Binance Coin (BNB) token price rises by over 10%: here are the reasons why

Binance Coin (BNB) token price rises by over 10%: here are the reasons why
фото показано с : invezz.com

2022-5-14 19:06

As Terra continues to crater, BNB, the native crypto for the Binance exchange has rallied over 10% and to become the fourth largest by trading volume.

At the time of writing, BNB is trading at $310.31, up 12.36% after dropping from a daily high of $312.69.

Increased Binance coin (BNB) transactions on the network

On their Twitter account, the BNB chain posted that the number of transactions on the network has increased, something they had witnessed back in December last year.

Busy days on #BNBChain 👀

The last time we saw this much traffic was back in December 2021. pic.twitter.com/WqzkyqEKD0

— BNB Chain 🔶 (@BNBCHAIN) May 13, 2022

Due to the LUNA crash, It seemed like crypto investors rushed to purchase the top 10 cryptos like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance coin (BNB).

After $LUNA debacle, I believe more people will start look towards acquiring #bitcoin or $ETH before entertaining anything else in the #crypto industry.

— David Gokhshtein (@davidgokhshtein) May 13, 2022 Changpeng Zhao’s guidelines on how to reverse the crypto crash

Following the recent tweet from Changpeng Zhao (CZ), Binance CEO, to LUNA/UST team detailing some methods on how they should have curbed the market crash for the two coins, BNB started to rally.

In his plan, he noted that there was a need to restore the Terra network, recover the UST peg, and the extra LUNA minted burned, however, he did not receive any positive response from the team.

The CEO tweeted again that he was very disappointed with how the team “handled (or not handled)” the situation.

5. I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all

— CZ 🔶 Binance (@cz_binance) May 13, 2022

Binance had to suspend UST and LUNA trading on their platform to protect their customers noting that some traders on Binance were rushing to purchase LUNA following the dip since deposits were not yet forbidden.

Zhao noted that those who rushed to buy LUNA were not aware that they were purchasing newly minted LUNA.

He also said that Binance aims at helping crypto projects that are being affected without criticizing them, but this time they had to break the rule to protect their customers.

The post Binance Coin (BNB) token price rises by over 10%: here are the reasons why appeared first on Invezz.

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Binance Coin (BNB) на Currencies.ru

$ 594.44 (+0.07%)
Объем 24H $1.157b
Изменеия 24h: 0.82 %, 7d: 2.01 %
Cегодня L: $590.52 - H: $594.78
Капитализация $79.159b Rank 4
Цена в час новости $ 298.32 (99.26%)

bnb trading binance 310 rallied largest exchange

Источник: invezz.com

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