Binance Coin price rises 15 pc after large transfer

Binance Coin price is often not following the general trend in the cryptocurrency market and that too for a good reason. Binance Coin price is largely dependant on the activities at Binance exchange, given that the coin is the native Binance stablecoin. The second most important factor that effects the BNB price is the United States dollar value since the stablecoin is backed by the same.

Binance Coin price rally

Binance Coin price had been moving in the $20 to $25 range for the better part of the week until midday on the 11th of September 2020. On 11th September, Binance price fell to the $23 mark only to start climbing steadily towards the $25 mark once again after the launch of a Binance backed DeFi exchange launch. Following the large transaction about 12 hours from the time of writing, early in the GMT morning, BNC price started climbing once again to hit the $27 high.

Per Whale Alert data, Binance, the cryptocurrency exchange has made huge transactions amounting up to 3,550,000 million in Binance Coin becoming the major catalyst to catapult the Binance Coin price. The transactions were made to different unknown and unregistered address holders.

A 15.66 percent increase had been recorded which fell down to a little over 12 percent today. BNB price receives $69,040,100 from Binance Reportedly, 5,350,000 BNB has already transferred so far to an unregistered account.

As per confirmation, three transactions of 1,000,000 Binance Coin were carried out along while two other major transaction of 350,000, and 200,000 Binance Coins each. The transaction came at the time when Binance has just launched its own DeFi exchange following the Sushiswap saga. Speculations have it that the coins may be poured into the latest Binance DeFi startup dubbed the BurgerSwap exchange, or a new blockchain altogether.