Can Binance Coin cross the $300 mark this week?

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Last Updated on 30 August 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Recently, Binance’s native coin has had a challenging few months, struggling to maintain an upward trend. Unfortunately, in August, BNB witnessed new lows by dropping to $275 and tested this support zone. Bears have undoubtedly taken control of this price action, but what next?

Binance coin is one of the most iconic coins in the crypto space, going from just a simple digital token used to reduce transaction fees in the Binance network to becoming an investor’s choice. In the last seven days, this coin went through a -3.9% decline to $289 at the time of writing. This figure will likely move up or down depending on the time you read this article.

All the same, do you think the $300 mark is possible for the Binance Coin this week? Well, let’s find out.

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Binance coin crossing the $300 mark again

The use cases of this coin have expanded to other platforms, not to mention the number of projects on the Binance Smart Chain. What’s more, Binance platform introduced a burning mechanism to help aid in the coin’s token price by driving demand through the roof.

By now, more than 114,900 BNB have been burned. The biggest burn process happened last year when they burned 1,099,888BNB valued at around $595 million. In addition, Binance also has an NFT marketplace. That led to the growth, with reports suggesting that whales have around one million to a hundred thousand Binance Coins in their wallets.

But again, it all boils down to BNB’s price action, and this token hasn’t been in an upward trend for long. However, Binance just received an important upgrade that will boost BNB’s price action. As much as this upgrade might not immediately impact BNB’s price, the overall improvements will likely drive this coin’s price upwards. Efficiency upgrades are likely to aid the network’s competitive nature while improving user experience.

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