Binance Coin Price Shoots Up Again Due To Next Launchpad Sale Dependent On BNB Holdings
Binance Coin Price Yet Again Shoots Up As Next Launchpad Sale Lottery Dependent On BNB Holdings
At the time of writing, Binance Coin (BNB), the native token on the largest cryptocurrency exchange, Binance has been up by nearly 13 percent at $16.93. In the BTC and ETH market as well, it is rising by more than 12 percent, as per the data provided by Coinmarketcap.
However, it is not the first time, BNB is seeing such a surge as the 7th largest cryptocurrency by market cap of about $2.4 billion has been rising since this year started. BNB shot up 183 percent from $6 at the beginning of January to the highest point $17 yesterday.
Binance Coin Price Chart YTD, Source: Coinmarketcap
Previously, we reported that Binance CEO Changpeng Zhao has been hinting on VIP access to the BNB holders. And now, with the latest announcement, it has been proved that Binance Coins are what will get you on the Launchpad.
More the BNB, More The Tickets
The previous surge has been all thanks to the launch of Binance DEX and Binance Launchpad. And this time as well Binance has raised the stakes for holding the Binance Coins as the higher the number of BNB you have the higher the lottery tickets and in turn higher the chances to get your project on Binance Launchpad.
“The number of tickets you can claim depends on the amount of BNB you hold over a 20-day period in a Binance account leading up to the day of the lottery, up to a maximum of 5 tickets per eligible account.”
In its official announcement, Binance announced a new “lottery format” to choose the next project on Binance Launchpad. This is a change from the first come first served system. Meanwhile, account verification (KYC) and country restrictions still apply.
The lottery draw will be done through a random selection of tickets based on tail digitals which the company says, will be a transparent and randomized system.
As for the lottery ticket allocation, users will be able to claim a maximum of 5 lottery tickets that are based on their BNB holdings that have to be over 500 BNB over the past 20 days before the lottery draw date.
If the balance 20-days before the draw date is less than 100 but not equivalent of and exceeding 200 BNB you will get 1 lottery ticket. While, in the 200 and 300 BNB range, its 2 tickets, 3 lottery tickets for 300 to 400 BNB holders and those whose BNB balance is between 400 and 500 will be getting 4 lottery tickets.
Binance is leaving no stone unturned to create different ways to raise the “utility” of BNB. We have already seen and is currently seeing as well, how every new announcement that has BNB at its core usage is driving its price, having it decouple from Bitcoin and skyrocketing.