BNB Surge: Top Reasons for $700 Target Chang Peng Zhao faces a three-year prison sentence due to the ongoing legal dispute between Binance and the SEC. However, the binance token hasn’t recently been affected by the commotion and legal troubles. Instead, in an effort to reach the ATH target before the end of the month, the Binance token has slightly increased in value.
Let’s talk about why binance token might be able to reach $700 in this blog post.
BNB Price Analysis
After rising more than 11% in just one week, the price of BNB is currently $611, with a market capitalization of $90,250,832,242. A 4% increase in trading volume also resulted in the value rising to $1,465,638,071.
The token’s value has remained within the $506–$635 despite the continuous problems with the Binance network. Moreover, the technical indicators are pointing towards an optimistic outlook. The MACD indicator has also observed growing buying pressure in the case of the Binance token.
The token’s detractors think that if it keeps up its current velocity, the price of BNB may rise above $635 by the end of the week and finally surpass $690 by the following month. Nevertheless, the price may fall as low as $506.5 due to the abrupt swings.
Factors That Could Lead BNB to $700
BNB is one of the most popular cryptocurrencies and has established a profitable altcoin image for itself. Having this image has helped the BNB keep constant on its surge journey.
The BNB token is only 11.44% away from its all-time high record based on its recent price performance, and the expert believes it could happen in the following weeks.
The 27th Burn of BNB Tokens
BNB has completed its 27th token burn, which is a quarterly event. This means that the foundation has taken 1.944 billion tokens—worth about $1.17 billion—out of circulation. They are attempting to cap the total number of BNB tokens at 100 million.
The organization has consistently participated in the burn mechanism in an effort to increase the token’s market demand and scarcity. The network directly moves the token to the blackhole address.
Significantly, this burn eliminates Binance tokens equivalent to the amount of users’ lost money on the network, and no Pioneer Burn Program tokens were used.
Option to Add Native Liquid Staking
Validators migrate from Beacon Chain to Smart Chain, as per recent news
Liquid staking now available on binance Smart Chain, offering MEV rewards and APY staking. In addition to these, there will be other advantages, including increased flexibility, improved benefits for delegators, and a larger base of validators.
Conclusion
With the positive view for the BNB coin, the hope is strong to see the token rise above the ATH. BNB’s value will rise due to limited supply, network performance, BNB burn, and liquid staking on BSC.
