•BNB price has surged by more than 26% from the lowest point in December.
•Binance has seen over $7.5 billion in outflows in the past 30 days.
•Inflows have risen by over $1.2 billion in the past 7 days.
The past month has been a volatile one for the cryptocurrency market. Binance Coin (BNB), the native token for the world’s largest crypto exchange, has seen its price skyrocket by more than 26% from its lowest point back in December. The coin rose to $280 on Wednesday, which was the highest point since December 13.
The surge in BNB’s price was a result of the rebound in Binance’s inflows. Data published by DeFi Llama shows that investors have withdrawn over $7.35 billion from the exchange in the past 30 days. However, recently, with cryptocurrency prices rising, inflows have started to increase. In the past 7 days, investors have added over $1.2 billion to the exchange.
The rise in inflows is a sign that investors are becoming more confident in the Binance exchange. This is despite a few challenges that the exchange is currently facing. Binance is an opaque company that has no headquarters and is not regulated. Furthermore, the company is being investigated in the US. And earlier this week, it was reported that regulators were questioning hedge funds with exposure to Binance.
In spite of these issues, Binance has continued to make headlines due to its innovative products and services. The exchange has recently launched several new products and services, including its decentralized exchange (DEX), margin trading, and futures trading. Binance has also been making strides in the DeFi space, launching its own Binance DEX and Binance Chain.
It is clear that Binance is here to stay, and the recent rebound in inflows is a sign that investors are becoming more confident in the exchange. As more investors flock to the exchange, it is likely that BNB’s price could continue to rise in the coming weeks and months.
