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Why is the BNB price up today?

2025-02-1411791 Views

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.

Key catalysts driving BNB prices higher today are:

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.

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.