Why is BNB Trending Despite Market Crash?

Binance Coin (BNB), the native cryptocurrency of the BNB Chain and Binance ecosystem, is trending today despite the crypto market’s discouraging state. The asset is in the news because of the ongoing Traders Boot Camp hosted by the world’s largest crypto exchange, Binance.

Details from Binance’s website have revealed that the four-week program will allow traders to complete tasks for up to $1 million in crypto rewards, including BNB, USD Coin (USDC), Dogecoin (DOGE), and Solana (SOL).

According to Binance, the first three stages of the boot camp are tagged Warm-up Challenge, Learn & Earn, and ROI Competition, while the last stage will see participants compete for bonus rewards in a prize pool containing 10 BNB worth at least $5,660 at the asset’s value of $566 at press time.

Data from CoinMarketCap shows that BNB has been down almost 7% in the last 24 hours, with a 24-hour trading volume of $2.11 billion. The cryptocurrency’s market cap sits at $80.55 billion. During the last market rally on March 2, BNB rose above $630; however, the asset has now fallen 10% from that level.

The Traders Boot Camp

The Binance Traders Boot Camp will run from March 4 to 31. The first stage has started, with a prize pool of up to $500,000 in rewards. In this Warm Up stage, participants are to complete simple tasks to earn instant rewards, including vouchers, Binance points, and up to 100 USDC. Binance said 2 DOGE, 0.01 BNB, and 0.08 SOL are available per reward attempt.

“Click [Do It] to start a challenge. Once completed, click [Go] to claim your reward attempt,” the crypto exchange instructed. 

The Learn & Earn stage will start on March 11 with a prize pool of up to $100,000. Traders are to pick topics, complete quizzes, and take on side tasks to partake in the rewards. The topics encompass several aspects of the market, including psychology, basic technical and fundamental analysis, copy trading, trading bots, and Binance tools. Here, participants earn rewards for expanding their trading knowledge.

Additional Rewards Up For Grabs

In the third stage, users are expected to trade to win rewards. Binance will kickstart this phase on March 18 with a prize pool of $400,000. Boot camp participants will test their skills and compete against each other by joining the spot and/or futures return on investment (ROI) trading competitions.

The spot ROI competition requires users to trade a minimum of 500 USDC across eligible spot trading pairs to achieve at least 1% ROI during the program. Individuals who rank on the leaderboard will qualify for a share of 200,000 USDC. 

For the futures ROI trading cohort, users must trade a minimum of 100 Tether (USDT) on eligible USDⓈ-M Futures contracts and achieve at least 1% ROI to qualify for a share of 160,000 USDT in rewards.

Boot camp participants new to futures trading can complete their first trades with at least 500 USDT and have a positive ROI during the program. This enables them to qualify for a share of up to 40,000 USDT in additional welcome rewards.

The last stage of the boot camp will run from March 4 to 31, just like the first phase. Here, the prize pool is 10 BNB, and all participants must meet the minimum participation requirements for all previous stages. This additional contest will have 10 winners, each receiving 1 BNB. Binance says the selection process will be based on these rules.

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