The Coinbase crypto exchange announced plans to list the Binance Coin (BNB) in a post on its blog on Wednesday. Previously, only Coinbase Wallet supported assets on the BNB Chain, including BNB, through its decentralized exchange (DEX) integration. However, BNB will finally be listed, after being added to Coinbase’s listing roadmap.
Binance coin (BNB) is currently trading near its ATH price levels. According to CoinGecko data, BNB is up 27% over the previous month and is currently outperforming major crypto assets, such as Bitcoin (BTC), Ethereum (ETH), and Ripple XRP. The last week has been tough those, with BNB correcting back down to $1,166, an 11% dip.
BNB’s rally in the past month could be due to massive burns earlier this year. Binance undertook a $1 billion token burn in July through the BNB Foundation. The move led to a substantial dip in the coin’s supply, and, consequently, a price spike. VanEck’s latest BNB ETF application could also spark a further rally, even higher if the ETF is approved. Furthermore, the upswing could also be due to increased corporate buying. Corporate treasuries have seen a massive rise in popularity over the last year. Corporate buys have played a major role in the market rallies this year, sending crypto assets higher when including them in treasuries.
Also Read: $150 in Binance’s BNB Coin Becomes $1.8 Million in 8 Years
On-chain metrics for Binance’s BNB have also seen a bullish reversal over the last month. DefiLlama data shows the total value locked (TVL) on the BSC chain has risen 9.89% in the last 24 hours, hitting the $9 billion mark. see a surge in institutional interest. Institutional money is key to an asset’s price.