As the Coinbase Effect Dwindles, New Binance Chain Coin Price Pump Picks Up the Slack
Binance seems to be interested in outperforming Ethereum with its new blockchain protocol. Since the protocol launched Binance Chain, it looks to have gathered more coins away from competitors.
Some are positing the question of whether the this phenomenon, known as the Binance Chain Effect, may be the new Coinbase Effect. Binance has been successful at attracting existing and anticipated cryptocurrency projects, including Mithril, which moved its project to Binance Chain in April 18, 2019.
Upon doing so, Mithril’s coin increased nearly two-fold in value in under 24 hours. The coin’s value seems to be stabilizing, and now users are comparing Coinbase’s listing to Binance’s.
However, it seems that the issue with Binance is that there are restrictions based on U.S. regulations are preventing Binance from dominating the market. Even so, Binance Chain has been able to become an industry standard. A few coins that have successfully moved to the Binance Chain are Red Pulse Phoenix (PHX), Enjin (ENJ) coin, and Atomic Wallet Coin (AWC).