The Binance Coin BNB, is a globally traded multi-language cryptocurrency that has skyrocketed in price over the last week trading at $17.29 from $12.63. On the 30th of May, BNB sold as low as $12.29. However, it had a small increase in value the following day and traded at $14.12.
For a few trading seasons, the price was hovering between $15 and $14.94 but went to $13.67 again. It subsequently broke the resistance at $15 and sold as high as $15.13. After moving up and down a few times, the coin surprised everyone and spiked to $17.39. Unfortunately, the pump didn’t last and the price of the coin fell to $1.11 but later rebounded to $16.63.
What Cost the Price Hike?
Within this week alone, Binance listed Nexus [NXS], QuarkChain [QKC], NET [AGI], and IoTex [IOTX] and people believe that this may have contributed to the price spike in BNB. The cryptocurrency exchange also released a list of new trading pairs which include IOTA/USDT, XRP/BNB, XLM/USDT, and TUSD/USDT.
Binance announced that it would be listing QKC especially since it is not listed on CoinMarketCap which confuses investors making them invest in QRK instead.
After the announcement, the CEO of Binance Zhao Chanpeng posted a tweet as follows:
“The distribution of the QKC token led to the creation of a community and thus indicates four things: first, it indicates that the crowd for QKC is powerful and secondly, it shows that the blockchain is transparent. It also shows that Binance holds a lot of unstable circulating supply and that high volatility should be expected from both ways.
A Twitter user shared his opinion saying:
“About 40% of the QKC that will be required for mining is already under smart contracts. 15% is for the team, 5% is for advisors, and, 15% is for the foundation. Within the next two years of smart contract use, they will all be locked up.
Some people in the industry believe that BNB was overhyped for nothing. Irrespective of all the hype, the coin has only $1.9 billion as per market capitalization and it is trading at $16.73.