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Three Reasons Why Binance Coin (BNB) Just Hit $100

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Tue, 02/09/2021 - 14:53
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Alex Dovbnya
Binance Coin (BNB) is up over 130 percent since its latest quarterly token burn
Three Reasons Why Binance Coin (BNB) Just Hit $100
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Binance Coin (BNB) hit a new all-time high of $100 at 1:39 p.m. UTC on the Binance exchange, inching closer to surpassing XRP.

The token is now up more than 35 percent over the past 24 hours, outperforming even Bitcoin.

Binance Coin
Image by tradingview.com

Thanks, Elon Musk

Binance logged a new all-time high in traffic on Jan. 8, according to a tweet posted by CEO Changpeng Zhao:

Fact is, the systems will experience some issues here and there as we scale up exponentially. Nothing we can't fix quickly, but not going to be a perfect smooth ride.

As reported by U.Today, Binance, together with other major exchanges, was struggling to grapple with enormous demand after Tesla announced its $1.5 billion Bitcoin purchase.

Binance's growing family of products

Earlier this February, the largest cryptocurrency exchange introduced a beta version of Binance Pay, its PayPal competitor:

Binance Pay (beta) allows you to pay and get paid in crypto from your friends and family worldwide.

Furthermore, Binance Chain is now emerging as a serious competitor to Ethereum, with CZ now routinely taking jabs at the latter.

Related
Binance Unveils PayPal Competitor Binance Pay with Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB)

A quarterly token burn sends BNB through the roof

Binance Coin has now rallied over 130 percent since the 14th token burn that was announced on Jan. 19. A total of 3.6 million BNBs were permanently removed from circulation, thus making the token scarcer.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.