The recent activity of Binance Coin (BNB) has revealed that it is taking over Ethereum’s market share! BNB (Binance Coin) is the native cryptocurrency of Binance Smart Coin, which has seen a recent spike in the last few days. BNB has more than 200 use cases, and currently, it is supported by over 180 projects and companies.
The Record-Breaking Rally of Binance Coin
BNB, also known as Binance coin’s native token, is having an exceptional month. This token has plummeted the stable coin Tether to become the third-largest cryptocurrency market capitalization. On 2nd February, BNB, for the first time, hit $50, which is a new record high. On February 10, BNB coin price attained a remarkable high at $148, which is more than 150% compared to last week. When the crypto market was steady, it remained at $130; it rose again to $342.88 on 19th February. Explore Binance Coin price prediction to know more about the future price levels of BNB coin.
Why Is Binance Coin Going Up?
Here are the few highlights that had caused BNB’s rise over the past few weeks –
19th January – Enhanced BNB Burn
To Burn a BNB of 100 million might take 27 years under the current original BNB burn process. CZ, in January 2021, announced that they might accelerate the quarterly BNB burn process. CZ addressing the issue, remarked that the present accelerated burn might place the trajectory of 100 million BNB to take approximately 5-8 years to complete.
1st February – Latest Binance Launchpad
On the Binance Launchpad, when there is a token sale, BNB is a type of payment used for buying capabilities. The latest SFP(Safepal) token sale had uncovered more participants, encouraging them to buy and hold BNB to get returns later. More than 47,000 users had joined this token sale, thereby benefiting from SFP price growth along with the appreciation of cryptocurrency.
2nd February – Introduction of Binance Pay
CZ, amid the blockchain week, unveiled a new payment system, Binance Pay, an easy method to help traders use BNB and cryptos for money transfers and payments. Using Binance Pay, users can pay through BTC and get paid in BTC, SXP, ETH, BUSD, BNB, and Euro.
10th February -BSC exceeds ETH in Transaction Volumes
In September 2020, BSC was launched and attracted several blockchain projects, thereby increasing the day-to-day transactions on the BSC network to over 1.66 million from 10th February 2021. This transaction record had surpassed Ethereum’s transaction by 30 percent.
10th February – BSC Community Lowers Fees
In a recent proposal approved by Binance, the BSC community has decreased its transaction fees from 15 Gwei to 10 Gwei; it has paved the way for further development of projects on the Binance Smart Chain.
19th February – PancakeSwap emerges as the first mega Project on BSC
Projects that are developed on BSC are the driving force behind BNB’s price growth. One of the greatest achievements of this development is the rise of PancakeSwap – the largest decentralized exchange in the world. The PancakeSwap had processed $1.92 billion (24-hour trading volume) by surpassing $1.16 billion of Uniswap.