The post Whale Deposits 49,001 BNB into Binance Through Venus appeared on BitcoinEthereumNews.com.

Per reports, a whale has moved BNB tokens worth approximately $29.07 million from Venus to Binance. That roughly translates to 49,001 digital coins. For reference, the value of BNB has increased by 1.73% in the past 24 hours to $594.10. This adds to the $34 billion worth of tokens that were moved to Binance at the beginning of the previous week. That was for almost 62,000, again from Venus Protocol. It is reasonable to assume that the token has been transferred in order to capitalize on the current opportunities presented by Binance. It pertains to staking rewards through Launch Pool. Investors only have to stake their holdings to earn rewards. The higher the number of BNB tokens, the higher the reward. The previous week’s movement had led to a huge inflow on the Binance exchange platform. Recent token lending has had a similar effect. The distribution of rewards from staking is contingent upon the performance of new and emerging initiatives. In light of the significant scale of innovation that is being introduced, it is anticipated that rewards will be distributed in a generous manner, thereby attracting a greater number of BNB deposits to Binance. Lend-out from Venus to Binance underscores the rising interest in staking and yield farming opportunities from Binance. The platform had recorded an inflow of almost 511,600 tokens the previous week, for around $276.29 million at that time. Whales and investors are ultimately positioning themselves to take higher returns by banking on a stable ecosystem plus positive liquidity. It has been defined as a strategic move that will potentially affect  Binance’s native ecosystem dynamics. That said, BNB is trading positively as the article is being drafted. An influx of liquidity is certain to be credited for this uptick. Other factors that are playing along are rate cuts…

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Filed under: News - @ September 23, 2024 12:23 pm