Amid the generally slumping market, Binance Coin (BNB) has been showing spectacular results. Despite some unfavorable news stories, which broke out last week, BNB showed resilience and willingness to grow even in a bearish market.
The negative sentiment in the news began with Warren Buffet slandering Bitcoin as “a bad investment”. The criticism approach its maximum when Berkshire Hathaway’s Vice Chairman compared buying Bitcoin to “trading freshly harvested baby brains.” Then the South Korean government raided popular exchange platform UPbit, but failed to find any incriminating evidence of financial fraud. However, the markets were shaken by the news. Last, but not least, the Securities and Exchange Commission (SEC) raised some doubts whether Ripple (XRP) is a security or not.
In a seemingly grim situation, Binance decided to double their referral rewards, which really got the interest of many investors. After the news, Binance Coin (BNB) grew 20%.
Binance is one of the most rapidly developing startups at the moment, which claimed to be worth 1 billion in absolutely no time by the industry standards. The main feature of Binance Coin (BNB) is the 50% reduction in trading fees charged when users buy or sell altcoins. Additionally, regular coin burns increase the value of the token and make it even more appealing for investors.