Anyone care to explain the sudden explosion? Binance is a great company so I always thought holding BNB was a decent play, this last month though I'm not sure what moves Binance's been up to. Thought it was just another issuance but maybe they're building an infrastructure around the coin?
I have 10 of them, bought for just over 200$ years ago... No idea on why is flying but I always thought it had potential.
I used to trade it when it was 7$ and watched it grow to 30$. The best performing token during the bear market of 2018. But had to get rid of it since Binance decided to restrict access. My mind was completely blown away yesterday to see it at 170$!! Bnb also has utility value besides being an exchange token with it's high transaction speeds. But with this bull market and I'm sure it's gotten more attention and upgrades, how can it not go up?
Other exchanges carry it so it's become a bit like tether in that sense. It's the 2nd-3rd hand utility I may not be aware of that I'd like to find out. Maybe DeFi? I had lost some hope as it lingered in the 30s for what seemed forever.
I think it's being used as a proxy valuation for Binance. Same with the FTT token. People have seen the valuation for the Coinbase IPO (around $90b) and thought the other big-time brokers must be worth a lot more, so we'll buy their tokens. If Coinbase is worth $90b, then Binance must be worth at least 2-3 times more, if not even higher. Happy to be corrected on the above.
BNB has transaction speeds of 1.4million transactions a second. Which is the fastest I've ever heard. Visa the credit card is only 65000 a second. Bitcoin only 4.6 a second. I wouldn't be surprised if this token does start being used more for global payments. The problem is most exchanges aren't accepting it. And I don't think it's decentralized since Binance isn't decentralized, but I could be wrong
It's basically the way I saw it w/some of the ICOs. So BNB was no exception in my view, you were buying into the company