Binance CEO Chaingpeng Zhao. Source: Medium
Binance Coin, the native token of the world’s leading crypto exchange Binance, has been surging in the past several days to new all-time high records. Despite jumping above $60 earlier today, company CEO Changpeng Zhao urged people to stay calm as this is “just the beginning.”
While bitcoin and some altcoins, such as ETH, DOT, and LINK, took center stage during the recent bull run, Binance Coin seemed rather neglected. Although BNB had also increased in value since early October, it had gained “only” about 40% since early January.
These gains were insufficient when compared to doubling, tripling, or even quadrupling crypto assets. Consequently, BNB started losing positions to DOT, LINK, ADA, and XLM and somewhat inevitably fell out of the top ten coins by market capitalization.
The first glimpse of a changing trend came in mid-January when BNB marched towards a record price of $47. Although the subsequent rejection drove it south by 20%, Binance Coin refused to stay down and initiated another impressive leg up.
Shortly after, BNB topped the previous record and hasn’t looked back since. In fact, it has only intensified its gains by breaking above $50 and touching $60 earlier today. As such, BNB’s new record came just north of $60, according to data from Binance.
Moreover, the coin has returned in the top ten after surpassing XLM and BCH for the 9th spot.
BNB’s rising price could be attributed to the growth of the entire Binance ecosystem and the token’s deflationary mechanism in which the exchange burns a pre-scheduled amount until it reaches 100,000,000 coins.
Separately, traders on the popular exchange can pay fewer fees with BNB, while investors can lock token holdings to earn newly-launched coins on the Binance Launchpad.
Changpeng Zhao (CZ), the CEO of Binance, took it to Twitter to comment on the recent developments. Despite the price explosion, he urged people to look at the bigger picture and stay calm, as this was “just the beginning.”
Later on, he offered another compelling comment while displaying BNB’s near $60 price, saying that he will be off Twitter for “a while.” It seems that he was referring to recent similar post by Tesla’s Elon Musk before the world’s richest man made his vocal return to the social media platform and skyrocketed the price of Dogecoin.
Featured Image Courtesy of Medium
