29-year-old Founder and CEO of the TRON Foundation, Justin Sun, having a knack for marketing and news-grabbing headlines, makes the most intriguing statements on the social media site of Twitter.
Recently, Sun tweeted about his belief of Binance Coin (BNB) being a “new Bitcoin”- a very bold statement to make, but not surprising given the source of the opinion.
Unlike its contemporaries, Binance Coin has had a sudden boost in value which resulted in it being ranked on the number 7 position by market cap. Binance had hit a low of $5.90 in January, but since then, the price has rallied up, now hovering at around $15, marking a surge of nearly 141% in the valuation.
This casual remark by Sun doesn’t have a lot to pay mind to, as BNB coin still has a lot to achieve before it can challenge Bitcoin, who in terms of market cap stands at a $68 billion while BNB is still at $2.1 billion.
As reported by CoinDesk, BNB’s price trend has been deviating from Bitcoin, making it stand out from the other coins in the market. BNB has been the only cryptocurrency to post a yearly gain against the dollar out of the top ten cryptocurrencies, with BNB/USD outperforming BTC/USD so far this year.
Thus, as said by Sun, BNB is proving to be a dominant coin in the crypto space by charting its own course.
The launch of Binance DEX, the company’s new Decentralized exchange that utilizes BNB as a base pair has resulted in a major rise in the token’s price this year. Now open for public testing, this exchange runs on Binance Chain, a Binance custom blockchain.
Binance CEO Changpeng Zhao has been actively working for the adoption of BNB in the real world as he states that BNB has probably more use cases than the other coins in the market including in the payments, entertainment, shopping, and the travel industries. A rising number of platforms have announced their support for this coin in recent months.
Sun’s participation in this whole deliberation will surely bring the much-expected attention to the token and exchange. Regardless of its impact, the performance of Binance Coin stands out in the market where the prices have remained hugely inert in recent times.