- Binance, Matic and PancakeSwap set new ATHs today.
- Binance and Matic recently announced network and operation upgrades.
- Will the cryptos manage to defend their new positions?
Binance (BNB), Matic, and PancakeSwap (Cake) managed to achieve new all-time highs today. The three cryptos achieved this despite the Crypto Market Cap rising to only 1.3% in 24 hours (at the time of writing).
Binance’s BNB spiked 52.5% to $143.04, according to CoinGecko. As interest in cryptocurrencies has risen, Binance has seen a rise in traffic. It stands to reason that BNB has benefitted from the increase in trading.
The exchange coin, BNB, allows users to pay for transaction fees at a discounted rate. This feature means that as Binance rises in popularity, so will BNB.
Also, Binance CEO Changpeng Zhao recently said that the exchange would accelerate its burn rate. This news also had a positive impact on BNB value as a faster burn rate will reduce the amount of BNB in supply. Scarcity breeds value, thus less BNB supply will make it less inflationary.
Meanwhile, Matric also reached a new ATH of $0.126 today. The crypto also officially rebranded as Polygon earlier today. According to a recent tweet, the new name is part of Matic expanding its scope to become “Ethereum’s Internet of Blockchains”.
The upgrade includes features like ZK rollups, Optimistic rollups, interchain communication, and bleeding edge and data availability solutions. The market rewarded Matic’s move by pumping the crypto 83.1% in 24 hours at the time of writing.
Lastly, PancakeSwap also achieved a new ATH of $8.13 today after spiking over 800% within a month.
The crypto was deep in the bear territory until the 22nd of Jan when it started rising steadily. However, from the 8th of Feb, Cake started rising at an accelerated rate based on the chart above. It is still unclear whether the crypto will be able to defend its new position.