Binance Coin (BNB) has been losing value over the past few months.
Lawsuits against the Binance exchange and its founder Changpeng Zhao have severely undermined the appeal of the digital currency. In June alone, it collapsed by more than 25%.
In July and August, the altcoin faced even more capital outflows. As a result, its price fell to its lowest level since the summer of 2022.