Binance Coin (BNB), Binance's native token first launched as a utility token for trading on the exchange, has risen to a new high of $ 75.40, up 26% over the past 24 hour. However, at the time of writing, the price has fallen somewhat again and is currently at $ 73.48 However, the coin still looks bullish enough to retest its all-time high.
Earlier today, nearly $ 200 million in USDT flowed to Binance, which many believed was initially due to Dogecoin traders, when the meme coin got another push in the back today from noted SpaceX and Tesla CEO, Elon. Musk. However, looking at the rising price of BNB, it seems that most of the inflow of stablecoins was traded for the exchange's native token.
What is the reason for the increase?
Binance has burned a significant portion of BNB stock every quarter over the years, the latest being the 14th quarter burn that began on January 19 of this year. The dwindling supply for BNB, while the company is more popular than ever during the bull run, has also spiked demand for the native token.
Binance burned a total of 3,619,888 BNB early this year, which was equivalent to $ 165.8 million in tokens at the time. This also caused the total supply of BNB to fall from 174,152,713 BNB to 170,532,825 BNB.
During the peak of the Bitcoin bull run, BINANCE recorded a whopping $ 8 billion in spot volume in one day. While Binance has also faced a number of high volume outages, compared to COINBASE and other crypto exchanges, Binance has managed to keep the platform active even during peak hours.
Finally, the Binance has become an excellent place for users to invest in new projects with Binance launch pool, making it possible to stake your BNB or BUSD to earn coins from new projects.
