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

Broadridge and Dinari Integrate Proxy Voting for Tokenized Stocks

Broadridge and Dinari have integrated their systems to allow eligible holders of Dinaris dShares to exercise voting rights through established proxy voting infrastructure.

user avatarTando Nkube

Google Launches TPU 8tx and TPU 8i Max AI Systems to Challenge Nvidia

Google has launched TPU 8tx and TPU 8i Max AI systems to enhance privacy and memory capabilities, aiming to compete with Nvidia.

user avatarKofi Adjeman

Nvidia's Stock Plummets Amid Scandal and Google’s AI Chip Launch

Nvidia's stock has dropped significantly following CEO Jensen Huang's admission of an extramarital affair, coinciding with Google's announcement of new AI chips.

user avatarNguyen Van Long

FATF to Review Jurisdictions with Weak Virtual Asset Oversight

The Financial Action Task Force (FATF) will review jurisdictions with longstanding shortcomings in virtual asset regulation to identify necessary actions for the upcoming plenary.

user avatarSatoshi Nakamura

Stellar Development Foundation Makes Strategic Investment in Marketnode

On October 29, the Stellar Development Foundation announced a strategic investment in Marketnode to enhance institutional access to tokenized investment products in the Asia-Pacific region.

user avatarJesper Sørensen

Tokenization Efforts in Wall Street Face Challenges

Tokenization efforts on Wall Street face challenges as major companies opt out, highlighting volatility and illiquidity in the market.

user avatarRajesh Kumar

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.