Binance Rolls Out HODLer Airdrops For BNB Holders

Binance has a new program for BNB holders who use their Simple Earn feature. HODLer Airdrops as it is formerly called, rewards these loyal users with tokens from projects that are getting ready to list on Binance soon. The announcement pointed out that airdropped tokens will come from projects with a large circulating supply. This initiative aims to engage Binance’s users further while giving added benefits to those holding BNB.

How to Participate and Benefit from HODLer Airdrops

Binance is engaging with smaller projects that have strong fundamentals, a large circulating supply, and active communities, in order to roll out the HODLer Airdrop. To benefit from these airdrops, users should go to the Earn section on Binance, search for BNB, and subscribe to either the Flexible or Locked Simple Earn product with their BNB holdings.

Once subscribed, Binance will announce each upcoming HODLer Airdrop of new tokens. Multiple hourly snapshots of user balances and total pool balances will be taken to calculate users’ average hourly balances in the Simple Earn products. Random historical snapshots of user balances, taken after the announcement, will determine the airdrop rewards.

For instance, if there’s an airdrop on June 11, snapshots of user balances between June 1 and June 7 may be used for calculations. Eligible users will receive their airdrop rewards in their Spot Wallets within 24 hours of the announcement.

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BNB Price Analysis and Market Trends

BNB’s price has climbed to $595.71 today, with a 24-hour trading volume of $1.3 billion. This represents a 2.09% increase over the past day, although the cryptocurrency has seen a 3.22% drop in value over the last week. With 150 million BNB in circulation, the token now has a market cap of $91.5 billion. Also the Open Interest of BNB has surged 1.74% with a current valuation of $585.6 Million.

BNB attracted significant buying interest after hitting $200, rapidly rising to $300 and then $600. At $600, it consolidated in an ascending triangle pattern before breaking its all-time high above $700 recently. However, this surge was short-lived, as sellers absorbed the upward momentum within a week.

While momentum initially accelerated, it unfortunately couldn’t be sustained, as evident from the price action and oscillators. This doesn’t inspire short-term buying confidence, but investors are closely watching to see if BNB can maintain its current support levels.

Currently, BNB is trading near $600, which may act as short-term support, having previously matched an important value area and the 50-day moving average. A rebound from the $600 level would be more reassuring for BNB’s upward trend.

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