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Binance Coin (BNB) continues to make its mark on the cryptocurrency world. BNB, the native token of the Binance Exchange, experienced another surge overnight, breaking its own record and surpassing $880 to reach a new all-time high (ATH).
BNB, the native token of the Binance exchange, has been on an upward trend for quite some time. After forming a psychological resistance level at $860 and testing this level twice without breaking through, BNB surpassed $880 last night, reaching a new all-time high (ATH). What can we attribute this surge in BNB’s value to?
Factors Triggering BNB’s Rise
Binance is undoubtedly the world’s largest cryptocurrency exchange (based on volume data) and has a large enough audience to dominate the cryptocurrency exchange market. It is one of the first exchanges that come to mind when cryptocurrency is mentioned. One of the reasons Binance is the best in this market is its role in the regular and effective management of its own local token, BNB, and the BSC network.
- Growth in the Binance Smart Chain (BSC) Ecosystem: The BSC network forms Binance’s own cryptocurrency infrastructure. High-speed transactions and low commission fees make this infrastructure attractive in itself. In particular, the continued growth of interest in DeFi and NFT projects on BSC and the high number of transactions on the network are driving demand for BNB.
- Binance’s Burn Programme is implemented periodically as planned. This burn programme is a plan to reduce the supply of BNB and tighten the supply. Through the burn transactions, a certain amount of BNB is destroyed after each periodic burn, reducing the number of BNB in the market. This makes BNB more valuable in the long run.
BNB Holders Always Win!
Binance continues to grow by always prioritising its native token, BNB. BNB token holders are satisfied with the attention Binance shows them. Binance is increasing interest in the token by offering advantages to BNB token holders. BNB holders earn free shares from airdrops and new listings thanks to the BNB they hold.
Thanks to Binance Hodler, BNB holders benefit from new listings simply by holding BNB. After offering these advantages to BNB holders, Binance has made the BNB coin even more attractive. This is considered one of the biggest factors in its continued price increase.
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