Exchange Token Binance Coin (BNB) Surges Over 10% During the Past 24 Hours

2018-12-13 19:38

In an interesting turn of events, it has just come to light that Binance Coin (BNB) has gained over 11% since yesterday afternoon. This sudden spike comes in wake of currencies like BTC, ETH, XRP losing more financial ground (with all of the aforementioned altcoins seeing red through the past 24 hours).

To be even more specific, we can see that early yesterday afternoon BNB was trading at a respectable price point of $4.63 (with a market cap of $605 million). However, within a day, the price of the asset soared above the $5 mark (eventually settling at $5.15). Not only that, as a result of this upward economic movement, the overall market cap of the coin also rose to an impressive $675 million.

What Caused This Massive Jump To Take Place?

Talking about why this latest hike occurred, an independent developer by the name of Uniswap suggested that the fluctuation could have been the result of a bug that had seeped into Binance’s native framework.

On the matter, Uniswap added:

“Warning BNB providers: Due to a bug in the binance BNB contract it’s possible to add liquidity to the Uniswap BNB<>ETH liquidity pool but not remove it. This bug is a variation on the “missing return value” ERC20 bug which affects several tokens.”

In response to the above tweet, Binance CEO, Changpeng Zhao, immediately replied:

“Nothing new here. If you send token to a contract address, you won’t get it back. Just like if you send tokens to an address you don’t control for no reason, or a (valid formatted) address no one controls, you won’t have a way to get it back.”

Nothing new here. If you send token to a contract address, you won't get it back. Just like if you send tokens to an address you don't control for no reason, or a (valid formatted) address no one controls, you won't have a way to get it back.

— CZ Binance (@cz_binance) December 12, 2018

Having said that, if you mistakenly sent large amounts of $BNB to the contract address, @binance will return them to you out of our pocket. Understand, it's a lot of unnecessary work for us, we reserve the right to refuse any malicious exploits. https://t.co/HJ55LjD4cO

— CZ Binance (@cz_binance) December 12, 2018

Final Take

While it remains to be seen how Binance Coin (BNB) is experiencing such an amazing bull run despite the market at large remaining quite sluggish, there is no denying that the currency has caught the attention of the global investment community over the past couple of months.

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