Binance Coin is among the best performing cryptos in 2019. The token’s price surged by a massive 340% since the beginning of the year and doesn’t seem to be nearing an end. However, the coin was undergoing correction at press time, after consistently pumping by 12% over the past 24 hours. The price of BNB surged from $21 to $24, which is a surge of 12.38% in a day.
This pump was followed by a correction wave, where the price dropped by approximately 4.37% in an hour, which was followed by a sideways movement. At press time, the price was $24.29 and the market cap was $3.2 billion, and the price had fallen by more than 5% in six hours.
The total trading volume of Binance Coin was $244 million, with most of the trading volume coming from the parent exchange Binance. The trading volume was being derived from two pairs, BNB/USDT and BNB/BTC, which cumulatively contributed 35% to the total trading volume.
Binance Coin migrated from ERC20 to its own blockchain. Binance also launched its decentralized exchange, Binance DEX. In addition to BNB migrating to its own blockchain, other crypto projects like Mithril, Bolt, etc. have also migrated to Binance’s blockchain.
In the spirit of adoption, Binance announced a bounty program of $250 worth of BNB. This was announced via a tweet,
-Every 2 hours a clue is released
-Use clue to solve password
-Solving password unlocks 3 recovery phrases
-Collet 12 recovery phrases & restore wallet
-Claim $250 in $BNB!
CONTINUED BELOW👇 pic.twitter.com/7k6XP6St8H
— Binance (@binance) May 2, 2019
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Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
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