Binance Coin (BNB), the native token of the Binance blockchain which was first introduced as an energy token for trading on the exchange has actually skyrocketed to a brand-new all-time high of$75.40 with a$ 26 %surge over the past 24 hours. BNB is currently trading at $74.39 and looks bullish enough to retest the brand-new ATH again.
Earlier today nearly $200 million worth of USDT streamed into the Binance exchange which numerous believed in the beginning was since of Dogecoin traders as the meme coin got another shot out from Elon Musk today. Nevertheless, taking a look at the surging cost of BNB it seems most of the stablecoin inflow was traded for the native token.
Over $200M in USDT has been added to binance in the last 30 minutes approximately
—– Altcoin Psycho (@AltcoinPsycho) February 6, 2021
Source: Coinmarketcap The 24 hours area volume of BNB/USDT is currently at $538 million as the token continues to rise with over 69% gains in the previous week.
BNB Burn and Rising Spot Volumes During Peak Season Behind BNB Bull Rally
Binance over the years has actually burnt a substantial chunk of the BNB supply every quarter, the last being the 14th quarterly burn that begun on 19th January this year. The reducing supply for BNB, while the business is at its peak throughout the bull run, has also soared the demand for the native token.
Binance burned a total of 3,619,888 BNB, comparable to USD 165,791,000 worth of tokens and the overall supply of BNB has actually formally decreased from 174,152,713 BNB to 170,532,825 BNB.
During the peak Bitcoin bull run, Binance signed up a whopping $8 billion in spot volume in a single day. While Binance has likewise dealt with a number of failures owing to high volumes, however, compared to the likes of Coinbase and other crypto exchanges, Binance has handled to keep the platform up and running even at peak trading hours. The recent banking restriction revealed by Nigerian Central Bank may also result in numerous Nigerian traders transforming their native fiat into BNB to continue trading with no restrictions. This would also lead to a rise in demand for the BNB token in the coming days.
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