Binance’s $500 Million Contribution to Twitter Takeover is Paying Off in Favor of BNB Coin

Things have started to look very promising for BNB Coin in the recent trading sessions. It is because Binance had a huge role to play in helping Elon Musk acquire Twitter.

Following the acquisition, the investors are really excited about BNB Coin’s future role in Twitter.

BNB’s New Record Versus Bitcoin

The data collected from TradingView shows the trading price of BNB Coin surged significantly on October 30. It has even managed to hit an all-time high against Bitcoin as it rose to a high of 0.15267 BTC.

Prior to the spike, the trading price of the BNB Coin was at a low of 0.15 BTC.

BNB Coin is the native and in-house token that is issued and hosted by the Binance exchange, which circulates through the BNB Chain.

It is the third largest cryptocurrency in the entire crypto-verse in terms of volume. Due to the latest developments, the trading price and volume for BNB Coin have surged by 10%.

According to the latest data, the value of BNB Coin has increased with a high rally in the past 72 hours.

The reason behind the Rally

The strong rally for BNB was recorded just as it was revealed that Binance was preparing to provide support to the richest man in the world to buy Twitter.

Binance has revealed that it has backed Elon Musk with $500 million so he could takeover Twitter. Binance is now the fourth largest contributor (backer) to Elon Musk for acquiring Twitter.

It was also reported that Binance would play another role for Elon Musk, where it would remove the bots from Twitter to provide more help to Musk.

Changpeng Zhao Confirmed the Transaction

It was Changpeng Zhao, the Binance CEO who made the announcement via Twitter. He confirmed that they had wired $500 million to Elon Musk as a contribution to acquiring the social media platform.

In the latest trading sessions, the trading price of BNB Coin has picked up the pace. It has reportedly gone on to hit a higher trading value against the dollar.

After the strong rally, the trading price of BNB reached a high of $318.80. According to statistics, it is the best performance that has been delivered by the BNB Coin since August 2022.

Investors are hoping that it could be the start of a brighter future for cryptocurrencies. For Binance, it would be an even better journey now that it has helped Elon Musk acquire Twitter.

Elon Musk may trust Binance to provide him with more support and assistance in the future for making integrations in Twitter. If that happens, then the trading price of BNB would surge tremendously.