Token BNB Surpasses $700, Reaching a New All-Time High
On the morning of Wednesday, June 5th, the BNB token, native to the Binance Smart Chain ecosystem, reached a new all-time high, surpassing the $710 mark. This surge represents an increase of over 8% in the last 24 hours, according to CoinGecko data.
After reaching its ATH (all-time high), the price of BNB slightly retreated to $699 at the time of writing this article.
With a market value of $107 billion, BNB is currently the fourth largest cryptocurrency in terms of market capitalization. In the last 24 hours, BNB's trading volume was approximately $3.3 billion.
Factors Driving BNB to a New Record
One of the main factors contributing to BNB's significant recovery is the popularity of the Binance Launchpool.
The platform requires users to hold and stake BNB to participate in new token offerings on Binance, the world's largest cryptocurrency exchange. Recently, Binance Launchpool announced its support for Notcoin, a token that can be earned in a Web3 game within Telegram. Since its launch, Notcoin has accumulated a market value of $2.2 billion.
In addition to BNB, other cryptocurrencies also experienced a rise in value this Wednesday. Bitcoin, for instance, increased by 2.5% in the last 24 hours, surpassing the $70,000 mark. Most other altcoins also recorded significant gains, indicating an overall upward trend in the cryptocurrency market.
BNB's performance aligns with the growing importance of staking platforms and participation in new projects within the crypto ecosystem. Binance Launchpool, in particular, has proven to be an effective tool for fostering interest and investment in new tokens, benefiting not only the new projects but also the investors who hold and stake BNB.
Analyzing the capital inflows for BNB on the four-hour timeframe showed that inflows had been positive over a 20-day period, reaching a peak of +0.43 before dipping to its current level of +0.12.
Bullish analysis to more 5~10% until tomorrow.