- BNB token price hits an all-time high, surpassing $380 for the first time since November 2022.
- Recent frenzied airdrop activity and the launch of Portal drive the rise in BNB’s value.
The price of the BNB token has experienced a significant rally, reaching its highest level since the collapse of FTX, amid an airdrop frenzy that has generated relief from concerns associated with Binance, the popular cryptocurrency exchange.
BNB Rallies Above $380
Over the past few hours, the price of BNB has surpassed the $380 mark, marking a milestone since November 2022. This increase has surprised the cryptocurrency market, especially after the value of BNB had been stagnant for a considerable time.
The airdrop has been key to the recent rally in the BNB price. BNB holders have transferred more than $400 million in tokens in a 24-hour span, looking to take advantage of the upcoming airdrop of the cross-chain gaming project, Portal. This frenzied activity has generated renewed interest in the token and contributed to its rise in the market.
Few Concerns about Binance
The BNB price rally has also been driven by a decrease in concerns related to Binance. Last year, the exchange faced a series of regulatory issues, which created uncertainty around BNB’s long-term viability.
However, Binance’s recent settlement with U.S. authorities, which involved the payment of a million-dollar fine and the resignation of CEO Changpeng “CZ” Zhao, has helped alleviate these concerns and restored confidence in the BNB ecosystem.
Portal Airdrop Farming Boosts Activity
In addition to Portal’s airdrop, the recent introduction of the cross-chain gaming platform on the Binance Launchpool has generated an increase in Binance user activity.
This platform offers users the opportunity to lock their BNB tokens or FDUSD stablecoins into Portal’s liquidity pools to qualify for the PORTAL token airdrop, scheduled for Feb. 29.
The announcement of this initiative has generated a positive response from the cryptocurrency community, which is reflected in the significant volume of BNB tokens transferred to Portal in anticipation of the airdrop.
Asthe BNB ecosystem continues to evolve and adapt to market conditions, we are likely to see more innovative developments and growth opportunities for the token .
BNB holders have sent >$400M in BNB to Binance in the past 24 hours to farm @Portalcoin’s launchpool.
7 separate addresses have sent over $10M of BNB, with the largest whale sending in over $40M.https://t.co/EBINQnUPWn pic.twitter.com/dZvvxYXJ0E
— Arkham (@ArkhamIntel) February 22, 2024
Backed by an active and engaged community, as well as initiatives such as airdrops and farming, BNB is well positioned to maintain its upside momentum for the foreseeable future.
Asof the time of this writing, BNB’s price is trading at $381.36
