Binance Coin price has been in a strong bullish trend this year, and recently jumped to a record high of $900.3. BNB was trading at $875 on Monday morning, up by 72% from its lowest level in 0 article highlights some of the top reasons the BNB price has more room to 1 Coin to benefit from token burns One of the top catalysts for Binance Coin is that it is one of the most deflationary tokens in the crypto 2 shows that its circulating supply has been in a downward trajectory in the past few 3 executes two types of 4 first one is a real-time burn that incinerates tokens from its network 5 shows that this burning mechanism burned 313 BNB tokens worth $274,200 in the last 7 6 has burned tokens worth over $234 million over 7 has another burning mechanism that takes into account the blocks that are produced every 8 mechanism burns tokens worth over $1 billion each 9 end goal is to reduce the BNB tokens in circulation from nearly 140 million to 100 10 burns help to reduce inflation, and in theory, can make it more 11 is good for income investors Another bullish catalyst for the BNB price is that it is a suitable investment option for income investors due to its high staking 12 yields about 3.4%, higher than most popular income funds in the United 13 BSC, validators normally stake a minimum of 10,000 BNB tokens, while delegators stake a smaller amount to support 14 rewards normally come from the network validation fees.
Therefore, the high staking yield can provide you with regular income, which will offset the decline in the token 15 has a strong ecosystem growth The other main catalyst for the BNB price is that it is supported by a strong ecosystem 16 shows that the BSC network has over 1,000 dApps in its ecosystem and a total value locked (TVL) of over $11.5 17 also has over $20 billion in bridged TVL, while its stablecoin market cap has jumped to nearly $12 18 numbers show that it is one of the top three chains in the decentralized exchange (DEX) 19 network processed transactions worth over $2 billion in the last 24 hours, with most of it coming from 20 numbers show that BSC has a strong utility that will support its 21 price has strong technicals The other most notable catalyst for the Binance Coin price is that it has strong technicals that will push it higher over 22 chart above shows that it has remained above the 50-day and 100-day moving 23 price has also formed the highly bullish cup-and-handle 24 pattern comprises of a rounded bottom and the handle 25 this case, the cup has a depth of about 35%.
Measuring the same distance from the cup’s upper side gives the target price at $1,100. BNB price chart |) price has more upside ahead appeared first on Invezz
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