Why Is Binance Coin (BNB) Rising? And What Are The Latest Developments?
The works and projects initiated by Binance, one of the largest crypto exchanges in the world, are welcomed by many investors. These projects, which reflect positively on the crypto markets, cause Binance Coin (BNB) to be positively affected and rise. Recent developments have caused the BNB price to rise. And let's see if this rise will continue.
Binance announced that it has launched a $1 billion growth fund to accelerate the adoption and use of digital assets and blockchain technology. The main goal of this fund will be to increase the number of crypto users worldwide to 1 billion users. The $1 billion growth fund is divided into 4 different groups: $100 million talent development, $100 million liquidity incentive program, $300 million builder and incubator program, and $500 million investment program. Click for more information. This is one of the largest funds created for the adoption of digital assets and blockchain technology.
If all goes as planned, this fund could significantly accelerate crypto market adoption and significantly increase BSC usage. It will also provide significant support to the Binance Smart Chain (BSC) ecosystem. And the number of dApps created on Binance Smart Chain (BSC) will increase significantly. The use of Binance Smart Chain continues to increase day by day due to low transfer fees and fast transfers. It looks like it will increase even more in the future. Binance CEO Changpeng Zhao said that the Binance Smart Chain (BSC) fund could have a devastating impact on traditional finance and accelerate the global adoption of digital assets, becoming the first blockchain ecosystem with 1 billion users.
Another important development is Binance announced the sale of Lazio Fan Token on October 14. Lazio Fan Token (LAZIO) is a fan token launched on Binance Smart Chain. Investors will only be able to participate in this sale with the BNB they hold in their accounts. 1 Lazio Fan Token (LAZIO) will be available for $1. Click for more information. Fan tokens have been very popular lately and are attracting a lot of attention from investors and fans. That's why many clubs are launching or planning to launch their own tokens. In addition, pre-sales and listing of fan tokens, which many investors and fans show great interest in, will increase the number of users of a platform. Binance is following a very smart path. Looking at the fan tokens in the crypto market, $1 is a very good price for an investment. But considering the number of users of Binance and considering that there will be a high demand, I think that one-1000th of what you demand can be bought, maybe less.
Another important development is the burning of a portion of BNB every 3 months. The last time 1,296,728 BNB was burned on July 18. The value of BNB burned at the time of burning was $393,673,653.52. When calculated according to today's current price, the value of BNB burned on July 18 is around 600 million dollars. Similarly, some BNB will be burned in a few days. The purpose of burning BNB is to reduce the circulating supply of BNB. As the circulating supply of an asset decreases, its value increases, causing its price to rise. When we examine the price of BNB since July 18, it is seen that the price of BNB has increased by about 50% in 3 months.
Binance Coin (BNB) is currently trading at $461 and is trying to establish support prices above $460. To continue higher, it must stay above $460 and form support prices. There is resistance at $462 and it is trading very close to the resistance. If it manages to stay above $460 and create support, it could continue higher. If rejected, it has support at $445. The next most solid support is at $430. When we examine it according to the available data, it looks like it will continue to rise.
In short, Binance continues to develop projects to increase the number of users, grow the Binance Smart Chain (BSC) ecosystem and increase the price of Binance Coin (BNB). Decentralized applications (dApps) are attracting great attention by many people and their number is increasing day by day and it seems that it will continue to increase. Binance is launching new projects to seize this opportunity. I think it's a really great way to educate people about digital assets and blockchain technology. With a good roadmap, this can accelerate the adoption of digital assets and blockchain technology. I think that even many people who invest in cryptocurrencies need these trainings.
On the other hand, the launch of new projects on Binance Smart Chain makes a significant contribution to the growth of the BSC ecosystem and increases the use of BNB. In addition to these, if we consider that BNB is burned 4 times a year, we can see that BNB will continue to increase. In short, Binance is making important efforts to grow both itself and the BSC ecosystem, and to make BNB more valuable. I can say that it has been successful so far.
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