Why Are BNB and These Binance Coins Prices Up?

As Binance Blockchain Week approaches, the prices of several tokens related to Binance have surged over the past month, as reported by LookOnChain. This includes Binance Coin (BNB), which is up 18%, and tokens for products/services owned by Binance:

  • Trust Wallet Token (TWT) up 77%
  • PancakeSwap Token (CAKE) up 95%
  • Venus Token (XVS) up 43%
  • ApolloX Token (APX) up 178%

But, what are these tokens and who is buying them?

Trust Wallet is a mobile cryptocurrency wallet acquired by Binance in 2018. The price of TWT has jumped as Binance’s new Web3 wallet is about to launch.

PancakeSwap is a decentralized exchange built on Binance Smart Chain. It has $455 million in 24-hour trading volume and $1.48 billion in total value locked (TVL).

Venus is a DeFi protocol on BSC that enables lending and generation of synthetic stablecoins. It has $633 million in TVL.

ApolloX is a decentralized derivatives exchange on BNB Chain funded by Binance Labs.

On-chain data shows large buyers accumulating these tokens ahead of Binance Blockchain Week:

  • Wallet 0x8945 withdrew 1 million TWT (worth $1.63 million) when the price was $1.22.
  • Wallet 0x966c spent 869 BNB (worth $222,000) to acquire 3.76 million APX at $0.06.

The buying activity indicates strong demand for tokens related to Binance and its ecosystem as a major conference approaches. This demand could be driving the surge in prices over the past month.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.