NewsletterBithumb to List Rival Exchange Binance’s Native Token BNB
Bithumb, one of the largest exchanges in South Korea is reportedly going to list the native token of rival exchange Binance called Binance Coin (BNB) in a rare occurrence since exchanges often don’t list rival firm’s native token. The news was reported by Techflow and the official clipping shows BNB will be paired against BTC.
According to TechFlow, the South Korean exchange Bithumb will list Binance's platform currency BNB on May 27th. It is rare for a large exchange to launch another exchange's coin. There have been rumors that Binance tried to acquire Bithumb. pic.twitter.com/mNwfWy5lOH
— Wu Blockchain (@WuBlockchain) May 27, 2021
BNB was launched as a utility token to carry out various in-exchange operations such as discounted trading fees and token swaps, however, the popularity of the token exploded this bull season when Binance Smart Chain (BSC), the native blockchain of the Binance ecosystem became a popular choice for ERC-20 traders amid rising gas fee on Ethereum network.
The price of BNB started to see a massive uptrend towards the end of February when it was trading just under $50. Within two months the price rose over 10X and registered an ATH Of $669. The massive surge also propelled BNB to top-3 cryptocurrency by market cap where it flipped the likes of XRP and BCH on its way to the top-3.
The popularity of the BSC is evident from the fact that at its peak it was handling 4X trading volume than Ethereum network. While other native tokens of several exchanges including Huobi also saw traction this bull season, but none came close to the price rise of BNB.
BNB is no Longer Just a Utility Token
Binance is a top crypto exchange in terms of trading volume and has become a leader in leverage trading as well over the past year. The popularity of the Binance ecosystem along with the rising demand for native chain BSC has resulted in making BNB more than a utility token.
BNB is now actively being seen as an investment asset by many with price targets topping $1,000 at the peak of the bull run. BNB is currently trading at $366.62 with a 4% price fall over the past 24-hours.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- BlackRock Bitcoin ETF’s Biggest Outflow Ever Sparks Panic, But Kiyosaki Stays Bullish
- Bitcoin Can Rebound Anytime So Long Capital Keeps Flowing In, Says CryptoQuant CEO
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
- XRP, DOGE & ADA Price Outlook: How Low Can These Altcoins Drop Next?
- Ethereum Price Sheds 10% but Lands on the $3,150 Accumulation Base — Is a Buy-the-Dip Bounce Ahead?
