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The news of the proposed acquisition of FXT exchange by Binance exchange after the former became insolvent and unable to match liquidity for withdrawals has aroused more investors to divert their assets into Binance and to invest more into the BNB project. Consequently, BNB rose higher after the news and managed to stay above its strong support at $256 despite the large dip that befell the Crypto market following the FXT challenge.
While the transaction volumes keeps rising daily on the Binance exchange, many analysts have now come to predict a higher price target for BNB before the end of 2022. Others believe that the price of this coin might overtake Ethereum by 2023. This set of investors place their target for this coin as $3000. Can BNB achieve this target?
This work examines the BNB coin, its past performance and the potentials for attaining a new all-time-high that rests with this coin.
What Is BNB?
BNB is the utility token of the world’s leading cryptocurrency exchange — Binance. The Binance Coin was first established on the Ethereum blockchain before it migrated to its Blockchain known today as the Binance Blockchain. Unlike other coins, the Binance Coin (BNB) has a maximum supply of 200,000,000 which is good proof that the coin is resistant to future inflation. It further proceeds to burn one-fifth of its coin every quarter based on the trading volume generated on the exchange as transaction fees.
What Is the Price Target for BNB in 2023?
BNB coin has become one of the most traded coins after Bitcoin and Ethereum. This coin records over $417 Million volume traded daily. Being the most popular native token, investors hope that its price will keep rising as the volume of transactions carried out on the Binance exchange keeps increasing too.
With the recent talks about acquiring the FTX exchange by Binance. Analysts believe that this will further boost the price of the BNB coin. The long-term forecast for this coin in 2023 is to revisit its all-time high created at $692 in 2021. Many believe that this coin has the potential to surpass this level by 2023 and expect it to attain at least $1000 before the end of 2023. However, while it is possible for this coin to perform well in 2023, there is no guarantee that it will attain this level as its performance is often affected by Bitcoin’s dominance in the market.
Best Crypto Exchanges to buy Binance Coin (BNB) Today
- Huobi Global
Advantages of buying the BNB coin
- Provides a good investment package for long-term investors.
- Used for giving tips and gift cards.
- Can be used for making an online payment on some platforms.
- Has a maximum supply.
- Offers users a 50% discount when used to pay for transaction fees on Binance exchange.
Disadvantages of Buying the BNB Coin
- It is a risky investment as the price could crash in the future.
- There is no guarantee for profits.
- Subject to Bitcoin’s dominance and crypto seasons.
Is BNB a Good Investment Package?
The Binance Coin (BNB) has become one of the most successful digital investment packages. The coin has yielded over $4613% to its earliest investors from its issue price of $0.15 up to its all-time-high created in 2021 at $692. Many still look up to this coin to attain the same level as Ethereum in the future. However, the fact that many crypto exchanges have suffered attacks and some Insolvency calls for moderation in all cryptocurrency investments.
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