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Wednesday, February 21, 2024

BNB Coin Surges By Over 20% During Market Pullback

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While the crypto market faced a pullback, BNB coin has added substantial gain in the last 7 days. The native token of the world’s largest crypto exchange registered over 20% profit, joining the top gainers for the week besides Dogecoin.

The token has also enjoyed a 24-hour trading volume uptick. Specifically, over $1.1 million worth of BNB tokens have changed hands in the last day, representing a 9.45% increase. As of writing, BNB trades at $349, a 4.74% gain on the day.

There’s no major catalyst for the BNB token’s surge. However, its most likely caused by Binance’s participation in Elon Musk’s Twitter acquisition. Recall that Binance also launched a ‘blue bird’ index containing BNB, Doge, and Mask. Some analysts took it as the crypto exchange hinting at tokens that would be supported on Twitter as payment methods.

After Twitter Acquisition, Binance Eyes Bank Purchase

While the BNB token started an uptrend thanks to the Twitter deal, its parent company seems to eye other ventures. According to a recent Bloomberg article, Binance may add a bank to its list of potential acquisitions. A deal of this nature has the potential to ease tensions between the Bitcoin sector and traditional banking. Binance CEO Changpeng Zhao recently stated that the company was willing to spend more than $1 billion on acquisitions.

Despite the severe market downturn, Binance still sees a lot of potential and has invested in 67 projects this year alone. Zhao said the company is looking to invest in gaming, e-commerce, and other markets. It has broadened its scope to potentially include financial institutions in its purchase prospects. Zhao has yet to reveal which bank the crypto exchange is considering. However, he mentioned the possibility of Binance purchasing a minority share instead of a full takeover.

The cryptocurrency mogul believes Binance might help banks grow their user base and valuation. Back in July, FTX CEO Sam Bankman-Fried mentioned the possibility of buying out Goldman Sachs. In light of the latest crypto meltdown, however, it is evident that cryptocurrency elites will never catch such massive fish. Regarding purchases, Bankman-Fried adopted a new tack, investing heavily in foreclosed properties and other troubled assets.

BNBUSD
BNB’s price is currently changing hands around $347. | Source: BNBUSD price chart from TradingView.com

BNB Also Leads In the GameFi Sector

Binance Smart Chain has reportedly created more blockchain games than any other platform in GameFi. BNB now has a 36.6% advantage and is working to solidify its position as GameFi’s premier blockchain games supplier.

There has been a tremendous expansion in the present GameFi scene since its launch. As opposed to when it originally began, many Blockchain networks now annually contribute new games. BNB Chain, Ethereum, WAX, Solana, and Polygon are just some companies that have produced several unique blockchain games. These games include CryptoKitties, Axie Infinity, Alien Worlds, and many more.

A recent Binance analysis showed that it had contributed the most blockchain games to GameFI out of all these networks. In fact, BNB Chain, Ethereum, and Polygon are the three most important blockchain networks in the GameFi ecosystem. Currently, these three make up over 70% of all games available on Web3.

Featured image from Pixabay and chart from TradingView.com

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