The value of the crypto BNB aims to reach $500, with the breaking of a key resistance, and the Binance Smart Chain records a 7% increase in the number of addresses involved in its dApps.
What is behind this rapid increase? Let’s see all the details below.
Summary
Interest in the crypto world for Binance Smart Chain: latest performance of the BNB coin
As anticipated, the Binance Smart Chain has recently recorded a 7% increase in the number of addresses interacting with its dApps in the last month.
On December 26th, the native crypto of Binance Smart Chain, the BNB coin, experienced an 11% increase, reaching its highest value since June.
This trend reflects the continuation of the trend started the previous week, with an increase of 18% from 233 to 277 dollars, before closing at around 264 dollars.
Despite a slight retracement compared to previous gains, the current price suggests a propensity for further bullish movements, with an overall increase of 14% during the week.
The unexpected rise in prices has surprised many observers, especially considering the current challenges that Binance is facing.
As we know, the founder and former CEO of the company, Changpeng Zhao, has confessed to money laundering crimes, leading to billion-dollar fines for the cryptocurrency exchange and significant personal sanctions.
With the case still open, there is a risk of further fines and a possible sentence of up to 18 months in prison for the former CEO.
Usually, in similar situations, investors distance themselves from the involved company, as demonstrated by the significant withdrawals from Binance in the days following the incident and the sales that brought the price from 272 to 228 dollars last month.
Despite this, BNB supporters have shown resilience, pushing the price above the November high.
The increase of BNB: a complete picture behind the price surge
An in-depth analysis of price movements suggests that BNB is breaking out of a descending wedge pattern that has been limiting its value since January 2022, when the bearish and sideways phase began.
A positive breakthrough of this model could catalyze further increases, aiming towards the upper part of the channel, approximately at $500. However, this movement could encounter resistance at key levels.
This interpretation is consistent with the analysis of an influential cryptocurrency expert, Captain Faibik, who shared it with his large base of followers on his X account.
In addition, as already mentioned, the Binance Smart Chain has recorded a 7% increase in the number of addresses interacting with its dApps in the last month.
However, this factor alone may not be enough to explain the sudden increase in the price of BNB.
Considering that Binance holds the title of the world’s largest cryptocurrency exchange by daily trading volume, it becomes evident that the overall health of the cryptocurrency market directly affects the price of BNB.
A positive market environment, characterized by strong demand and favorable news, is expected to increase the demand for BNB on Binance, as the cryptocurrency performs several vital functions within the ecosystem.
With the main cryptocurrencies showing price increases since October and some, like Solana, maintaining steady spikes, the cryptocurrency sector is showing an upward trend and a positive sentiment.
Considering the use of BNB for payments and to access specific privileges on Binance, such as recognition as a verified merchant on Binance P2P, it is expected that its value will grow parallel to the increase in adoption.
It is interesting to note that the price of BNB could have experienced even higher peaks if significant withdrawals had not been made by Binance a few weeks ago.
Binance unveils the next staking project: Sleepless AI
Binance, the leading cryptocurrency exchange, has announced that Sleepless AI will be the next project featured on the Binance Launchpool staking platform.
From December 28th to January 3rd, users can earn Sleepless AI (AI) tokens simply by staking BNB, FDUSD, or TUSD on Binance. It is possible to withdraw the staked coins at any time, while still keeping the AI token rewards even in the case of early withdrawal.
Binance plans to distribute 7% of the total supply of AI tokens to users on Launchpool, corresponding to 70 million AI tokens out of a total of 1 billion tokens.
80% of these rewards will be allocated to BNB stakers, while the FDUSD and TUSD staking pools will each receive 10% of the rewards.
However, the AI token gain does not solely depend on betting on BNB compared to stablecoins. It is also influenced by the relative size of the bet compared to the selected staking pool.
In addition to presenting Sleepless AI on Launchpool, Binance will make the AI token available for trading starting from January 4th. AI will be tradable in trading pairs against BTC, USDT, BNB, FDUSD, TUSD, and TRY.
It is important to note that Binance will list AI with the “Seed Label”, indicating that the project is still in the early stages of development.
Cryptocurrencies with this label were previously placed in the “Innovation Zone”, warning users of the potential volatility and higher risk compared to other cryptocurrencies listed on the exchange.
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