BNB Holders Transfer Over $400 Million to Binance for Portal Mining

Binance Launchpool's 47th project, Portal (PORTAL), has attracted over $400 million worth of BNB transferred to Binance in the past 24 hours from BNB whales anticipating high returns.

According to on-chain data analyzed by Arkham, more than $400 million in BNB has been sent to Binance from BNB holders in the last 24 hours to participate in PORTAL mining. 7 separate addresses transferred over $10 million in BNB each, with the largest whale sending over $40 million.

Binance announced Portal as the newest Binance Launchpool project starting February 22nd. Launchpool allows Binance users to stake BNB, BUSD, and other tokens to earn the newest Launchpool token rewards.

Portal is a layer-2 aggregator that enables cross-chain transfers between different blockchains. Binance Launchpool staking for Portal mining began on February 22nd at 08:00 UTC, and Portal will be listed on Binance on February 29th at 18:00 UTC.

The large transfers of BNB to Binance wallets indicate that whales anticipate high demand and rewards for the new Portal token distribution. Over $400 million in BNB flooded into Binance right before the Portal mining commenced, as BNB holders seek to maximize their allocation of the limited Portal supply.

Portal mining has attracted enormous interest from the Binance community, becoming one of the largest Launchpool events this year. The Portal token listing later this month is highly anticipated following the intense competition for Portal mining rewards.

Image source: Shutterstock