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

Binance Launchpool’s 47th project, Portal (PORTAL), has reportedly attracted over $400 million in BNB transfers in the past 24 hours, with the largest whale sending over $40 million.

Binance Launchpool’s 47th project, Portal (PORTAL), attracted over $400 million worth of BNB transferred to Binance in the last 24 hours by BNB whales expecting high returns.

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

Binance announced Portal as the newest project of the Binance Launchpool on February 22. Launchpool allows Binance users to stake BNB, BUSD and other tokens to win the latest Launchpool token rewards.

Portal is a level 2 aggregator that allows transfers between different blockchains. Binance Launchpool staking for portal mining started on February 22nd at 08:00 UTC and the portal will be listed on Binance on February 29th at 18:00 UTC.

Large transfers of BNB to Binance wallets indicate that whales expect high demand and rewards for the portal’s new token distribution. Over $400 million in BNB flooded into Binance just before the portal began mining as BNB holders sought to maximize their allocation of the portal’s limited supply.

Portal mining attracted huge interest from the Binance community, becoming one of the biggest Launchpool events this year. The portal token listing later this month is highly anticipated following intense competition for portal mining awards.

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