Binance Coin became the fastest growing asset in the top 10 cryptocurrency market this Wednesday. According to CoinGecko, over the past 24 hours, the token price has risen by 12% and was within four cents of the absolute maximum recorded on April 12 at $ 610.06. Also today, BNB has renewed highs paired with Bitcoin.
As noted by Binance CEO Changpeng Zhao, over 6 million transactions were passed through the Binance Smart Chain blockchain on Tuesday.
“I think people need BNB for that. Not a financial recommendation, ”he added.
The real reason for today’s rise in BNB may indeed be related to Binance Smart Chain, namely one of its projects – SafeMoon.
SafeMoon is positioned as a project from the decentralized finance (DeFi) space, rewarding holders of its tokens and penalizing sellers. When selling, the investor is charged a commission of 10%, part of which goes to the holders. The project attracted attention thanks to the support of influencers on social networks and, according to data on its own website, today has almost a million token holders.
In one week, the SafeMoon token has risen in price by more than 1,000%, but today it moved to a correction. From the peak, its price dipped 65% before bouncing slightly. Since the main trading of SafeMoon is paired with BNB on the PancakeSwap exchange, the outflow of assets from the project could well become one of the main factors behind today’s growth of the Binance token.
Observers are already joking about the fact that SafeMoon investors in a week were able to repeat what happened on the ICO market from June 2017 to early 2018.
“The same thing happened then. It seemed that everyone around was getting incredibly rich. But how many of them were able to hold on to this theoretical wealth? Almost no one, writes an analyst at Byzantine General. – If you want to play on these shitcoins, please, but understand that this is a game and be prepared to lose your invested money. If you don’t like these games, that’s perfectly fine too. The quickest way to go bankrupt is to try to get rich quick. ”
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