BNB- the native cryptocurrency of the popular cryptocurrency exchange Binance has just recorded a 90-day low in its value against US dollars despite a series of recent developments at Binance.
BNB 90-day Performance
It seems that the price of BNB has shown little or no correlation to the developments underway at Binance. Within a 90-day period, from the 14th of June when BNB was trading at $35.25, till now, BNB has lost about 37% in the value in USD, taking a hit alongside with alts including ETH that have a similar “Non-correlative Price-Development Syndrome” (NPDS).
Within the first 30 days starting from June 14th, BNB was seen perambulating between $35 and $32. The coin maintained its place near its all-time high, although traded volume had fallen from around $700 million to $229 million representing a 67.2% decline in monthly traded volume.
In the next 30 days, BNB was seen to have fallen further towards $28 per coin although daily traded volume increased significantly in the first few days. The alternate gains and losses recorded by BNB between July 15th to August 15th kept the coin kept hovering around $28 while the daily trading volume also did not move much from the $248 million marks.
Entering into the last 30 days until today, a general regression was seen in the price of BNB which continued till it touched $20.77 in the early hours of today with a trading volume of around 147 million.
Binance’s Recent Developments
Going by recent events, Binance could be regarded as among the fastest growing crypto companies in the world. However, it is surprising to see that its many developments are proving to be non-correlative with the price of BNB.
Binance has made a series of developments recently. Some of these include the growth of the Binance launchpad which conducts IEOs for crypto startups with strong business propositions. This arrangement ensures that BNB is frequently used by Binance users.
Also, the exchange recently set up a new arm, Binance US, which recently revealed its plans of listing 30 crypto tokens including Bitcoin, Ethereum, and BNB.
Binance also launched its lending program recently which went live on Thursday, 28th August 6:00 AM (UTC). With this platform, Binance users will be able to increase their earnings by gaining interest as income for lending out their coin holdings over a specific period of time.
Changpeng Zhao, Binance’s CEO posted some recent developments on Twitter –
— CZ Binance (@cz_binance) September 12, 2019
According to a popular crypto trader known as BenjaminBlunts on twitter,
saw a few big accounts shilling bnb on that fakeout up at $23.5 today
R.I.P if you fomoed that ?♀️ pic.twitter.com/roQU3jvzgL
— ??BenjaminBlunts?? (@SmartContracter) September 6, 2019
Also, Celsius CEO, Alex Manshisky said Binance was playing a stunt with some of its recent developments, particularly its lending platform. He added that the giant exchange could do better than what they are presently offering.