Despite the ongoing legal dispute between Binance and the SEC that could potentially result in Changpeng Zhao serving a three-year prison term, the value of Binance’s BNB token has remained relatively unaffected. In fact, it has experienced a slight increase as of late, with investors continuing to pursue its all-time high target before the month comes to an end.
In this blog, let us discuss why BNB might succeed in hitting $700 soon.
BNB Price Analysis
The cost of BNB has risen by over 11% in just a week, reaching a present value of $611. Its market cap now stands at an impressive $90.25 billion, while trading volume experienced a 4% increase, amounting to $1.47 billion.
In spite of the persistent problems with Binance’s network, the price of its token has remained stable between $506 and $635. Furthermore, the technical signs are optimistic. The Moving Average Convergence Divergence (MACD) indicator suggests that buying pressure is on the rise for Binance’s token.
Based on current trends, some analysts predict that BNB‘s price may reach as high as $635 by the end of the week, potentially surpassing the $690 mark by next month. However, given the unpredictable nature of cryptocurrency markets, there is also a risk that the price could dip down to around $506.5.
Reasons Why BNB Might Reach $700
BNB is among the top cryptocurrencies and has set the reputation of itself as a profiting altcoin. Having this image has helped the BNB stay consistent on its surge journey.
The BNB token has nearly reached its all-time high price again, sitting only 11.44% below the record. According to experts, this milestone could be achieved within the upcoming weeks.
27th BNB Token Burn
The BNB Foundation has carried out its 27th token destruction, a routine occurrence every quarter. In this latest event, they eliminated approximately 1.944 billion tokens from circulation, equating to around $1.17 Billion in value. Their goal is to limit the total number of BNB tokens in existence to 100 million.
The organization consistently engages in this process called “burning” to enhance the token’s rarity and desirability in the market. During this procedure, the token is automatically moved to a designated “blackhole” address within the network.
In greater significance, no Pioneer Burn Program tokens were used in this case to cover the losses, resulting in a corresponding reduction of BNB tokens equivalent to the affected users’ funds within the network.
Addition of Native Liquid Staking Option
In their latest announcement, the team shared that they have moved the validators from the present Beacon Chain over to the Smart Chain instead.
During this transition, the capability for liquid staking has been introduced on the BNB Smart Chain. This new feature brings about advantages such as earning MEV rewards and higher APY staking returns. Furthermore, it will lead to an enlarged validator pool, enhanced benefits for Delegators, and increased flexibility.
Conclusion
The optimistic perspective towards BNB token fuels great anticipation for it to break past its all-time high (ATH). Furthermore, the BNB token burn and implementation of liquid staking on the Binance Smart Chain (BSC) network are expected to positively impact the market. These developments aim to enhance the network’s efficiency and reduce the supply of BNB tokens, leading to increased demand and potential price appreciation.
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2024-04-25 13:24