Since June, trade volume for Binance Coin (BNB) has surged almost 6,000%. Several important events inside the Binance ecosystem that have attracted the interest of both market watchers and investors will help to explain this explosive rise.
At the time of writing, BNB was trading at $579, up nearly 3% and 0.9%, respectively, in the 24-hour and weekly frames, data by Coingecko shows.
The latest ending of the SEC’s probe on Binance’s stablecoin issuer marks one of the most important factors fueling this increase. Putting an end to this investigation has provided much-needed legal clarity, solving long-standing problems that have been hanging over the Binance environment. Binance sees the SEC’s decision as a big win because it will help buyers trust them again.
SEC just silently ended the investigation against Binance.
CZ is getting out of prison next month and already announced his next 100x project.$BNB chain volume dominance is up 6000% since June.
You don’t need to be a prophet to see what’s coming👇🧵 pic.twitter.com/wAux9FB5c0
— 0xNobler (@CryptoNobler) July 24, 2024
Complementing the positive vibe, former Binance CEO Changpeng Zhao, popularly known as CZ, is scheduled to be freed from house detention next month. CZ has excited the community with indications of a new enterprise that would provide investors a 100x return. These factors happened simultaneously, producing a perfect storm of hope that accelerated BNB trade to record heights.
Image: Sketchfab
Adoption Difficulties And Strategic Planning
Notwithstanding the recent increase in trading activity and encouraging advances, the Binance-backed BNB Chain has come under fire for its acceptance. Market watchers have seen a clear discrepancy between the Binance real support and the marketing plans of the BNB Chain. This imbalance has been blamed as perhaps impeding the expansion and user acceptance of the chain.
If Binance wants the BNB Chain to succeed, it must fix these issues and encourage ecosystem activities. Support for meme coins and other innovative ideas might boost the BNB Chain’s value and attract more users.
Industry analysts think that overcoming these obstacles will open the BNB Chain great possibilities. Through matching its marketing plans with actual support, Binance can strengthen the credibility of the chain and create a more strong ecosystem, thus promoting more acceptance and use.
BNB Price Projection
In the middle of these events, BNB’s price perspective stays somewhat positive. Based on data by CoinCheckup, an upswing is expected in the next seven days, thereby suggesting either a possible reversal or continuation of the present market momentum.
Going forward, the value of BNB has the potential to increase by 62% in the next three months, which is in line with the general positive mood and rising investor trust. Meanwhile, a 60% price rally is also expected in the next 12 months, according to the crypto prediction platform.
Supported by good market circumstances and the recent encouraging events inside the Binance ecosystem, our optimistic estimates highlight a significant potential trajectory for BNB. Legal obstacles removed and the BNB Chain is now ready for further acceptance positions as Binance sets to expand in the next quarters.
Featured image from Pixabay, chart from TradingView