What is BurgerSwap? Is BurgerSwap behind the 50% price increase of BNB these days?
In addition to Bitcoin and Ethereum, which have always held fixed positions, the rest of the altcoins have converted overtime on the CoinMarketCap chart. In which Binance Coin was the most notable name when it climbed to the top 10 CoinMarketCap. It was also the only Altcoin in the top 10 reporting massive gains on its charts. Why is there such a thing? Some have speculated that it is related to BurgerSwap and $ 10,000,000 already locked on $ Burger.
What is Burger Swap?
BurgerSwap is the very first Uniswap-like application launching on Binance Smart Chain. The exchange was launched on September 10th at 16:00 PM UTC and is live for users to start trading, farming and voting.
Humbled by so many positive reactions in our 48 hours🙏
— BurgerSwap (@burger_swap) September 12, 2020
Is BurgerSwap behind the 50% price increase of BNB these days?
At press time, the BNB price is trading at $ 31.89, with the chart recording the fifth consecutive green candle, and also recording a 22% gain over the past 24 hours.
While many users speculate there is a significant attempt to pump BNB – as there has been a transfer of approximately $ 69 million BNB from Binance to an unknown wallet in the past 24-hours. The last transfer took place a few hours back, one wherein 1 million BNB tokens worth $ 26,422 million were transferred from Binance to an anonymous wallet.
— Whale Alert (@whale_alert) September 12, 2020
Still, some argue that these pumps have something to do with the transfer was going to BurgerSwap. BurgerSwap is a democratized automated market maker on Binance Smart Chain. Launched recently, BurgerSwap can be looked at as a replacement for the SushiSwap project as it intends to do things differently while making DeFi accessible for everyone.
The announcement from BurgerSwap noted:
“As BurgerSwap is built on Binance Smart Chain, all tokens will have BNB pairs. Besides, each asset is also required to have a BURGER pair, which needs to account for at least 1% of the liquidity of the concerning asset to be eligible for mining rewards.”
Since the use case of BNB has found a new avenue, the recent hike in price could be associated with the use of BNB in BurgerSwap. This trend aligned with the time when ETH was being leveraged on DeFi projects, and the price of the digital asset surged. Although it has been long since the project was launched, with SUSHI users being hit, Binance may be able to attract more users, and with its open for all attitude, BNB may be the beneficiary of this new recipe.
Meanwhile, the fact that $ 10,000,000 BNB was already locked on Burger was outside CZ’s knowledge. Earlier, CZ shared that:
— CZ Binance (@cz_binance) September 13, 2020
But then, he corrected that he knew them, too. They are Turkish blockchain researchers. As such, it looks like this project is real and is still working hard.
- Binance Launches Launchpool, A New Form Of IEO, Users Will Staking BNB, BUSD To Receive DeFi Token
- Changpeng Zhao Decided That The SUSHI List Was Just Because Of The Traffic, The Community Was Filled With Outrage