Binance Coin rises even as crypto market crashes

user avatar

by Giorgi Kostiuk

2 years ago

Despite the crypto market crash, Binance Coin shows resilience, maintaining a position close to its all-time high.

Comparison with other cryptocurrencies

Binance Coin was trading at $695, just 12% below its record high, while Bitcoin has fallen by 15% and mega cap cryptocurrencies like Solana have declined over 20%. BNB's stability is due to its lower correlation with Bitcoin and other cryptocurrencies.

BNB token burn mechanism

BNB's price action is influenced by substantial quarterly token burns. Binance uses real-time and quarterly burning mechanisms. Real-time burns have incinerated BNB tokens worth $171 million. The quarterly burn is based on the number of blocks produced, with 1.63 million tokens burned in Q4 worth $1.02 billion.

BNB forecasts and development

The BSC ecosystem has shown growth with a 3% increase in total value locked in the last 30 days, while Ethereum, Solana, and Tron shed over 8%. Decentralized exchanges have processed over $9.75 billion in the last seven days. Technical indicators suggest further upside potential with a cup and handle pattern that could lead to a more than 70% price increase, potentially to $1,180 in the long term.

BNB demonstrates resilience due to low correlation and effective burning mechanisms. Technical indicators suggest continued growth potential.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Central Bank of Ireland Imposes Fine on Coinbase Ireland Limited

On October 22, 2023, the Central Bank of Ireland fined Coinbase Ireland Limited 3,252,618 euros for breaches of safeguarding and outsourcing obligations.

user avatarNguyen Van Long

HashKey RWA Introduces First Product in hToken Series

HashKey RWA has launched its first product in the hToken series, aimed at standardizing the issuance of tokenized securities for traditional financial institutions.

user avatarSatoshi Nakamura

Coinbase Announces Discontinuation of GYEN Stablecoin Support

Coinbase has announced the discontinuation of support for the yen-linked GYEN stablecoin as its issuer, GMOZcom Trust Company, retires the product.

user avatarJesper Sørensen

Hong Kong Approves Secondary Trading for Tokenized Money Market Funds

Hong Kong Securities and Futures Commission approves secondary trading for two tokenized money market funds, enhancing trading opportunities and liquidity.

user avatarRajesh Kumar

Bitmine Immersion Technologies Reports Significant Ethereum Holdings

Bitmine Immersion Technologies has filed an update with the SEC revealing significant Ethereum holdings of approximately 605 million ETH and total investments around $15 billion.

user avatarLucas Weissmann

Stellar's Bell Upgrade Introduces Key Infrastructure Enhancements

Stellar's Bell upgrade introduces significant infrastructure improvements, including muxed contract addresses and support for post-quantum signature verification.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.