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BNB crosses $370 as holders anticipate airdrop

2min Read

Binance recently embarked on an impressive price and volume run, fueled by holders’ airdrop expectations.

BNB crosses $370 as holders anticipate airdrop

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  • BNB has reclaimed a price level not seen in over a year.
  • The BNB chain has integrated another DeFi platform.

Binance Coin [BNB] has recently experienced a notable increase in certain key metrics. This surge is linked to the latest developments on the network, coupled with a recent advancement in the BNB chain.

BNB hits the pre-FTX spot

Analysis of the Binance daily timeframe chart showed that BNB had been on an upward trajectory except for the current moment. Between 21st and 22nd February, BNB recorded an increase of over 7%, specifically achieving 7.03% on 21st February.

This surge propelled its price to $382.5, marking the first time since May 2022 that BNB reached this price range. The ascent to this range signifies the culmination of an uptrend that commenced around 7th February.

As of this writing, BNB was trading at around $376, reflecting a decline of over 1%.

Binance (BNB) price trend

Source: Trading View

Additionally, the chart showed that BNB entered the overbought zone on 20th February after consistently staying above the neutral line. Although it remained in the overbought zone at the time of this writing, the price decline has initiated a downward trajectory.

BNB volume pumps to yearly high

The Binance BNB volume chart analysis showed a convergence with the price, showing a simultaneous surge. By the end of 22nd February, the BNB volume had risen to over $2.3 billion.

A more in-depth analysis of the volume trend showed that this is the second time in over a year that the BNB volume has reached this level.

At the time of this writing, the volume has decreased to around $1.6 billion. Despite the decline observed at this moment, it remains one of the highest volumes witnessed recently.

Binance BNB volume

Source: Santiment

Airdrop announcement pumps Binance volume

The surge in Binance volume and price can be attributed to an announcement made by Binance on 21st February. The exchange introduced its cross-chain gaming platform, Portal, to the Binance Launchpool.

This initiative provided Binance users with an opportunity to participate in the upcoming PORTAL token airdrop scheduled for 29th February and ensured the listing of the forthcoming token on the exchange.

Binance users could lock up their BNB tokens or FDUSD stablecoins in Portal’s liquidity pools to qualify for the airdrop.

Following this announcement, data from Arkham indicates that BNB holders transferred over $400 million worth of BNB tokens to Portal within 24 hours in anticipation of the airdrop.


Is your portfolio green? Check out the BNB Profit Calculator


Aave launches on Binance

According to a recent update from BNB Chain, Binance has witnessed another significant development by integrating a prominent DeFi platform.

The post mentioned that Aave has now been integrated into the network, suggesting that this integration may result in increased liquidity flowing into the network. Additionally, this integration could lead to a rise in the volume of transactions on the network going forward.

 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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