As Binance faces fraud charges and regulatory deception [8a08cb63], its native token BNB has experienced a significant decline in value. BNB, with a market share of over $32.5 billion, has lost more than 65% since its peak in May 2021. Similar to the FTT token, BNB is showing signs of following a downward trend. If BNB replicates the breakdown of FTT, it could potentially trade in single digits or even lower. The future of BNB depends on the revelations regarding the Binance exchange, which will have a crucial impact on the entire crypto space.
However, despite the ongoing legal issues with Binance and the SEC, BNB has recently shown signs of a potential surge. The token has surged more than 11% in a week, with a current value of $611 and a market capitalization of $90,250,832,242 [00600294]. Technical indicators point towards a positive outlook, and there is increasing purchasing pressure for the Binance token. Critics believe that if the token continues its momentum, there are chances for the BNB price to surge over $635 before the week ends and eventually cross the $690 mark by next month.
There are several reasons for this potential surge in BNB. Firstly, BNB has a reputation as a profiting altcoin. Additionally, the completion of the 27th token burn removed 1.944 billion tokens from circulation, worth around $1.17 billion, in an attempt to restrict the total supply to 100 million tokens. This reduction in supply could contribute to the scarcity and value of BNB. Furthermore, the addition of native liquid staking on the BNB Smart Chain offers benefits such as MEV rewards and APY staking, which could improve the performance and desirability of the token [00600294].
While the future of BNB remains uncertain due to the ongoing legal issues with Binance, these recent developments and positive indicators suggest a potential surge in the token's value. Investors and traders are closely watching the market to see if BNB can surpass its all-time high (ATH) with these developments [00600294] [8a08cb63].