Throughout the past week, Binance Coin BNB / USD rallied from under $ 240 to trade near the $ 400 level. This is a direct response to new Binance features that improve the overall functionality of the exchange and offer users various ways through which they can use the BNB token to earn more cryptocurrencies.
Despite recent momentum, BNB is still a long way from the $ 600 level seen in late April. But it can be argued that BNB will rebound and at least retest the $ 500 level in the near term and ultimately trade above its all-time highs.
How Bridge V3 sets the tone for BNB
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When we look at its history, on April 21 the value rose to $ 603 around interest in Launchpad projects. At the same time that the Launchpad project “FC Barcelona Fan Token” ended, where more than 5 million BNB were committed with more than 62,000 participants.
Binance launched Bridge V3 on April 25. The bridge is a project that aims to increase interoperability between different blockchains. It takes things one step further to expand Binance Bridge’s influence outside of the Binance Smart Chain and opens up an entirely new cross-chain DeFi ecosystem for the entire community.
However, alongside those projects, it has Binance Launchpool, which allows BNB users to use their tokens to farm new ones for free. There have been 18 projects so far, with ATA, a decentralized service protocol that provides a privacy middleware layer for dApps, the latest being with 27 more days to grow it.
The previous project, TLM, a simulated economy where players compete with NFT, ended on May 7.
Heading into the second half of 2020, recent Launchpad projects should help elevate BNB by incentivizing BNB holders to fund the development of crypto startups, which will eventually generate many more use cases for the exchange. from Binance and will attract new users. , further raising the overall value.
Should you buy BNB?
BNB was trading at the $ 375 level on Friday and this is a good entry point to buy BNB and sit on it. Until a new project, update, or announcement from the company sheds some light on it again, such as introducing new cryptocurrency listings within the month, organizing events, which they do every month, it might be a wise time to potentially invest in.
Aside from new projects, Binance continues to separate itself from its peers by listening to what customers want. For example, Binance listed on NuCypher (NU) on Friday and opened trading for NU / BTC, NU / BNB, NU / BUSD, and NU / USDT trading pairs.
On June 6, Binance will open trading on the XVG / USDT, ATM / BUSD, CELR / BUSD, FTM / BUSD, KAVA / BUSD, RLC / BUSD, THETA / BUSD, WIN / BUSD, XEM / BUSD and ZEN trading pairs. / BUSD, which could drive the price up again.
The exchange is constantly introducing new trading pairs and bringing new technologies to the table that can cause spikes in terms of hype, which should inevitably drive the price higher.
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