Binance Eases Worries as BNB’s Value Reaches the Highest Point Since the FTX Crash

In the past two days, BNB holders managed to transfer over $400 million worth of BNB coins. This action greatly benefited the airdrop by the cross-chain gaming project Portal. Traders are excited to see how high BNB’s price will go this time, as it reaches the highest point since the FTX crash.

BNB Is on the Rise

Binance can ease off now as BNB’s value climbed to the highest level in the past two years. This leaves behind their last year’s worries about the crypto exchange’s legal woes. All of it is thanks to the boost provided by the upcoming airdrop that will mobilize BNB’s users.

At the moment, BNB is the 4th largest cryptocurrency on the market based on its capitalization. Yesterday, it managed to hit $427 for the first time since November 2022.

This means that it gained 7% over the past week. Over the same period, the CoinDesk 20 Index showed a slight decline, but these results outperformed those predictions. At the moment, the price of BNB circulates around $410.

Binance has a very close link with BNB. This crypto exchange issued BNB in 2017 and it also powers the BNB Chain’s blockchain ecosystem. The exchange platform also organized a regular token-burning scheme that lowers the outstanding supply of BNB.

BNB’s value struggled during the broader crypto market rebound in 2023. Last October, the price of this token went down to its two-year low as regulatory issues mounted Binance.

The most notable was the lawsuit by the U.S. Securities and Exchange Commission (SEC). They filed a lawsuit against the crypto exchange, CEO Changpeng Zhao. It also claimed BNB’s security

David Shuttleworth, a research partner at Anagram had his say on this topic via X, formerly Twitter. He noted that there was a lot of sentiment around the U.S. sanctions towards Binance that were beyond just the U.S.

He added that BNB’s performance goes hand-in-hand with the crypto exchange in many ways. This means, that if a user’s activity and volume suffer on Binance, it will also spill over into BNB’s ecosystem.

Thanks to a settlement between Binance and the U.S. authorities, the pressure on BNB eased. Binance had to pay a fine of $4.3 billion and its CEO needed to step down. In the end, the token provided a relied rally as traders were worrying over the exchange dissolute.

The Airdrop Farming by Portal

There is a likelihood of the rejuvenated activity helping to fuel the price activity. It comes as a result of the latest airdrop frenzy, which recently reached the BNB ecosystem.

On the 21^st of February, Binance announces Portal, a cross-chain platform, to the Binance Launchpool. It offers Binance users a chance to benefit from the PORTAL token airdrop. This event occurred today on the 29^th of February.

To get the Airdrop Binance users are required to lock up their FDSD stablecoins or BNB tokens in Portal’s liquidity pool to register for the airdrop. After the announcement, BNB traders managed to transfer a big portion of BNB tokens worth over $400 million.