BNB, the Binance cryptocurrency exchange’s exchange token, has witnessed an unexpected increase of more than 7% in the previous 24 hours.
BNB, which is closely tied to the success of the Binance platform, has outpaced the top ten cryptocurrencies, growing by almost 10% in the last week.
The spike in the BNB price coincides with Binance’s latest burn announcement. Surprisingly, this burn does not include BNB tokens, leaving open for debate about what caused the recent BNB price surge.
Binance has announced that it will burn a considerable quantity of BUSD and TUSD B-tokens. The same number of tokens used as collateral on their home networks will then be released
https://x.com/binance/status/1760537953070202891?s=20
BNB had a big increase on Wednesday, Feb. 21, as bulls built on a previous gain that started on Monday. The upward trend continued into early Thursday trade, with BNB reaching an intraday high of $387 at press time.
BNB’s price has been slowly climbing since early December 2023, just after a bullish golden cross emerged on the charts. A golden cross is a bullish chart pattern that occurs when an asset’s short-term moving average (50-day) crosses its long-term moving average (200-day).
The arrival of the bullish golden cross confirmed the price upswing, and BNB began to soar. Following a period of stability, BNB resumed its ascent in mid-February, surpassing $338.
At the time of writing, BNB has risen 4.63% in the previous 24 hours to $381. The current price action on BNB has left the token with a market valuation of $57.11 billion, making it the fourth-largest cryptocurrency. So far this year, BNB has grown by 24%.
