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

With the legal battle between Binance and SEC, Changpeng Zhao is on the verge of imprisonment for three years. But even this chaos and legal issues haven’t impacted the BNB token much recently. Instead, the Binance token has gained a little hike while aiming for the ATH target before the month’s end.

In this blog, let us discuss why BNB might succeed in hitting $700 soon.

BNB Price Analysis

BNB price has surged more than 11% in a week, where its current value is at $611, with a market capitalization of $90,250,832,242. The trading volume also saw a lift of 4%, pushing the value to $1,465,638,071.

Despite the ongoing issues with the Binance network, the token has maintained its value between $506-635. Moreover, the technical indicators are pointing towards a positive outlook. The MACD indicator has also noticed an increasing purchasing pressure in the case of the Binance token.

The critics believe that if the token continues with the same momentum, there are chances for BNB price to surge over the $635 before the week ends and eventually cross the $690 mark by next month. However, with the sudden fluctuations, the price can drop to a low of $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.

With its recent price performance, the BNB token is just 11.44% away from its all-time high record, and as per the analyst, that might happen in the next few weeks.

27th BNB Token Burn

BNB has completed its 27th token burn, which is a quarterly event. As per this, the foundation has removed 1.944 billion tokens from circulation, which is worth around $1.17 Billion. It is under an attempt to restrict the BNB tokens total supply to 100 Million.

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The organization has been persistently involved in this burn mechanism to improve the scarcity and demand of the token in the market. Here, the token gets transferred to the blackhole address directly from the network.

More importantly, this burn didn’t utilize any of the Pioneer Burn Program tokens, which removes an equal amount of BNB tokens as the lost funds of the users on the network.

Addition of Native Liquid Staking Option

In a recent press release, the team announced the migration of the validators from the current Beacon Chain to the Smart Chain.

As a part of this migration, liquid staking is now enabled on the BNB Smart Chain, offering multiple benefits like MEV rewards and APY staking. Along with these, there will be additional benefits like expansion of the validator base, better benefits for Delegators, and improvement in flexibility.

Conclusion

With the bullish outlook for the BNB token, the expectations are high to see the token surging above the ATH. Also, the BNB burn and introduction of liquid staking on the BSC network will help lift the token in the market because of the improvised performance of the network and scarcity of the token.

The post BNB Update: Top Reasons Why BNB Might Hit $700 Soon appeared first on CoinGape.

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