Binance Labs is one of the few cryptocurrency-based establishments that has done well during the cryptocurrency winter. This is why it isn’t surprising that the CEO of Binance is bullish about cryptocurrencies. For many weeks now, the Binance Coin has been outperforming the entire cryptocurrency market. Almost every cryptocurrency news outlet has recorded the outstanding success of the Binance Coin following the Binance Coin burn. While many factors have influenced the surge in the price of the BNB coin, the most recent catalyst is the release of the long-awaited Binance Launchpad.
Launch Of The Binance Launchpad Supports Binance Coin Bull Rally
Following the release of the Binance LaunchPad, the price of the BNB coin has been bullish against the USD recording double digit gains. At the time of writing, the Binance Coin was correcting lower at $16.76. This shows that it is down by 1.84% against the USD. The trading volume is $244,385,696 and the market capitalization is $2,365,509,291. Keep in mind that the price of the Binance Coin was trading higher by up to 17% against the USD earlier today.
The Binance Launchpad is a token sale platform by Binance Labs. The platform is meant to be used for the introduction of new cryptocurrencies. As soon as it was launched, token sales for BitTorrent (BTT) and Celer, were completed on it successfully. While the launch of the Binance Launchpad led to a spike in the price of the BNB Coin, Binance Labs has received some criticism about the platform’s favoritism to whales (larger capital investors).
Why You Should Buy The BNB Coin
The Binance Launchpad was introduced with amazing features. One of them is a lottery system. Initially, tokens were launched based on a first come first serve basis. Now, it’s going to be based on chance. To earn a ticket, users must have a minimum balance of 100 BNB coins. This amounts to about $1700 at current rates. Even with this amount, there is no guarantee that you will participate. This makes it more risky for users. It also makes it hard for traders with little capital to stand a chance.
Because of the rise of fake ICOs in 2017, traders are more inclined to use platforms like the Binance Launchpad. The update on the Binance Launchpad by Binance Labs will increase the value of the Binance Coin long-term. This is because people will hold more BNB coins over an extended period. This, in turn, will help the coins value. The Binance Coin has already proven its potential. So, if you’re looking for a token that isn’t too expensive, you can consider the BNB Coin.
Binance Coin (BNB) Price Today – BNB / USD
Before you rush and buy BNB, remember that the cryptocurrency space is unpredictable long-term. The fact that the Binance Coin is bullish now isn’t a guarantee that it will be bullish in the next few months or years. Keep this in mind irrespective of the digital asset you want to buy.
What do you think about the Binance Launchpad update? Is Binance Labs being fair? Is it a good idea to buy the BNB coin? Share your thoughts in the comment section.