Binance Coin (BNB) Surges to Record High, Propelled by Binance Launchpool Popularity

Binance Coin (BNB) Surges to Record High, Propelled by Binance Launchpool Popularity

The price of Binance Coin (BNB) surged to set a new all-time high during late hours on Tuesday.

The fourth-largest cryptocurrency by market capitalization experienced a remarkable increase of more than 11% in the past 24 hours, reaching a record high of $701 at the time of writing, as reported by The Block’s price page.

BNB serves as the native token of the BNB Chain ecosystem. Its previous all-time high was registered in May 2021, when it briefly soared to around $690.

In terms of trading volume, approximately $3.3 billion worth of BNB changed hands within the past day. Presently, the token boasts a market cap of $107.2 billion.

The surge in BNB’s value has been significantly fueled by the growing popularity of Binance Launchpool. This platform mandates users to hold and stake BNB to participate in new token offerings on the world’s largest cryptocurrency exchange.

Last month, Binance Launchpool declared its support for Notcoin, positioning the exchange as the first platform to list the token. Notcoin, which users can earn through a Web3 game within Telegram, has amassed a market capitalization of $2.2 billion since its inception.

Simultaneously, the value of Bitcoin has also witnessed a 2.89% increase over the past day, surpassing the $71,000 mark, with most other altcoins also experiencing gains.