BNB Update: Top Reasons Why BNB Might Hit $700 Soon

The legal battle between Binance and the SEC has Chao Changpeng facing three years in prison. However, even this turmoil and legal issues have not had much of an impact on BNB tokens recently. Instead, Binance tokens rose slightly while aiming for the ATH target by the end of the month.

In this blog, let’s discuss why BNB could reach $700 soon.

BNB price analysis

BNB price has risen more than 11% in a week, with a current value of $611 and a market capitalization of $90,250,832,242. Volume also increased by 4% to $1,465,638,071.

Despite ongoing issues on the Binance network, the token has maintained its value between $506 and $635. Moreover, technical indicators point to a positive outlook. The MACD indicator has also noticed an increase in buying pressure in the case of Binance token.

Critics believe that if the token continues with the same momentum, the BNB price could soar above $635 before the week is over and eventually top $690 by next month. However, sharp movements could cause the price to drop to a low of $506.5.

Why BNB could reach $700

BNB is one of the top cryptocurrencies and has established a reputation as a profitable altcoin. Having this image has allowed BNB to remain consistent on its soaring journey.

Recent price performance puts the BNB token just 11.44% away from an all-time high, which analysts say could happen in the coming weeks.

27th BNB Token Burn

BNB has completed its 27th token burn, a quarterly event. According to this, the foundation has removed 1.944 billion tokens from circulation, which is equivalent to approximately $1.17 billion. Attempts are being made to limit the total supply of BNB tokens to 100 million.

Also read: What’s next for Dogecoin? Price rise or fall

The organization has continuously engaged in this writing mechanism to improve the scarcity and demand for tokens in the market. Here, the token is transferred directly from the network to the blackhole address.

More importantly, this post makes no use of the Pioneer Burn program tokens, which remove an amount of BNB tokens equal to the lost funds of users on the network.

Addition of Native Liquid staking option

In a recent press release, the team announced: emigration Number of validators from the current beacon chain to the smart chain.

As part of this transition, Liquid Staking will be enabled on BNB Smart Chain, offering multiple benefits such as MEV rewards and APY staking. In addition to these, you also get additional benefits such as a larger validator base, better benefits for delegators, and increased flexibility.

conclusion

The bullish outlook for the BNB token has raised expectations that the token could soar above its ATH. Also, the introduction of liquid staking on BNB Byrne and his BSC network will help the token rise in the market due to the instant performance of the network and the scarcity of the token.

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