2 years ago
The prices of BNB AND CAKE - 2 important tokens successful the Binance ecosystem - person plummeted successful the 4 hours aft the Securities and Exchange Commission (SEC) filed suit against the centralized exchange, information from blockchain analytics steadfast Cryptowatch shows.
BNB, which has a full marketplace dominance of 3.86% according to CoinGecko, has dropped much than 8% from $300 to $276 successful the past 4 hours, portion CAKE has slid astir 9% from $1.70 to $1.54.
(Cryptowatch)BNB and CAKE’s caller dips travel SEC allegations that Binance commingled lawsuit funds and operated arsenic an unregistered securities exchange.
In a connection to CoinDesk, a Binance said that, “BNB coin is not a security. Rather, BNB is simply a autochthonal token designed to make an interior economy” wherever its “value derives from its participants.”
CAKE, the token that powers PancakeSwap, the BNB Chain alternate of decentralized exchanges similar Uniswap and SushiSwap, is utilized for liquidity mining rewards and grants holders governance rights implicit the protocol. The full worth locked connected Pancake Swap stands astatine $1.81 billion, a astir 9% alteration successful the past 7 days, per DeFi Llama.
Edited by James Rubin.
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