BNB Price Climbs to Highest Since FTX Crash Amid Airdrop Frenzy, Easing Binance Worries

BNB holders transferred over $400 million worth of BNB tokens in 24 hours to benefit from cross-chain gaming project Portal's upcoming airdrop, Arkham Intelligence noted.

AccessTimeIconFeb 22, 2024 at 8:17 p.m. UTC
Updated Mar 9, 2024 at 2:15 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
  • BNB price climbed over $380 for the first time since Nov. 2022, and outperformed the broader crypto market.
  • The token is benefitting from fading concerns about crypto exchange Binance after last year's regulatory troubles, and web3 gaming project Portal's airdrop farming campaign for BNB holders.

Binance-adjacent cryptocurrency BNB (BNB) climbed to its highest price since the crash of FTX, leaving behind last year's worries about the crypto exchange's legal troubles and buoyed by an upcoming airdrop mobilizing BNB users.

BNB, the fourth-largest cryptocurrency by market capitalization, hit $387 during the day for the first time since Nov. 2022, gaining 7% over the past week, CoinDesk data shows. It outperformed the broad-market CoinDesk 20 Index's (CD20), which showed a slight decline over the same time period.

BNB is closely linked to Binance. It was issued by the crypto exchange in 2017 and powers the blockchain ecosystem BNB Chain, formerly known as Binance Smart Chain. The exchange also conducts a regular token burning scheme that reduces the outstanding supply of BNB.

While the broader crypto market rebounded last year, BNB's price struggled, sinking to a two-year low price last October as regulatory troubles mounted for Binance. most notably the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against the exchange, its CEO Changpeng "CZ" Zhao, and claimed BNB security.

"A lot of sentiment was around U.S. sanctions impacting Binance beyond just the U.S.," David Shuttleworth, research partner at Anagram, said in an interview via X direct messages. "In many ways, BNB's performance is tied to the exchange, so if user activity and volume on the exchange suffered, this could spill over into the broader ecosystem of the BNB network."

Pressure on BNB eased following Binance's settlement with U.S. authorities – paying a $4.3 billion fine and CZ stepping down –, and the token staged a relief rally as market participants' worry over the exchange dissipated.

Portal's airdrop farming

Rejuvenated activity also likely fueled the price action, as the latest airdrop frenzy has reached to the BNB ecosystem.

Binance introduced on Wednesday cross-chain gaming platform Portal to the Binance Launchpool, offering Binance users a way to benefit from the project's PORTAL token airdrop slated for Feb. 29 and also listing the upcoming token on the exchange. Users may lock-up BNB tokens or FDUSD stablecoins in Portal's liquidity pools to qualify for the airdrop.

Following the announcement, BNB holders transferred over $400 million worth of BNB tokens in 24 hours to Portal in anticipation of the airdrop, blockchain intelligence firm Arkham noted Thursday in an X post.

Edited by Stephen Alpher.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.