Binance Token BNB on Track to Hit $700: Here’s Why
The legal battle between Binance and the SEC has put Changpeng Zhao on the verge of imprisonment for three years, but despite the chaos and legal issues, the BNB token has been resilient. In fact, the Binance token has seen a slight increase in value and is aiming to reach its all-time high target before the end of the month.
Currently, the BNB price stands at $611 with a market capitalization of $90,250,832,242. The trading volume has also increased by 4%, reaching $1,465,638,071. Despite the ongoing issues with the Binance network, the token has maintained its value between $506-635, with technical indicators pointing towards a positive outlook.
Critics believe that if the token continues its momentum, it could surpass $635 by the end of the week and potentially reach $690 next month. However, sudden fluctuations could see the price drop to $506.5.
There are several reasons why BNB might reach $700 soon. The token has a reputation as a profitable altcoin and is just 11.44% away from its all-time high. Additionally, BNB recently completed its 27th token burn, removing 1.944 billion tokens from circulation and aiming to restrict the total supply to 100 million.
Furthermore, the addition of a native liquid staking option on the BNB Smart Chain offers multiple benefits such as MEV rewards and APY staking, which could attract more users and investors to the network.
Overall, with a bullish outlook for the BNB token and the recent developments in the Binance ecosystem, there are high expectations for the token to surge above its all-time high. The BNB burn and introduction of liquid staking could help lift the token in the market due to improved network performance and scarcity of the token.
