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BNB price is on the cusp of breaking above $700, printing new all-time highs. Binance launchpools, analysts claim, are behind the rise of the Binance Smart Chain – here’s what’s going on.
Bitcoin, Ethereum, and Solana have dominated headlines primarily because of their impressive performance.
The launch of spot Bitcoin ETFs drove most altcoins to all-time highs, and Binance Coin (BNB) benefited. However, after that, attention fizzled as analysts focused on ETH and SOL.
Damn, $BNB is less than 10% away from making new highs and i hardly see anyone talking about it on CT
Also, It's been forever since we’ve seen any wild runs or hyped memes on BSC
Why’s it so slept on compared to $SOL ? pic.twitter.com/E0eba0LGlj
— Axel Bitblaze 🪓 (@Axel_bitblaze69) June 3, 2024
This is fast changing, and in the top 5, BNB has been overly resilient despite the drama surrounding Binance and its executives, mostly the resignation of Changpeng Zhao, the founder, back in November 2023.
There are many metrics to measure this impressive performance, but analysts often choose to look at price.
BNB Price Is Impressive, Up 180% Year-To-Date
As Artemis data shared by one analyst reveals, BNB has undoubtedly been one of the top performers this year despite on-chain activity dropping.
(Artemis)
To put this into perspective, BNB is now the fourth most valuable coin after BTC, ETH, and USDT, commanding a market cap of over $93 billion.
Over the last year alone, analysts note that BNB has spiked by over 180%, rising from around $250 to over $625. If anything, the coin is at the cusp of breaking all-time highs at spot rates, highlighting just how resilient and rewarding for HODLers BNB has been.
In a post on X, one analyst said the spike in valuation is due to a surge in retail demand stemming from Binance’s popular offerings like Launchpools.
Launchpools are a kind of fundraising where Binance vets and allows Binance Smart Chain projects to raise capital from its user base. However, there is a catch: interested investors must hold BNB to have exclusive access to these token offerings.
Since BNB is at the backbone of the broader Binance ecosystem, including in the exchange and the BNB Chain, its utility further bolsters prices.
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Will BNB Price Break $700? Binance adjusts to MiCA
At current price levels, BNB is tantalizingly close to breaching 2021 highs of $700. The coin is on the cusp of breaking above the rising wedge, the bull flag. It is diverging from the middle BB, which points to high volatility.
(BNBUSDT)
Notably, BNB is pushing higher in early June after over five weeks of sideways movement, mirroring the general performance seen in Bitcoin and Ethereum.
That BNB is shaking off FUD, especially in H2 2023, following the arrest and subsequent imprisonment of Zhao, coupled with the success of Launchpool offerings, investors continue to bank heavily on even more gains in the days and weeks ahead.
Nonetheless, going forward, the upcoming Markets in Crypto Assets (MiCA) regulations in Europe pose a potential challenge, especially to Launchpool investors.
While Binance has assured users that they won’t delist “unauthorized” stablecoins from spot trading, European clients will have restricted access to Binance products, mostly Launchpool and Earn.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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