Binance Coin: Decoding if BNB would cross $300 mark this week

ambcrypto.com:

Binance‘s native token has struggled to maintain an upward trajectory in 2022. On 29 August, BNB declined sharply below $288 and tested the $275 support zone on CoinMarketCap. Bears have taken control of the price action, but can the ecosystem stay alert regardless of distraction?

BNB underwent quite a journey from being just a digital token used for transaction fees and discounts on Binance to becoming investors’ choice. At press time, the token stood at the $288 mark after witnessing a 1.96% correction over the last seven days. 

Source: CoinMarketCap

Having said that, BNB’s use cases expanded to hundreds of applications on numerous platforms and projects within the crypto ecosystem. Following this, the platform even introduced a burning mechanism to aid the token’s price amidst such a demand hike. 

Around press time, BurnBNB reported that 114,900 BNB, or more than $46 million had been burned since BEP-95 came into force.

Although, the biggest one occurred last year. On 15 April 2021, Binanceburned more than 1,099,888 BNB, equal to $595,314,380 worth of tokens. This was Binance’s fifteenth quarterly BNB burn, and in terms of cash, it was the biggest one yet.

In fact, the previous weekly development report painted a bullish scenario on looking into key metrics for the BNB chain.

As per this, in a week, BNB registered more than 2.65 million weekly users with more than 20 million weekly transactional counts.

Source: BNB Chain weekly

In addition, Binance’s NFT marketplace gave fruitful results as well to support the aforementioned bullish insights.

As stated by BSC News on the social media platform, five collections stood at the top by the daily sales volume.