Tomorrow’s highly-anticipated Coinbase (COIN) IPO has sent the cryptocurrency markets into overdrive, which comes as a major boon for one of Coinbase’s largest competitors: Binance.
The Malta-based cryptocurrency exchange has had its U.S-based operations limited due to regulatory oversight, but that hasn’t stopped American consumers from utilizing the platform… Binance Purchase Intent Mentions are booming: up +423% YoY on a 90-day moving average. Although the exchange itself has maintained popularity worldwide, it’s likely that the current level of Consumer Demand is being inflated by Binance’s eponymous cryptocurrency: Binance Coin (BNB-USD).
BNB has gained by more than +4000% over the past year and is currently ranked #3 in terms of market cap. With nearly $100B already invested in the Binance coin, an IPO seems archaic by comparison.