The 2017-founded crypto exchange Binance is by far the most significant exchange by volume, and its own blockchain, called Binance Smart Chain, is home to Binance Coin.
BNB was initially developed to pay and lower trading fees for its users, which is the main revenue stream of the exchange. Currently, the use of BNB reduces trading fees by 25% till July 2023.
Moreover, Binance burns tokens regularly to reduce the supply and strengthen the value. On October 15th alone, a total amount of BNB valued at $549 million was removed from the supply. This move comes after the chain’s BEP-2 to BEP-20 bridge suffered an exploit of that very same amount.
Beginning of 2021, Binance Coin traded around $40, peaking at an astounding $690 later the same year. When writing this article, BNB is the fifth biggest cryptocurrency by market cap and trading briefly above $270.
Implementing the Binance Smart Chain and BNB into the services rendered by Binance seems to be one of the major reasons for BNB to have such an astonishing rise over the past year. For instance, BNB can be used to stake and farm liquidity.
Besides that, the development of hundreds, if not thousands of DeFi protocols on the chain play its part in the meteoric rise, making the Binance Coin a household name in the blockchain industry.
Analysts make predictions with the help of indicators, such as the 50-day or 200-day SMA. For the Binance Coin, those indicators predict a median price of over $315.
On a longer timeframe, the big question in the room is, can BNB reach $1,000?
Binance is predicted to stay the number one crypto exchange and cement its status on a global scale. However, due to mounting pressure from regulators, the exchange hires former government officials to stay on top of regulations and compliance.
Taking all this into consideration to make a forecast for 2025, it is very likely that BNB will trade between $982.37 and 1,270.87
As responsible investors, diversification plays a vital role in achieving financial freedom. It protects from potential losses and maximizes the changes of solid long-term returns. Every portfolio consists of established altcoins such as Binance Coin (BNB) and upcoming tokens such as Oryen Network (ORY). While known altcoins provide solid and predictable returns, life-changing gains can be made only with newcomers bought during presales.
ORY is at the center of the auto-staking platform, which is currently under development on the Binance Smart Chain. It offers a guaranteed annual percentage yield (APY) of 90% or 0.177% daily and is fully automated on the blockchain.
>>> Buy the Oryen Presale <<<
Uniquely, the platform takes away the hassle of interacting with staking protocols with its Oryen Autostaking Technic (OAT) and is therefore considered a hot candidate to appeal to the masses of retail investors with no pre-existing knowledge.
There is a possibility that Binance Coin (BNB) will trade above $1,000 at some point. Still, despite a bullish future for investors, diversification plays a much more vital role in being successful at investing than putting all your eggs into one basket. Take Oryen Network (ORY) for example, which offers early backers a presale bonus of 15%. This early opportunity makes it an even better deal to become financially free for beginners and veteran traders alike.
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
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