BNB token holders and investors are enjoying massive returns following the price rally registered by Binance Coin. Currently, BNB has grown by 17%, reaching a new ATH of $546. Taking into consideration today’s increase, BNB has gained more than 13 year-to-date, which is an incredible 1200% return, according to CoinGape.com.
This price rally for Binance Coin was started by a tweet from Changpeng Zhao (CZ), the CEO of Binance, which announced the burning of tokens in the next couple of days:
“When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins. #BNB in a few days! Not financial advice!”
BNB has increased its price by 57% over this previous week, from below $350 to $550. Both the Binance ecosystem and the Binance Smart Chain are establishing new records with each day. Since 2021 began, it has also slowly been catching up with its rival, Ethereum, despite being only one-third the size of ETH.
A week ago, BSC registered an important milestone, as it had more than 5 million daily transactions, four times the amount registered by Ethereum. The fact that the gas fee on BSC is lower and there is less network clutter has made many turn to it, as opposite to ETH and its ever-growing gas fees. The total value locked on Binance Smart Chain has also increased past $30 billion.
As a result of BNB having registered important gains, BSC-based DeFi projects, such as PancakeSwap, have also seen important growth. Over the previous week alone, PankcakeSwap has increased by 57% and is now traded at an ATH of $25.15.