Binance Coin Beats Bitcoin in Buying Frenzy; Price Rises 100% WTD

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Binance Coin was not among the top-ten cryptocurrencies at the beginning of 2021. But some hardcore pumping later, the token that backs one of the world’s largest crypto exchanges, Binance, is now the third-largest, falling only behind Bitcoin and Ethereum with a $41.89 billion market capitalization. In the week ending February 21, the BNB/USD exchange rate has already jumped by 100 percent. On Friday, the pair established a new record high of $283.39 in a price rally that somewhat reminds one of Redditors-backed GameStop stock-buying mania in January 2021. Binance Coin achieves new record levels amid an ongoing crypto boom. Source: BNBUSD on TradingView.com But unlike the mob-led short squeeze of the video game stock that wanted to hurt hedge funds, Binance Coin’s rally has come on the heels of a handful of optimistic news. At first, its growing role as a utility token—a type of in-house private currency—in the…

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