Why is the BNB price up today?

2025-02-14 13:51:04 Primitive Reading

From cointelegraph by Yashu Gola

BNB price has jumped by around 15% in the last 24 hours to reach $724.70 on Feb. 13, outperforming the broader cryptocurrency market.

BNB/USD four-hour price chart. Source: TradingView

Key catalysts driving BNB prices higher today are:

MyShell IDO launch on Binance Wallet.
New BNB Chain Roadmap for 2025.
Binance co-founder Changpeng Zhao teasing memecoin launches on BNB Chain.
A classic technical indicator highlighting $970 as the upside target.

Let’s examine these bullish catalysts in detail.

MyShell IDO launch sparks BNB buying frenzy

BNB’s rally today appeared after the highly anticipated MyShell Initial DEX Offering (IDO) launch on the Binance Wallet.

Things to know:

The MyShell IDO launched at 10:00 am Beijing time on Feb. 13 and concluded at 10:00 pm, marking a record-breaking oversubscription.
MyShell aimed to raise 1,270 BNB, pricing each SHELL token at 0.00003175 BNB, setting the project’s initial valuation at $20 million.
However, the IDO saw a massive 27,959 BNB in total subscriptions—more than 20 times the initial target.
The overwhelming demand for SHELL tokens coincided with BNB price gains.
Binance partnered with PancakeSwap decentralized exchange to launch MyShell IDO, boosting CAKE price by around 50% in one day.

Many BNB Chain-based tokens surged in the same period, further indicating a growing underlying demand for BNB.

Binance co-founder teases new memecoin

BNB’s price boom closely follows Binance co-founder and former CEO Changpeng Zhao’s (CZ) interest in launching a memecoin on the BNB Chain.

As it happened:

On Feb. 12, 2025, CZ engaged in a conversation on X (Twitter) that accidentally triggered memecoin speculation.

Disclaimer: This specification is preliminary and is subject to change at any time without notice. Amazon Finance assumes no responsibility for any errors contained herein.