BNB spikes 33% in 24 hours as crypto market starts to recover
Binance Coin (BNB) is up 33% since yesterday, Binance CEO CZ mentioned in one of its recent tweets, writing "BNB".
Meanwhile, transaction traffic on the BNB chain has risen to the highest level of almost a year ago. XRP, ADA and SOL have likewise recovered to within 15-20% of their initial losses.
BNB recovered by 33% as trading volume increased.
Since Thursday morning, the market cap of BNB, the native cryptocurrency of the fourth-ranked Binance exchange on CoinMarketCap, has increased by 33%. At the time of writing, the token was trading at $305, up from $230.
Prior to that, on April 20, BNB started falling from $428 to a low of $227 on May 12.
BNB Chain's Twitter account tweeted that trading volume on the network had risen to record levels last seen in December.
It also appears that investors rushed to buy Bitcoin, ETH, SOL, and BNB after the LUNA crash.
CZ has proposed a strategy to protect UST/LUNA.
Another possible reason for the BNB price increase is CZ Binance's recent tweet, in which he stated that he contacted the LUNA/UST team and provided them with a detailed plan to reverse the collapse of both coins.