The price of BNB tokens has dropped over 17% in the last week, reaching its lowest level since June 2022. According to CoinMarketCap, the price of the BNB token dropped to $221 but has subsequently risen to $236.
In recent weeks, BNB token’s performance has lagged behind those of other significant coins and tokens. While Ethereum is down 3% over the past 30 days, Bitcoin has increased by 0.1%. In contrast, BNB has decreased 13% during the past 30 days.
In recent weeks, Binance has been the target of some unfavorable news. Following a recent surge in withdrawals and questions over Binance’s Proof of Reserves, token prices have recently taken a downward turn.
“We passed this extreme stress test because we run a very simple business model – hold assets in custody and generate revenue from transaction fees,” a Binance spokesperson told CNBC in a Dec. 16 statement.
This week, concerns were raised regarding the largest cryptocurrency exchange in the world’s probable capacity to pay back almost $2 billion related to the FTX Collapse. Binance, an early investor in FTX, sold its stock stake last year, but that decision is now under scrutiny.
In the most recent rundown, BNB token has yet to fall below $200. In the previous year, the token’s lowest price was $184.54 in June 2022. Additionally, it is down more than 50% from its $571.55 1-year high.