Binance coin (BNB) is officially in the crypto “hall of fame” squeezing its way into the coveted top ten spot for cryptocurrency’s most valuable digital assets by market cap. Binance coin flipped Bitcoin SV which has been on a downward trajectory for the better part of this year.
BNB coin is the native token for the world’s leading digital asset exchange platform Binance. The coin has gained an impressive 18.6% price rise between its February 5th lows of $7.07 and February 6th highs of $8.39 according to Coinmarketcap.
Over the past week since February 1st, BNB has gained 35+% becoming the biggest gainer in the top 100 coins over the past 24 hours and by extension the past week.
Following a recent coin burn, the supply figures on the leading coin ranking platform CoinMarketCap were not yet updated by the close of yesterday leading a Twitter user to inquire from Binance CEO about the discrepancy. According to the CMC website, BNB had a circulating supply of 129 million coins.
Apparently, Binance CEO CZ contacted the platform to update the supply figures which they consequently corrected. The supply figure was updated to the rightful 141 million coins. CZ took to Twitter to commend CMC for updating the supply figure. He wrote:
“Many thanks to @CoinMarketCap for updating the $BNB circulating supply. Doing ranking is much much harder than people imagine. Keep up the good work.”
This simple act of updating the circulating supply for BNB catapulted the coin’s market cap past the $1 Billion threshold. As of press time, the coin is now worth $1.15 Billion as compared to Bitcoin SV’s $1.02 Billion market cap.
The rise of the Binance coin may not be solely pegged to the coin burn, but also the fact that the parent company has been in the news over the past several days advocating the #BUIDL ethos. Last week, Binance Launchpad, launched a token sell for the highly anticipated BitTorrent (BTT) token that was hugely successful. For any individual to participate in the sale, they had to acquire either BNB or Tron’s TRX.
On the heels of this launch, this week the Launchpad has also announced the launch of another project through a crowdsale slated for February 25th. This news could have contributed to the buzz around the Binance platform and by extension the Binance coin resulting in the upward trend in the BNB charts.
The markets today have experienced a minor drop following a 1.5% (over the past 24 hours) downward action by Bitcoin. Every other coin in the top 20 by market cap is in the red except Binance coin and Tether stablecoin.