BNB coin gained substantial gains in the 7 days since the pullback of the crypto market. The native token of the world’s largest crypto exchange registered over 20% profit, joining the top gainers for the week besides Dogecoin.
In addition, the token saw a 24 hour trading volume increase. BNB tokens worth over $1.1million have been traded in the past day. This represents a 9.45% rise. BNB Trades$349, an increase of 4.74% for 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 analystsIt was taken as a hint at the cryptocurrency exchange, which would support tokens on Twitter for payment methods.
Binance Eyes Bank purchase after acquisition of Twitter
Although the Twitter deal encouraged the BNB token’s uptrend, the parent company is looking at other opportunities. A recent survey by Reuters found that the BNB token is on the rise. Bloomberg articleBinance could add another bank to its potential list of acquisitions. Deals of this type could ease tensions between Bitcoin and traditional banking. Changpeng Zhao is Binance’s CEO Recently,The company would spend over $1 billion to acquire new businesses.
Binance continues to see great potential, despite the recent market decline. It has made investments in 67 projects alone this year. Zhao stated that the company plans to expand its investments in gaming and e-commerce. The company has expanded its potential purchase targets to include financial institutions. Zhao is yet to disclose which crypto exchange is looking at. Zhao mentioned that Binance might purchase a smaller share than a complete takeover.
Binance could help banks increase their valuation and user base, according to the cryptocurrency mogul. Sam Bankman Fried, CEO of FTX, mentioned in July that he might consider buying Goldman Sachs. Despite the recent crypto crash, it’s clear that elite cryptocurrency investors will not be able to catch as many large fish. Bankman-Fried’s new approach in purchasing was to invest heavily in troubled assets and properties that were foreclosed.Source: BNBUSD price chart via TradingView.com
BNB also leads in the GameFi Sector
Binance Smart Chain created more Blockchain games than any other GameFi platform, according to reports. BNB has now a Advantage 36.6% and is working to solidify its position as GameFi’s premier blockchain games supplier.
The GameFi scene has experienced a significant expansion since its creation. Many Blockchain networks contribute games every year, which is a significant improvement on the original launch. BNB Chain and Ethereum are some of the companies behind unique blockchain games. Some of these games are CryptoKitties and Axie Infinity as well as Alien Worlds.
Recent Binance AnalysisIt was the network that had provided most games for GameFI. BNB Chain (Ethernet and Polygon) are the top three blockchain networks in GameFi’s ecosystem. They currently account for over 70% of all Web3 games.
Featured image taken from Pixabay. Chart from TradingView.com