Reasons for the price hike?<\/strong><\/p>\n An in-depth report published<\/a> by Binance blog clearly summarised the reasons behind the token’s recent success,<\/p>\n “The long-term vision for BNB is for it to become the native token on multiple application-specific blockchains. BNB was never intended to replace Bitcoin or Ethereum. To become a true mass-adopted application, BNB must be able to facilitate billions of transactions per day. In its current form(s), we still have a long way to go. We are working on it.”<\/p><\/blockquote>\n As per this\u00a0blog<\/a>, Binance (BNB) introduced the concept of \u2018transactional mining.’ Binance pioneered periodical burning of fees, with the exchange team guaranteeing to destroy the part of tokens generated by fees. It became the one-stop solution both for widespread cryptocurrency services and exotic solutions (Binance Education, Binance Charity).<\/p>\n According to the same, Binance also developed the concept of \u2018initial exchange offering\u2019 (IEO), a token sale organized through an exchange instead of the project’s website.<\/p>\n In 2021, it surged 18x in four months. Its all-time high, $686, was registered on major spot exchanges.\u00a0More recently, the company even aided regions hit by the global pandemic as a part of its philanthropy efforts.<\/p>\n BNB’s social volume also registered a green uptick (+24.5%), with the same projecting a bullish sentiment within the space.<\/p>\n What’s more, the aforementioned bullishness wasn’t limited to on-chain metrics and price charts alone, with many in the community highlighting the same too.<\/p>\n I believe Binance coin $BNB<\/a> will be bigger than apple or Amazon because it\u2019s a stock, a crypto, and smart chain.<\/p>\n — Davinci Jeremie (@Davincij15) June 1, 2021<\/a><\/p><\/blockquote>\n![\"\"](\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-6.49.02-PM-1024x568.png\")
<\/a>\n