Overview of Recent BNB Price Movements

BNB has surged to approximately $688.7, a 2.8% increase, fueled by a significant $1 billion token burn and a broader rally across the cryptocurrency market.

The token burn is part of a deflationary strategy to reduce the overall supply to 100 million tokens. Additionally, there is a growing interest in using BNB as a corporate treasury reserve, with more than 30 teams actively exploring this option.

In the past 24 hours, BNB has moved from $670.40 to $688.7, with significant trading activity amid the overall bullish market, as Bitcoin reached a new all-time high over $118,000.

Price Increase of BNB

Market Response

• BNB price increased by 2.8%
• Increasing corporate interest: Over 30 teams working on structuring treasury reserves in BNB.
• Active addresses on the BNB Chain have doubled since March, currently around 2.5 million daily, and average daily transaction volumes have tripled.

Technical Analysis

• 24-hour gain: 2.77%, indicating strong upward momentum.
• Price fluctuated between a low of $667.61 and a high of $695.12.
• Trading volume surged to 155,426 tokens, more than double the daily average.
• Support around $688.80 and resistance near $695.12.

Investors are keen to see if BNB will surpass the psychological barrier of $700 soon.