Binance (BNB) Coin has shown remarkable rise this week. Binance seems to be performing a plethora of activities around the Binance (BNB) Coin.
Binance (BNB) has gained over 23% over the weekend. The price of Binance (BNB) coin at 15: 00 Hours on 19th April is 23.91. It is trading 10.58% higher on a daily scale. Moreover, it is trading over 23% higher on a weekly scale.
The Binance Chain registered its first genesis block to launch its blockchain and move from the ERC20 protocol. The balance of the binance token will be the same as when the BNB tokens on the new chain will be claimed an equivalent amount will be burnt from the Ethereum platform.
Binance also announced Enjin Wallet integration and Red Pulse token addition to the Binance DEX. Binance official account tweeted about the Red Pulse addition:
…adding our token to Binance DEX, and driving greater real-world applications of blockchain, specific to the knowledge and information space.
Available Only on Some Exchanges
Binance (BNB) coin is probably the only cryptocurrency in the top ten cryptocurrencies by market capitalization which is available only on a few significant exchanges. Among the top Exchanges, Binance (BNB) coin is currently listed only Binance, Hit-BTC, Bit-Z, Lbank, and Gate.io. Hence, if the popularity of Binance (BNB) coin keeps increasing, an influx in volume can be expected from listing on other Exchanges. However, while listing on other competitive exchanges is unlikely, even interoperability enabled between IEOs would benefit Binance (BNB) coin, as it came first in the business.
Currently, Bit-Z and Binance Exchange hold the maximum trading volume for the Binance (BNB) Coin. Binance Exchange is the largest Exchange in the world in terms of market capitalization. Moreover, the Binance Decentralized Exchange (DEX) is expected to increase the user base of Binance Coin further.
Binance Decentralized Exchange
Earlier this month, CZ, the CEO of Binance had indicated that Binance DEX will be launched in April 2019. The much anticipated Binance Decentralized Exchange will one of the first popular decentralized exchange to be released.
CZ tweeted today by announcing the arrival of the Exchange:
The Binance DEX members gave me the honor to do the first transaction on Binance Chain. It’s FAST and SLEEK! Love it.
Moreover, to access the Binance DEX, Binance Chain wallet must be activated to register for the Exchange. Hence, the number of users of the Binance (BNB) Chain is expected to increase many folds with the launch of the Binance DEX.
Do you think that the upside will continue or we will see resistance from the All-Time High? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com