What to know:
- BNB, the token that dreams are made of, has soared 2.8% to $688.7, thanks to a $1 billion token burn and a growing corporate treasury craze. 🌟
- The token burn, a ritual as ancient as the pyramids, is part of BNB’s grand plan to reduce the total supply to a mere 100 million tokens. 📉
- Over 30 teams are now plotting to use BNB as a corporate treasury reserve, with 10X Capital leading the charge with a $500 million U.S.-listed BNB treasury company. 🏦
BNB is inching ever closer to the mystical $700 mark, a feat that has traders and crypto enthusiasts alike rubbing their hands in glee. 🤩 The token’s ascent was fueled by a fresh $1 billion token burn and a growing interest in using BNB as a corporate treasury reserve. Who knew burning money could be so profitable? 🤔
Over the last 24 hours, BNB has risen about 2.8%, from $670.40 to $688.7. The trading volume surged as the price climbed, riding the wave of a broader cryptocurrency market rally that saw bitcoin hit a new all-time high above $118,000. It’s a crypto party, and everyone’s invited! 🎉
The price briefly touched an intraday peak near $695 before settling into a tight range around $689. But the real magic was the 32nd quarterly burn, which saw about 1.59 million BNB tokens vanish into thin air, bringing the total value burned to 265,605 BNB. It’s like a digital bonfire, but with more zeros. 🔥
The burns are part of a deflationary strategy aiming to cut the total supply to 100 million tokens. It’s a bold move, but then again, when has Binance ever played it safe? 🚀
On top of this, over 30 teams are reportedly working on ways to structure public-company treasury reserves in BNB, with investment firm 10X Capital backing a plan for a $500 million U.S.-listed BNB treasury company. It’s a corporate gold rush, but with a digital twist. 🏴☠️
Active addresses on BNB Chain have doubled since March, hovering around 2.5 million daily, according to Nansen data. Similarly, average daily transaction volumes have tripled. It’s a bustling metropolis of digital finance, and BNB is the mayor. 🏙️
Investors are now watching to see if BNB can crack the psychological barrier at $700 in the days ahead. Will it be a triumphant breakthrough or a tantalizing tease? Only time will tell. ⏳
Technical Analysis Overview:
- BNB gained 2.77% over the 24-hour period, signaling solid upward momentum, according to CoinDesk Research’s technical analysis model. 📈
- Price ranged $27.51 (4.11%) between a low of $667.61 and a high of $695.12. It’s a wild ride, folks! 🎢
- Trading volume spiked to 155,426 tokens at the close of yesterday’s trading, more than double the 24-hour average of 64,169. It’s like Black Friday, but for crypto. 🛍️
- Resistance is visible near $695.12, while support has emerged around $667.61. It’s a delicate balance, like a tightrope walker without a net. 🧗♂️
- After the initial rally, prices consolidated within a narrow $1.51 band from $688.81 to $690.73. It’s a game of inches, and every inch counts. 📏
- Strong support has settled near the $688.80-$689.00 zone. It’s the crypto equivalent of a safety net. 🛠️
- The market briefly tested resistance at $690.73 before easing back in a controlled pullback. It’s a dance, and BNB is leading the way. 💃
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2025-07-11 18:53