The price of Binance Coin (BNB) has again rallied, this time by 21%, showing that positive news brings positive outcomes on the market. After the announcement that the coin was doubling the referral bonus, BNB experienced a double-digit rally.
It all began with a sluggish move from $12.25 to $13 for the Binance Coin (BNB) after which the cryptocurrency reached as high as $16.22 in less than 24 hours. Currently, BNB is priced at $14.19 and still representing a big increase. With a market cap of $1.62 billion, Binance Coin is the 19th largest cryptocurrency ranking shoulder to shoulder with some big names.
The surge for the Binance Coin (BNB) came after the announcement that the exchange is doubling its referral bonus to 40% for some of the users. However, to qualify for the bonus, a trader should hold at least 500 BNB in their exchange wallets. All the users that didn’t meet this threshold get a commission at 20%.
As a result, the BNB price shot up in value for many reasons. First of them is the most obvious one – all of the users who had less than 500BNB acquired the needed tokens (in order to receive the commission rate bonus). On top of this, the coin got popular for investors that didn’t possess it – making quick profits as the token increased in value.
At this point, it is very likely that traders will hold at least 500 BNB and therefore ensure that they continue to receive the enhanced commission rate (assuming that Binance doesn’t cancel the promotion).
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