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.
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.
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.