Binance has seen its BNB token surge a surprising 7% in the last 24 hours. Although there is little explanation, its increase occurred alongside a recent burn announcement made by the exchange. Specifically, the Binance-issued cryptocurrency has outgained the top 10 assets on the market.
Those increases have been continuous over the past week, with the asset up almost 10% through the last seven days. Influenced by the platform, the positive performance of BNB coincided with an announcement from the exchange regarding the burning of a significant amount of BUSD and TUSD tokens.
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Binance BNB Token Up 10% This Week
Although the cryptocurrency exchange has fallen from its heights atop the market, there is no denying the prevalence of Binance within the digital asset industry. It remains one of the most important firms across the market. Moreover, its native asset has experienced a rather surprising growth trajectory over the last several days.
Indeed, Binance has seen its BNB token surge a rather unexpected 7% in the last 24 hours alone. The development continues with a positive string of increases for the token. Specifically, it has noted gains of almost 10% over the last week.
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The token is strongly connected to the exchange, and therefore the performance of the asset coincides with that of the platform. The most recent announcement provided by Binance was regarding a new burn of BUSD tokens to come. However, that announcement does not include the aforementioned BNB token.
The price of BNB has been on an upswing since December 2023. That began after a golden cross had formed on its charts, which showcased a clear bullish perspective for its performance. Wednesday saw a massive increase for the asset, with that performance continuing today. Currently, the token is trading at more than $379 according to CoinMarketCap.