Binance Coin (BNB) Price Breaks Record on “2.0” Teaser Tweet
As the markets continue to show strength, the direction of BNB points to new highs.
Binance Coin (BNB) gains influence as Binance expands its ecosystem. Recently, the Binance Twitter handle sent out a teaser message, showing only “2.0”, supposedly a new version on Binance.
The news sent BNB to as high as $32.43, also climbing above 0.004 BTC, on track to repeat the record at 0.0044 BTC. BNB has been viewed as undervalued for a long time and has recovered strongly from lows under $5 in December 2018.
The exchange also recovered its withdrawal and deposit functionalities, after an overhaul to mitigate the effects of a recent hack that took away more than 7,000 BTC.
BNB also appreciates through a period of record volumes, above $770 billion’s equivalent in 24 hours. This happens at a time when Binance volumes are as high as $2.7 billion’s equivalent in 24 hours, and BNB is instrumental to 146 trading pairs.
Binance is extremely attractive for its successful selection of IEO tokens, which are performing parabolically in the past days. Binance CEO, Changpeng Zhao, pointed out the success of the projects:
Additionally, a handful of coins are migrating to the new Binance network, Binance Chain, which is instrumental to the Binance DEX. Having a token on the network means immediate access to the DEX.
The additional reason for the hype surrounding Binance is yet another IEO, Harmony Protocol, selling the ONE token on May 28. Currently, the IEO is in the snapshots stage, where Binance gauges participation based on BNB balances. The lottery principle encourages traders to hold onto their BNB in expectation of token sales.
The BNB trading profile sees 50% of volumes against BTC, with 45% in Tether (USDT) valuations. The asset reached a $4 billion market capitalization, lining up at the 7th position, right after Litecoin (LTC), on track to potentially displace the coin. Optimistic predictions see BNB reach as high as $100.
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