-Chain Dynamics
The drop in FORM has direct triggers inside the project and on chain. First, whale selling is a main driver of the price fall. On-chain data shows that on the night of September 16, two large transfers (over 1.5 million FORM in total, about $3 million) went to centralized exchanges like Binance and OKX. This sparked fear.
Holding concentration analysis shows the top 10 addresses control over 30% of the circulating supply. Early investors and whales have been cashing out since the August ATH ($3.50). These sales pushed the price down and led retail holders to follow, creating a negative loop. The number of active addresses also fell—from a daily 5,000 in August to 3,000 now—showing weaker holder confidence and lower participation.
At the same time, a worse liquidity situation made moves more volatile. Right now, on decentralized exchanges (DEXs) like PancakeSwap, the liquidity pool depth is under $100,000. This means even a small sell order (100,000 tokens) can push the price down by more than 5%.
The 24-hour trading volume fell from $150 million in early September to $45 million, a drop of nearly 70%. The BNB Chain ecosystem also saw lower activity. Total Value Locked (TVL) went from $9 billion in August to $8 billion, down 10%. As a mid-cap token on BNB Chain, FORM suffered from this weak backdrop. Buying demand was not enough to offset steady selling, so the price stayed under pressure.
Loss of community trust is another key internal factor. Sentiment analysis on X shows posts about FORM rose 20% in the past 24 hours, but the positive-to-negative ratio is 1:4. This reflects strong pessimism. Some popular posts called FORM a “typical crypto crash case.”
For example, user @CryptoBear123 wrote: “$FORM is in free fall; the team’s silence is disappointing.” Although the RWA module in the Four ecosystem is live, there is no public TVL data. This failed to lift investor confidence. Some retail traders switched to low-cap meme coins (such as $OBI and $MYX, up 45% in 24 hours), pulling funds and attention away from FORM and further hurting its performance.
Execution bottlenecks in the ecosystem also set the stage for the drop. The Four.meme launchpad went live in early September, but the first IGO round underperformed. The average ROI was only 20%, far below the short-term boom of meme coins on Solana (ROI 50%–100%). Sales of AI Hero NFTs also missed expectations.
Daily Active Users (DAU) were around 5,000, well below the 10,000 target. In contrast, the meme coin boom on Solana and Base drew in a lot of speculative money. FORM’s broad positioning (GameFi, RWA, and AI) was less attractive to short-term traders and did not turn into strong price support.
Debates over tokenomics added more pressure. Discussions on X pointed out that 50 million tokens unlocked in September (1% of total supply) may have increased selling. The Four team said these tokens were for ecosystem incentives, such as funding GameFi developers and RWA integration projects.
But the lack of transparent allocation details led to wide doubts. One user on X commented: “If the team does not disclose the use of the unlocked tokens, $FORM will struggle to regain trust.” This lack of transparency weakened community confidence and gave the market another reason to sell.
