What is the secret of the soaring price of the BNB currency?

[DrAhmadAlkazem 219]

Two days ago, we witnessed a very significant increase in the BNB currency by more than 50%, as its price exceeded $ 342.88, the BNB currency, which is one of the largest currencies in the cryptocurrency market and is the base currency of the Binance platform.

 

BNB currency reached a new and amazing summit for many investors, as it rose by 50%, thanks to the increasing interest in decentralized platforms, relatively new decentralized financing projects, Defi, and the most important of which is the Pancakeswap platform based on the Binance Smart chine network BSC.

 

The Pancakeswap platform has started to pose a real threat to its Ethereum-based competitors, due to traders fleeing many platforms, including Uniswap, to Pancakeswap due to the low network fees, comfortable trading and high lending rates.

 

As Binance CEO Changpeng Zhao remarked on Twitter:

@PancakeSwap flipped Uni as the highest volume DeFi Swap. That was so fast. What an achievement. You guys rock! 👏👏👏
 

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17 hours ago, DrAhmadAlkazem said:

Two days ago, we witnessed a very significant increase in the BNB currency by more than 50%, as its price exceeded $ 342.88, the BNB currency, which is one of the largest currencies in the cryptocurrency market and is the base currency of the Binance platform.

BNB managed to be third on the Coinmarketcap's ranking. There were the several reasons responsible to create the spectacular raise in the price of BNB in the cryptocurrency markets. Your mentioned reasons i.e. Increasing DeFi activities based on the Binance Smart Chain was also the key but apart from that, check the following more factors:

1. BNB Vault
2. Burning of huge amounts of BNB from the circulation supply
3. Increasing confidence of investors
4. Over usage of BNB to transfer fund between different exchange due to less transaction fee but quickest transaction. More precisely, investors considered it as a base currency to convert other assets like BTC, ETH, etc. 

[Froshk 1828]

I think the secrets about the ever  increase in the price of BNB is the fact that the exchange and its users patronizes the services of this coin effectively, and I mean look at the numbers of users that are actively trading on the Binance exchange

[kryptonick 2659]

Binance is ruling the market. In my opinion it is already doing better than coinbase but there are some issues that we know like being unregulated and allowing behaviours that are not healthy for any market. It could also become a problem for the market as right now we trust this exchange without any actual basis that it should be trusted.

[Samer1997 715]

Yes, we have noticed that, that this market is full of competition day after day and this is good for us traders so that the platforms compete to offer better offers for us, I think that the future will carry great surprises for us in this field, so we must work hard and take advantage of these opportunities

[Sakio Rin84 41]

Every cryptocurrency has ups and down and sometime it’s price become high and sometime low. Actually the rate of Cyptocurrency rises when people's desire to acquire it, and BNB currency is one of the most famous Binance platform, so it has high demand and people have confidence on it, so its rate has increased.

[Goyaa 2414]

This is the highest increase in BNB prices in history, I think the increase is due to the increased bitcoin price which has an increasing effect on other altcoins, it is an external factor. Of course there are other factors that affect the price of BNB, the trust of Binance as the largest and most well-known exchange today makes the BNB token can also be trusted as a coin that has a bright future.

[Jack764 1841]

We were surprised at how quickly the currency rose and how much it rose, as it increased by 25% in one day, and with this it became somewhat similar to Bitcoin.

[Mella 3680]

The reasons first it was the increase in Binance users and the volumes of this exchange. It has a program that burns BNB and puts money from the profit of the exchange in BNB. The next reason is the BSC. The new Binance Smart Chain is a chain cross with Ethereum and lets very lower fees.