$BNB How Far Can BNB Go?
#BinanceSquareTalks BNB Could Gain Explosive Growth
Bitcoin’s surge to a new all-time high of $123,000 has raised hopes around a new altcoin season. Binance Coin has been toeing in the same line with an eye-popping 22% jump that saw its value hit a new ATH of $809, thanks to technical optimism and institutional interest.
However, while market sentiments have turned bullish, analysts remain confident that the new Ethereum-backed decentralized social media platform, DeSoc, could match BNB’s performance. In fact, its ongoing 30-day presale has raked in $10M in presale funding. Could DeSoc really outpace BNB? Find out more below.
Binance Coin Smashes Through $800 ATH. How Far Can BNB Go?
BNB price chart. Source: CoinMarketCap.
After seven grueling months of consolidation, Binance Coin finally got a breakthrough with a thunderous breakout to $804 during the Asian trading session on July 23. The surge came as a result of the growing institutional interest in the world’s largest CEX’s native token.
Chinese Web3 giant Nano Labs has just invested $90 million in BNB, accumulating 120,000 tokens at an average cost of $707. They’re treating BNB as a “core strategic reserve asset,” and they’re not alone. Exchange data reveals seven consecutive weeks of net accumulation, suggesting smart money is strategically accumulating Binance Coin.
This long-term conviction stems from Binance’s expanding DeFi services and the recently announced BNB Chain infrastructure overhaul, which promises 5,000 to 25,000 DEX swaps per second this year. On-chain data complemented the bullish outlook. Trading volume exploded 42% to $3.2 billion while Futures Open Interest went up by 19% to $1.23 billion.