Binance Coin price (BNB/USD) plunges toward $10 mark despite Binance DEX testnet launch

The Binance Coin price (BNB/USD) has seen a major pull-back after reaching its highest price level in five months on Wednesday.

The native token of the world’s largest cryptocurrency exchange, Binance, enjoyed some very positive price action earlier this week, especially on Tuesday, when the coin break through the $11 barrier for the first time in over five months. Capitalising on this positive momentum, BNB was able to rise to as high as $11.32 on Wednesday morning, which was its highest price level since September 5. However, the coin has since experienced a significant downward correction, losing over 7% of its value over the past 24 hours.

BNB closed yesterday’s session at $10.97, which was still well above its opening price of $10.52. But the coin has continued to bleed in today’s trading session. At the time of writing, the Binance Coin price was hovering around the $10.30 mark, having fallen to as low as $10.23 earlier in the session.

BNB’s downswing occurred despite yesterday’s launch of the testnet for Binance’s upcoming decentralised crypto trading platform DEX. But given that the launch date was already announced earlier this month, it seems reasonable to assume that the event had already been priced in by investors.

BNB has also seen a dip in terms of market activity, with recent market data showing that around $93 million worth of BNB tokens have changed hands over the past 24 hours. More than 70% of that volume has been generated by Binance, which allows dozens of cryptocurrencies to be traded against the token.

In today’s trading, the Binance Coin price stood at $10.26, as of 12:38 GMT. The digital coin has lost 7.3% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at almost $1.5 billion.