BNB tops $300 as Binance unveils a new Launchpool project

BNB rose above $300 for the first time since the start of June.

As the chart below shows, the rally was accompanied by a surge in trading activity:

The surge in demand for the asset could be attributed to the announcement of a new project on Binance Launchpool — Sleepless AI. It represents a gaming Web3-platform using AI.

From December 28, exchange users will be able to stake in BNB, FDUSD and TUSD pools to farm AI tokens. The campaign will run for seven days.

The flagship token of the BNB Chain ecosystem — CAKE — also surged, up 26.2% over the last 24 hours and 66% over seven days, according to CoinGecko.

The PancakeSwap team announced the burning of 10.1 million CAKE worth $34 million.

? 10,166,225 $CAKE just burned — that’s $34M!

? Trading fees (AMM V2): 132k CAKE ($438k) -29%
? Trading fees (AMM V3): 79k CAKE ($260k) -23%
? Trading fees (Non-AMM like Perpetual, Position manager etc): 4k CAKE ($1k) -98%
? Prediction: 34k CAKE ($112k) -27%
?️ Lottery &… pic.twitter.com/veRsDhcFFB

— PancakeSwap?Everyone’s Favorite DEX (@PancakeSwap) December 26, 2023

Recently the community of the DEX-platform proposed cutting CAKE issuance by 40%, a move that also supported the token’s price.

Earlier, Binance launched farming Sei Network (SEI) and CyberConnect (CYBER).