Binance Coin (BNB) is on a roll and has seen its value more than double in the past two days.
Starting from an already lofty $127.10 on the morning (UCT) of Feb. 17, the price had risen to a high of $283.01 by midday, Feb 19.
BNB saw its market cap rise in those three days from $25.45 billion to $41,58 billion. This 63% boost saw it rise to the number three spot on CoinMarketCap. Its trading volume has also more than doubled from $5.2 billion to $11.77 billion.
Third Times a BNB Charm
After launching in July 2017, Binance’s token has gone through three cycles. BNB began its first cycle with a low of $0.50 in November 2017. It then peaked at $25.18 in January 2018 before dropping 84% over the next 329 days. It reached a new low of $4.12 in December 2018.
BNB’s second cycle culminated over 197 days at $35.59 in June 2019. This remained the all-time high until December 2020. It hit another new low of $6.30 in March 2020. Since then, BNB has been trading in its third cycle and has increased almost 5,000% to the Feb. 19 high of $348.
At Your Service
The tremendous rise in BNB over the course of Feb has been accompanied by a series of service developments from Binance.
At the end of Jan., Binance CEO Changpeng Zhao (CZ) announced that the quarterly BNB burn process would be accelerated. “The current accelerated burn would put the trajectory to be around 5-8 years to finish the 100 million BNB,” CZ said, instead of the previous estimate of 27 years.
Additionally, a new subscription service for Binance Launchpad was introduced on Feb 1. Binance Pay was launched on Feb 2 to make payments through the platform more accessible. The Binance Smart Chain also experienced record transaction volumes on Feb 8.