This time around, Sun tweeted that he believes that Binance Coin (BNB) is a “new Bitcoin” — quite a grand claim, but not surprising given the source of the opinion. Unlike the rest of the crypto market, Binance Coin has recently risen sharply in value, and is currently ranked 7 by market cap with the price hovering at around $15.
— Justin Sun (@justinsuntron) March 5, 2019
Perhaps Sun made a casual remark not to be taken seriously. After all, there is a lot for the BNB coin to achieve before it can challenge Bitcoin. In terms of market cap, BNB stands at $2.1 billion while Bitcoin is at $68 billion.
Or perhaps there is some truth in Sun’s words. As reported by CoinDesk, the price trend for BNB is deviating from Bitcoin’s, differentiating it from other coins in the market. This year so far, BNB/USD has outperformed BTC/USD, and BNB is also “the only cryptocurrency out of the top 10 to post a yearly gain against the dollar.”
It looks like BNB is charting its own course and positioning itself to be a dominant coin in the crypto space.
Binance Continues to #BUIDL
The steady growth of BNB can be attributed to the Binance’s #BUIDL approach, even during this bear market.
Binance recently launched its decentralized exchange, the Binance DEX, which uses the BNB coin as a base pair. This might partially be contributing to the rise in the token’s price.
Another interesting development that may be helping the cause is that the BNB token has several use cases, including in the payments, entertainment, shopping and the travel industries. Binance is certainly putting in a great effort to popularize the token.
— Binance (@binance) November 4, 2018
Binance has also launched a simulated trading competition to give the DEX some exposure:
Resources and guides for the #Binance DEX Simulated Trading Competition!
– Landing page: https://t.co/KW1z9B7HK8
– DEX Simulated Trading Competition
1. Forum link : https://t.co/0Y3j4ISsFu
2. announcement link: https://t.co/0SAqtqFan1
— Binance DEX (@Binance_DEX) March 7, 2019
Sun’s participation in the discussion is sure to bring some more attention to the token and the exchange. Whatever the case, the performance of Binance Coin stands out in a market where price have remained largely stagnant in recent times.