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BNB, CAKE Plummet Following SEC Crackdown on Binance
Both are significant tokens in the Binance ecosystem and had their prices drop by more than 8%.
Updated Jun 8, 2023, 2:53 p.m. Published Jun 5, 2023, 8:21 p.m.
The prices of BNB AND CAKE - two significant tokens in the Binance ecosystem - have plummeted in the four hours after the Securities and Exchange Commission (SEC) filed suit against the centralized exchange, data from blockchain analytics firm Cryptowatch shows.
BNB, which has a total market dominance of 3.86% according to CoinGecko, has dropped more than 8% from $300 to $276 in the past four hours, while CAKE has slid roughly 9% from $1.70 to $1.54, at press time.
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Read More: Cryptocurrencies Crash After the SEC Charges Binance With Sale of Unregistered Securities
BNB and CAKE’s recent dips follow SEC allegations that Binance commingled customer funds and operated as an unregistered securities exchange.
In a statement to CoinDesk, a Binance said that, “BNB coin is not a security. Rather, BNB is a native token designed to create an internal economy” where its “value derives from its participants.”
Read More: Binance Failing to Get US Exchange Listings for BNB Is Yellow Flag for Crypto Analysts
CAKE, the token that powers PancakeSwap, the BNB Chain alternative of decentralized exchanges like Uniswap and SushiSwap, is used for liquidity mining rewards and grants holders governance rights over the protocol. The total value locked on Pancake Swap stands at $1.81 billion, a roughly 9% decrease in the past seven days, per DeFi Llama.
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