Tuesday, June 22, 2021

Binance’s native token BNB sees a massive volume spike.

The Takeaway:

Binance Coin is finally enjoying some degree of bullish momentum after a long period of consolidation as it sees a massive spike in volume.

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The native token of the world’s leading cryptocurrency exchange Binance, Binance Coin, at press time, was finally enjoying some degree of bullish momentum after a long period of consolidation. BNB fell by as much as 59% as the result of a sharp sell-off across the cryptocurrency market. Binance Coin, at the time of writing, was trading around the $415-level, having climbed by over 22% in just one week.

 

“BNB aims to become the native token on multiple application-specific blockchains.”

Binance Coin’s transactional volume rose by a staggering 42% in a 24-hour window too. In an in-depth report published by Binance blog, the crypto firm summarized the reasons behind the token’s recent success, “The long-term vision for BNB is for it to become the native token on multiple application-specific blockchains. BNB was never intended to replace Bitcoin or Ethereum. To become a true mass-adopted application, BNB must be able to facilitate billions of transactions per day. In its current form(s), we still have a long way to go. We are working on it,” the blog mentioned. 

 

Binance CEO agrees that BNB could go past Apple and Amazon. 

Early bitcoin adopter Davinci Jeremie had tweeted that he believes Binance coin $BNB will be bigger than Apple or Amazon because it’s a stock, a crypto, and smart chain. Binance CEO Changpeng Zhao was quick to respond to the tweet, however, with the executive only disagreeing with one aspect of the same. He tweeted, not a stock, but the other parts are spot on. Where we are going, we don’t need stocks. BNB’s market cap, at press time, was $64.8 billion, an impressive value in the cryptocurrency market. The figure was still well behind the same for Apple and Amazon, both of which had a market cap of $2.09 trillion and $1.63 trillion, respectively. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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