Today we’re taking a look at the wild world of Binance Coin, which has thrived over the past six months despite the crypto market experiencing a prolonged ‘winter’.
Ahead of tomorrow’s Binance Launchpad announcement, where we will hear from the exchange’s team which project’s token will be featured on Launchpad next, we decided to share some analysis of the impact of Launchpad announcements on BNB’s price and volume in 2019 thus far…
We added both announcement and end-date markers for each token lottery/sale. You’re all intelligent readers, so we like to present you with the facts and leave the analysis to you, but here’s a little running commentary to get you thinking…
The story so far…
Looking at the first Launchpad sale of 2019, we can see that BitTorrent had relatively little impact on Binance Coin’s price/volume.
However, in the lead-up to Fetch.ai, we see BNB accumulation (volume) and price set off on a gentle hike.
There’s a mild sell-off during the token sale, but this is quickly countered by the near-immediate announcement of the Celer token sale when the Fetch.ai sale ends. This precipitated a significant price spike, with volumes roughly doubling.
Price and volumes remain relatively high throughout the Celer sale, and continue to rise in anticipation of Matic which is announced shortly after the close of Celer’s token sale.
During the Matic token sale we see a large accumulation of BNB, presumably for the purposes of the lottery, with concurrent price spiking, notably toward the end of the sale.
Between the end of Matic’s token sale and the announcement of the Harmony lottery, BNB pulled back slightly, however, the eventual announcement sent the price soaring. This price action was maintained through the majority of the token lottery lifecycle for Harmony.
What next for BNB?
BNB’s relatively high USD price has chopped, but largely held, since the Harmony token sale ended. The next token sale/lottery will be announced tomorrow (20th June, 2019): what should we expect? Feel free to share your ideas in the comments below.
Of course, there are a multitude of other factors that may be driving BNB’s volume and price up, not least BNB burns.