Daily Crypto Update: BNB Rises 19.65 percent in 24 hours!
Binance Coin (BNB) has risen 19.65 percent in the last 24 hours. The cryptocurrency saw a low of 12.10 USD yesterday, May 17, and is now being traded at 15.06 USD.
What is BNB?
From the ICO, Binance issued its own token called the Binance Coin, with BNB as the symbol. The cryptocurrency runs natively on the Ethereum blockchain and follows the ERC20 token standard. The token was established with a total supply of 200 million. As per our whitepaper, Binance plans to use 20% of our profits each Quarter to buyback and burn BNB, until 50% of the total supply (100 million) is burned.
The BNB token itself has multiple forms of utility, essentially being the underlying gas that powers the Binance Ecosystem. The current most prominent use cases include using BNB to:
– Pay for trading fees on the exchange, obtaining the equivalent of a 50% discount on trades (during the first year).
– Monaco has included support for Binance’s BNB token to its platform which includes the Monaco Visa Card and mobile app.
– Uplive platform supports BNB to buy virtual gifts.
Reasons for the Rise
One of the biggest reason for the rise of the cryptocurrency is the double referral rewards scheme that the cryptocurrency launched recently. Binance is one of the most popular crypto trading platforms in the world, and when such a platform starts giving double referral rewards—upto 40% commission—it is hard for people to refuse it.
Other Big Gainers
The top ten cryptocurrencies that have gained considerably in the crypto market in the last 24 hours apart from Binance Coin are:
WaykiChain (WICC) has gained 13.71 percent, and Mixin (XIN) has gained 7.99 percent.
Zcash (ZEC) has gained 7.99 percent.
Fusion (FSN) has gained 5.43 percent, while Populous (PPT) has gained 5.25 percent.
VeChain (VEN) has gained 4.01 percent, and Steem (STEEM) has gained 3.97 percent.
Nuls (NULS) has gained 3.85 percent, while Huobi Token (HT) has gained 3.83 percent.
The last cryptocurrency which made its way into the list of gainers is Cryptonex (CNX) with 3.35 percent.