BNB Soars, Fuelling Speculation About an Imminent Altcoin Season

By Ben Knight June 05, 2024 In Altcoins, Binance, BNB, Notcoin
London UK. An investor's analyzing the bnb (bnb) coin on screen. A phone shows the crypto's prices to invest
  • Altcoins have pumped in the past day, with Solana, Starknet, Toncoin and BNB all seeing gains of 4-10%.
  • BNB was the main talking point, as Binance Smart Chain’s native token broke a new all-time high overnight.  
  • The price hike is likely due to the success of Notcoin and other Binance Launchpool projects, spurring investors to try and recapture these heights.

It’s been a lovely 24 hours for the crypto market, with most coins experiencing fortnightly highs. Leading the way were altcoins, with Solana (+4.3%), Starknet (+8.1%) and Toncoin (+8.8%) as the big winners. 

However, the best performer of the top 10 was a bit of a dark horse – BNB. Binance’s native crypto token exploded overnight, surging to nearly US $700 (AU $1,050) off the back of 10% gains.  

Could this be the catalyst for the next altcoin season?

BNB, 1-day chart, source: CoinMarketCap

Related: Notcoin Surges 330% in One Week, Nearing Entry into the Top 50 Cryptos


Binance Launchpool Success Stories Spur Heightened Activity

The big mover, BNB, hit a new all-time high (briefly) thanks largely to increased activity on its associated platform, Binance

In particular, the world’s largest crypto exchange has enjoyed greater engagement with its Launchpool services, an incubator for new and exciting Web3 projects that allows investors to get in on the ground floor. The system grants customers who lock up BNB tokens access to airdrops and token launches. 

With several much-anticipated projects dropping over the past few days, traders have been flocking to the platform to capitalise on potential profits. 

The biggest name came last month when GameFi phenomenon NotCoin was introduced to Binance customers. To date, the game’s native token (NOT) is experiencing 5x as much daily trading volume than any other Launchpool-based project.

Meanwhile, Binance Smart Chain developers have released a new improvement proposal largely focussed on enhancing “fairness and transparency” for BNB miners.

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Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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