In July, the exchange token of the largest crypto exchange, Binance Coin [BNB], fought. Despite recovering from its low levels in June, when it reached $192, BNB was unable to return to its price in May.
However, investors would have given BNB their praise for its performance in July as it closed the month around $292. according to CoinMarketCapthe BNB price has not dropped below $300 since it last did so in the first week of August.
At press time, the coin was trading at $316.35, down 1.87% from the last 24 hours. Nonetheless, BNB gained against both major cryptocurrencies, indicating that the coin moved to the $400 zone in August in the same way that it left the $200 in July for the $300 this month.
Against Bitcoin [BTC]BNB rose 1.62% while gaining 3.31% on Ethereal [ETH].
Interestingly, BNB latched on to a few other signs that could take it $400 beyond gains.
According to Santiment, the social dominance of BNB has spiked during the last two days. After an increase of 14.79% between August 13 and 14, the domain increased again.
At the time of this writing, the social dominance was up 26.04% from the previous day.
Apart from this rally, the thirty-day market value to realized value (MVRV) ratio revealed that the BNB price could be undervalued.
With investors taking more and more profit due to the MVRV ratio around Aug 9, the current 26.38% position apparently provides an opportunity to accumulate BNB before a likely rally.
Furthermore, the price drop has not led BNB to decline in volume. In fact, the 24-hour volume had raised 6.87% to $1.12 billion.
With these improvements, it may appear that BNB is moving towards better performance than it seems. accomplished in the second trimester (Q2). So what other contributions might reflect this $400 possibility?
NFTs and licenses
However, investors may need to watch the growing interest in BNB. While it may drive a price rally, it could also reverse the momentum. This is because there was a 41% increase in Binance Smart Chain (BSC) NFT trading volume for most of August 15, according to CryptoSlam.
Although it was down 7.27% to $535,256 at press time, the transaction count had remained almost constant. 2,624 transactions had been carried out with 1,192 as buyers.
Interestingly, BNB may also get some support from the activities of its parent company, Binance. Lately, the exchange announced that it had secured approval to operate in Kazakhstan after a series of expansions as early as 2022.
#Binance gets approval in principle from the Astana Financial Services Authority (AFSA) in Kazakhstan 🇰🇿@cz_binance: “Kazakhstan has proven to be a pioneer in the adoption and regulation of cryptocurrencies in Central Asia.”
Find out more ⤵️
—Binance (@binance) August 15, 2022
So should investors expect more positive updates regarding the BNB ecosystem? Closing may seem too hasty. However, recent developments, if they hold up, have the potential to push BNB to new highs.