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Information about Binance Coin (BNB)
BNB is Binance Coin, a cryptocurrency issued and traded by the Binance exchange.
BNB launched through an initial coin offering in 2017, 11 days before the cryptocurrency exchange Binance. Initially, BNB was issued as an ERC-20 token running on the Ethereum network, with a maximum total supply of 200 million coins and 100 million BNB offered during the ICO. However, the ERC-20 BNB coin was swapped for 1:1 BEP2 BNB in April 2019 with the official Binance Chain network launch and is no longer hosted on Ethereum.
BNB can be used as a payment method, a utility token to pay fees on the Binance exchange, and to participate in the token sale on the Binance Launchpad. BNB also powers Binance DEX (a decentralized exchange).
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Currently, BNB price hovers around 577 USD after rebounding from key support levels. Recent data indicate this stabilization comes after testing significant Fibonacci retracement levels.
The collaboration with MEXC enables faster access for new projects to the market and increases their chances of visibility. This aligns with a broader 100 million USD incentive program to promote BNB Chain tokens globally.
If BNB maintains its upward momentum, it may target a level around 612.50 USD, with bullish prospects further bolstered by positive market signals.
Binance Coin (BNB) has significantly recovered, showing potential for a bullish reversal as it rebounds from a drop to 535.62 USD. Currently priced at 561.80 USD, BNB faced rejection at the 600 USD level but indicates growing interest among investors.
With trading volume decreasing by 3.45% to 1.79 billion USD, caution prevails among traders. Binance’s strategic moves, including the delisting of seven trading pairs and CZ’s role in Pakistan’s Crypto Council, may support future price increases.
BNB is experiencing increasing bullish sentiment and robust on-chain metrics, indicating a promising breakout potential for Q2. Recent trends reflect a healthy rotation of capital towards BNB, strengthened by impressive revenue growth on Binance Smart Chain.
In Q1, Binance Smart Chain demonstrated a 70% quarter-over-quarter revenue hike, achieving a total value locked of 6.82 billion USD. This performance, evidenced by rising fees and network activity, highlights BNB’s increasing attractiveness among investors.
Despite broader market fluctuations, BNB displayed notable resilience, bouncing back from a low of 524 USD to approximately 558.42 USD. The BNB/BTC trading pair has shown positive momentum, suggesting that investor confidence in BNB is strengthening.
BNB is currently trading in a historic buy zone. Analysts believe that if buying momentum persists, it could surge to $793, a level last seen in December 2024.
Unique addresses for BNB have reached a record 539 million, signifying increasing engagement with the BNB Smart Chain, while strong accumulation trends have been recorded amidst recent price fluctuations.
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