DailyCoin
Published Oct 31, 2022 10:35AM ET
Updated Oct 31, 2022 11:30AM ET
Binance Coin (BNB) Reaches Two-Month High Amid Musk and Binance Acquisition of Twitter
$BNB has enjoyed accelerated growth in the last 72 hours following the completion of the Twitter acquisition by Elon Musk. According to Coinmarketcap, $BNB attained highs of $334.38, representing its best output since mid-August.
The reason for this positive market performance within this period coincides with Binance’s support towards the Twitter takeover deal. Recall that last Friday, when news about the completion of the takeover deal of Twitter by Elon Musk hit the media space, rumors emanated that Binance also contributed $500 million to the course.
Consequently, speculation continued to drag on about Binance’s involvement until the words of Binance CEO Changpeng Zhao ended them. While Binance’s participation in the takeover was first revealed in May, an SEC filing listed Binance as one of the 19 entities Musk worked with.
In a Tweet, the CEO of Binance referred to the assistance as a “small contribution to the course.”
A small contribution to the cause. https://t.co/xD9XZxOWfL“We are excited to be able to help Elon realize a new vision for Twitter.” We are aiming to play a role in bringing social media and Web3 together to broaden the use and adoption of crypto and blockchain technology,” Zhao said.h2 Other Factors that Possibly Contributed to the Growth/h2— CZ Binance (@cz_binance) May 5, 2022
However, the completion of the takeover deal shouldn’t take the full glory for this sudden growth of $BNB. It’s fair to say that the $BNB’s recent gains come as a result of the other efforts of Binance as well.
About two weeks ago, the cryptocurrency exchange announced the completion of the 21st $BNB burn, which comes off the Pioneer Burn program. The interval burning of $BNB is aimed at reducing the token’s volume in circulation to raise price stability.
In addition, the exchange’s expansion into Cyprus and its opening of offices in New Zealand contributed to the growth. The $BNB token market cap currently reads $53.39 billion, up from $43.54 billion on October 4th.
h2 On the Flipside/h2You may also like:
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Written By: DailyCoin
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