Binance Coin (BNB) Hits ATH, Here's the Reason Behind It!

This is an extraordinary achievement for BNB because it managed to exceed the $700 mark (Rp. 11,200,000) after three years of consolidation. What made BNB so fantastic? Let us examine the reasons behind its phenomenal rise!

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BNB Performance in Current Markets

Currently, BNB is trading at $697 (Rp. 11.3 million), down 1.09% in the last 24 hours. Even though the price is down slightly from its peak, BNB still posted impressive weekly and monthly growth of 17% and 18% respectively.

With an increase in trading volume of $2.89 billion (Rp. 47.1 trillion) over the last 24 hours, BNB's market capitalization was pushed to $102.82 billion (Rp. 1,674 trillion). This makes it firmly established as the fourth largest cryptocurrency on CoinMarketCap.

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Reason Main Behind BNB Price Increase

There are several factors that cause the price of Binance Coin to soar high.

1. High Activity on Binance Launchpad and Launchpool

Increased activity on Binance's Launchpad and Launchpool platforms is the main factor behind BNB's recent surge. Investors are very interested in this platform because they have to buy and lock up BNB to receive some of the new tokens released.

The latest launch, a gaming token on Telegram called notcoin (NOT), has surged 140% in the past week, attracting huge interest and investment. This increased engagement leads to a greater need for BNB, which ultimately drives its price up.

2. Trading Volume Surge

In addition, Binance Coin trading volume has also experienced a significant increase. Trading volume skyrocketed to more than $4 billion (Rp. 64 billion) over the last 24 hours, placing it as the sixth most traded digital asset.

This increase in trading activity shows investors' growing interest and confidence in BNB. This also further drives up the price.

3. Options Trading Strategy

Options traders also play a role in BNB price dynamics. Many use put options with strike prices ranging from $550 (Rp. 8.8 million) to $650 (Rp. 10.4 million).

This is a hedging strategy against potential price declines. Currently, there is open interest worth $7.5 million (Rp. 120 billion) in BNB options.

According to Bernd Sischka, Chief Commercial Officer at PowerTrade, 11,250 options were recently traded. This contributed to the popularity and growth of BNB.

This strategic options trading activity shows that traders are actively engaging with BNB, adding to its market momentum.

4. Trading Volume Incentive Program

To further increase trading activity and reward participants, Binance launched the Trading Volume Incentive Program. This program has a potential prize pool of $250,000 (Rp. 4 billion).

The goal of the program is to reward merchants and ecosystem partners, giving participants the opportunity to earn significant profits.

This program of course attracted more traders to BNB, leading to an increase in its trading volume and helping the price soar.

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5. Advanced MEV Solution from BNB Chain

Another important reason for the increase in the price of Binance Coin (BNB) is the implementation of the Proposer-Builder Separation (PBS) model in the BNB Chain and the adoption of BEP 322 to address the Maximum Extractable Value (MEV) Supply Chain Solution.

The MEV ecosystem is enhanced by this new model, which separates the validator and block builder functions. This encourages competition, increases transparency, and maximizes profits for network users.

This progress has resulted in a surge in investor confidence and interest in BNB, pushing its price to new peaks.

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