BNB is approaching the $700 milestone after rising 2.8% to $688.70, supported by a broader crypto rally and a major $1 billion token burn. The asset briefly hit a peak of $695.12 before stabilizing around $689, as investor demand intensified.
The token burn, part of a long-term deflationary strategy, permanently removed over 1.59 million BNB, reducing total supply and increasing scarcity. Binance aims to cut BNB’s total circulating supply to 100 million, a move designed to enhance long-term token value.
Institutional Interest in BNB Treasury Use Expands
Fueling demand further is growing corporate interest in holding BNB as a treasury reserve asset. Over 30 specialized teams are reportedly working on structuring public-company treasuries around BNB, with financial backing from major investment firms.
A notable initiative includes a $500 million U.S.-listed BNB treasury vehicle, reflecting rising institutional confidence in BNB as a reserve asset comparable to Bitcoin and Ethereum. This growing narrative is playing a pivotal role in supporting price momentum.
On-Chain Activity Signals Network Strength
According to recent network data, active BNB Chain addresses have doubled since March, averaging 2.5 million daily. In parallel, daily transaction volumes have tripled, underlining increased adoption and usage of the network’s decentralized infrastructure.
This activity surge aligns with Binance’s broader ecosystem growth, including DeFi, NFTs, and Web3 innovations — all of which use BNB as a core transaction asset.
Technical Outlook: Can BNB Break $700?
From a technical perspective, BNB gained 2.77% over the past 24 hours, with price action ranging $27.51 between $667.61 and $695.12. A key support zone has emerged near $688.80–$689.00, while immediate resistance remains at $695.12.
Trading volume more than doubled, reaching 155,426 tokens, signaling strong buying interest. After the initial rally, price consolidated within a tight $1.51 band, suggesting a potential breakout if volume remains elevated.
Eyes on the $700 Psychological Barrier
With favorable market conditions, a bullish technical setup, and deflationary fundamentals in play, BNB’s test of the $700 psychological level appears imminent. Traders will be closely watching whether sustained momentum can fuel a decisive breakout in the sessions ahead.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.