Binance Coin price is often not following the general trend in the cryptocurrency market for good reason. Binance Coin price is largely dependant on the activities at Binance exchange, given that the coin is the native Binance stablecoin. The second most important factor that effects the BNB price is the United States dollar value since the stablecoin is backed by the same.
Binance Coin price rally
Binance Coin price had been moving in the $20 to $25 range for the better part of the week until midday on the 11th of September 2020. On 11th September, Binance price fell to the $23 mark, only to start climbing steadily towards the $25 mark once again following the launch of a Binance backed DeFi exchange. Following the large transaction about 12 hours from the time of writing, early in the GMT morning, BNC price started climbing once again to hit the $27 high.
Per Whale Alert data, Binance, the cryptocurrency exchange has made huge transactions amounting up to 3,550,000 million in Binance Coin. This functioned as the major catalyst to catapult the Binance Coin price. All transactions were made to different unknown and unregistered address holders.
A 15.66 percent increase had been recorded which fell down to a little over 12 percent today. BNB price receives $69,040,100 from Binance Reportedly, 5,350,000 BNB has already transferred so far to an unregistered account.
As per confirmation, three transactions of 1,000,000 Binance Coin were carried out along while two other major transaction of 350,000, and 200,000 Binance Coins each. The transactions came at at time when Binance had just launched its own DeFi exchange following the Sushiswap saga. Speculations have it that the coins may be poured into the latest Binance DeFi startup dubbed the BurgerSwap exchange, or a new blockchain altogether.