On Saturday (April 20), Justin Sun, the Founder and CEO of TRON Foundation congratulated Changpeng Zhao (aka "CZ"), the CEO of Binance, and the rest of the Binance team on the Binance Coin (BNB) price breaking its previous all-time high (ATH), which had been set in January 2018.
This was the tweet Justin sent out at 08:54 UTC on April 20:
CZ replied with this tweet:
thanks!— CZ Binance (@cz_binance) April 20, 2019
According to CryptoCompare, at 07:05 (UTC), the BNB price reached the new ATH of $25.42, as can be seen in the 24-hour price chart shown below:
As CryptoGlobe reported on April 18, there have been quite a few catalysts behind the impressive rise in the price of BNB over the past three months, a few of which are listed below:
- High successful initial exchange offerings since January 28 (BitTorrent, Fetch.AI, Celer Network) via Binance Launchpad.
- Ever-expanding list of use cases for Binance Coin.
- Regular quarterly BNB token burns (the 7th one was reported by Binance on April 16).
- Successful mainnet launch of Binance Chain (on April 18), with the swap from ERC20 BNB tokens (on Ethereum) to BEP2 BNB tokens (on Binance Chain) expected to begin on April 23 at 00:00 (UTC).
With regard to future BNB price catalysts, since Binance seems to be betting its future on Binance Chain, the main ones are probably:
- a successful token swap process (i.e. from ERC20 BNB to BEP2 BNB);
- existing projects, such as decentralized social media platform Mithril, announcing their migration to Binance Chain; and
- new projects deciding to adopt Binance Chain.
Finally, if you are a BNB token holder and you are worried about how to prepare for the mainnet token swap, the best advice comes from Binance:
"How can you prepare for the mainnet swap?— Binance (@binance) April 20, 2019
If your $BNB is on #Binance already, you don’t need to do anything - we’ll handle it for you.
For any other wallet, ensure the BNB mainnet swap is supported. If not, send your $BNB to Binance. We suggest doing this as soon as possible. pic.twitter.com/FZaLXfBJJa
Featured Image Courtesy of Binance