BNB Reaches New All-Time High as Binance Launchpool Gains Popularity

BNB, the native token of Binance, has reached a new all-time high. The coin has surged by 11.8% in the past 24 hours.

Binance (BNB) price today, August 12: BNB coin surges 11.8%, trades at new all-time high

The price of Binance coin (BNB) has reached a new all-time high on Friday, August 12. The fourth-largest cryptocurrency by market cap has surged by 11.8% in the past 24 hours.

The recent pump has pushed the price above its previous all-time high of around $690, set in May 2021.

Key points:

The surge in BNB’s price has been accompanied by a rise in trading volume, which crossed $3.3 billion. The token’s market capitalization currently stands at an impressive $108.8 billion.

One of the primary drivers behind BNB’s recent success is the growing popularity of Binance Launchpool. The Launchpool is a platform that allows users to stake their BNB tokens to participate in new token offerings on the exchange. This mechanism has created a strong demand for BNB.

BNB’s surge comes amidst Binance’s struggle in Nigeria

Last month, Binance Launchpool made headlines when it announced its support for Notcoin. Binance claimed to be the first platform to list Notcoin, which has since accumulated a market capitalization of $2.2 billion.

The success of Notcoin and other tokens launched through Binance Launchpool has not only benefited the respective projects but has also had a positive impact on the value of BNB.

BNB’s price surge comes amidst a broader market rally, with Bitcoin and Ethereum exhibiting single digit gains.

The surge in the price comes at a time when the exchange is still facing some issues in countries like Nigeria. Some X users also posted tweets saying that BNB is climbing even though the founder of the exchange, CZ, is serving prison time.

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.