Even 2019’s Best Performing Cryptocurrency is Getting Affected by the Bear Trend

The native token of one of the world’s largest crypto exchanges, Binance, has surged by more than 146 percent as of this time of writing. Nevertheless, Binance Coin, or BNB, has also registered a significant downside correction upon hitting a year-to-date high of $43.15.

The surge came at the time when Binance started hosting pseudo-initial coin offering rounds, commonly known as initial exchange offerings, or IEOs, atop its newly-launched Binance Chain. Also, Binance’s tendency of destroying some portion of its BNB supply against the rising demand helped the token gain long-term investors.

Timeline of Binance-coin