BNB Sees 141% Jump In Price After Launch Of Binance DEX, Leading Justin Sun To Proclaim It “A New Bitcoin”
Binance has earned a place as the largest cryptocurrency exchange in the world right now, and the launch of its Binance Coin has secured a place as one of the top 10 cryptocurrencies by market cap. Upon registering, it already reached the #8 spot, and even Forbes took note of the performance that the BNB has seen, which CEO Changpeng Zhao of Binance quickly shared on Twitter.
As a result of jumping in price by 141% in that time, the CEO and founder of Tron, Justin Sun, immediately put the token at the same level at Bitcoin.
Binance’s major popularity in the market has been recognized by many, including Mati Greenspan of eToro. Speaking on the industry dominance of the exchange, Greenspan pointed out that BNB has been predominantly purchased as a way for investors to speculate on the market. With such a big share of the volumes traded, Greenspan adds that their information at least shows that people are willing to trade the token and pursue more growth in the market.
Much of the credit for the rise is being attributed to Binance DEX, the new decentralized exchange, which has BNB as a base pair. Public testing is now an option, and the entire exchange runs on a custom blockchain by Binance called Binance Chain.
Zhao has continually stated that BNB has more use cases than any other asset on the crypto market, and he’s aggressively pushed for mainstream adoption. It seems that the rest of the industry is responding in a positive way, considering the many platforms that have already announced and provided support over the last few months.
Presently, BNB is valued at $15.54 and has even surpassed Tether by market cap, moving up to the #8 spot. In the last 24 hours alone, it has gained 11.8% and is showing a market cap of $2.19 billion. This follows a rise of 37.7% in the last week and includes $277.21 million in trading volume.