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While the upward movement in altcoins continues under the leadership of Ethereum (ETH), some altcoins are making a name for themselves with their new records.
One of these altcoins was Binance Coin (BNB).
Accordingly, BNB reached its new ATH, surpassing $850. Experts speculated that token burns, rising on-chain metrics, and whale activity could be the reasons for the BNB price increase.
As BNB continues its strong uptrend, the net worth of Binance founder Changpeng Zhao (CZ)’s holdings has also increased.
A June 2024 Forbes report stated that CZ holds 64% of the circulating BNB supply of 139.3 tokens. This means CZ holds approximately 89.1 million BNB tokens.
Apart from this, CZ said in a post on Binance Square in February that 98% of his portfolio consists of BNB and 1.32% of Bitcoin.
Accordingly, CZ holds an estimated $75.8 billion worth of BNB after BNB reached its new ATH.
What is the source of the rise in BNB?
Kronos Research analyst Dominick John stated that BNB's recent rise and new records are related to increasing demand.
The analyst cited the BNB treasury plan of Chinese company Nano Labs, while noting that whale wallets accumulating BNB and treasury demand are increasing.
For BNB’s bullish momentum to continue, treasury demand must remain strong, BNB On-Chain metrics like TVL and PancakeSwap volume must maintain an upward trend, and quarterly burns must continue to reduce supply.
While all this is happening, there should also be no major negative macro news that could shake the market.”
*This is not investment advice.