Coasting ever upward, Binance Coin (BNB) has managed to arrive back in all-time high territory, trading at nearly $25 USD at the time of this writing.
The token is trading near all-time highs on news of the soon to be publicly available Binance mainnet, which will see BNB migrate away from the Ethereum blockchain to instead operate natively on its own network. This network will be the heart of the new non-custodial exchange that allows traders to retain their private keys rather than entrusting their assets to a centralized point of vulnerability.
Some have criticized the new exchange for being less decentralized than first imagined. It is not a true “DEX” in that the network is still under the direct control of Binance and the coin is issued via the company, not via any sort of mining or consensus mechanism. Still, it is a step forward in that it allows more security and independence for traders who can safely store their assets in their own wallets throughout the trading process.
The usual trading pattern for such events foretells of a likely drop soon after the swap takes place on April 23, but Binance does not follow the patterns of most other cryptocurrencies. The token has seen steady growth, even during bearish conditions. BNB is one of the first tokens to show a true “decoupling” effect from Bitcoin; not following the rise and fall of Bitcoin like most other altcoins or tokens do. Still, it is likely, if history is any sort of indicator, that the price will at least cool off after the swap is completed, or perhaps even earlier if traders get antsy.
The upcoming swap from BNB on Ethereum to the native BNB will see ERC20 BNB tokens burned in exchange for the new BNB coin, starting on April 23.
This is not professional financial advice and is intended only to act as a quick examination of the latest cryptocurrency news for you to enjoy. Please do your own research before doing any investing and never risk more than you can afford to lose.