Binance Coin [BNB] is seeing an upward swing when the whole market is going south. The coin has gone up by more than 23% in the past 24 hours. The market speculates that the reason behind the upward swing is because of the double referral commission reward announced by the Binance team.
Earlier today, the Binance team announced on their official portal that they will double the referral commission for to 40% of all account holders who have 500 Binance Coin [BNB] or more. The double referral commission will start from 19th May 2018 at 0:00 A.M UTC. The commission rate will be adjusted based on the holding of the user at 0:00 A.M UTC every day. For all the other users, the commision will be the same i.e., 20%.
In addition, the Binance team also mentioned that the daily snapshots will not include BNB which is in-order or pending for withdrawal or deposit.
Changpeng Zhao, the CEO of Binance, commonly referred to as CZ spoke regarding the same on Twitter which says:
“Biance Doubles Referral Rewards.”
Aceionic, a Redditor says:
“That’s how you pump your own coin.”
Thomashoo, another Reddit user says:
“I’m not exactly sure if this will move the px up. 500 is a lot and it may mean binance will be making less in the future and which lead to less coin burn. It may also mean they are worried about competition (bibox etc) and declining mkt share or declining commission in a declining market.”
ConfuzedToTheMax, a Redditor says:
“Lol look at the overall big picture guys.. oh it’s to pump wahhh wahh no. Open your eyes it’s about power control and who has the most BTC. Goldman Sachs released their own cryptocurrency USDC pegged by the U.S dollar. If Goldman is getting on board so are many others. Binance doesn’t have a lot of time before that happens. During that time we need to accumulate the most BTC so these rich Wall Street people who already have all they need don’t gobble this up. Exchanges are the new banks and I’m okay with that, and the ones that are already in the top 5… Do you guys look and see what the CEOs of exchanges wear… It’s natural it’s people like you and I. So thank you BNB please make the world a better place than it is.”
According to CoinMarketCap at press time, Binance Coin [BNB] is currently trading at $15.35 with a market cap of $1 billion and seen a significant rise of more than 20% in the past 24 hours.
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