How will BNB grow as Binance.US raises $200M and UST staking goes live

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BNB BNB/USD is the cryptocurrency token that was developed by Binance and originally launched in 2017.

It is a cryptocurrency that is primarily used as a means for paying for transactions as well as for trading fees on the Binance exchange.

The $200 million seed round and UST staking as catalysts for growth

On March 8, we covered how the Bifinity launch might affect the value of the BNB token.

Binance.US successfully raised over $200 million in its first external funding round. This put the pre-money valuation of the company at $4.5 billion as they are building out a roadmap for an Initial Public Offering (IPO).

The company is also targeting an IPO in two to three years from April 6, according to the CEO of the company, Brian Shroder.

However, when we take our attention to the global version of Binance, the cryptocurrency exchange launched its new TerraUSD (UST) staking program.

Here, Do Kwon, who is the co-founder of Terra (LUNA), attributed the origins of the high yield to Terra’s flagship Anchor protocol.

Both of these developments, both on Binance.US and on Binance, will contribute to the growth of the BNB cryptocurrency token.

Should you buy BNB (BNB)?

On April 7, 2022, BNB (BNB) had a value of $429.9.

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In order for us to get a better perspective about what kind of value point this is for the BNB cryptocurrency token, we will be going over its all-time high value, alongside the performance the token showcased throughout the previous month. 

When we go over the all-time high value of the BNB (BNB) cryptocurrency token, we can see that it achieved a value of $686.31 on May 10, 2021. Here we can see that, at its ATH, the token was $256.41 higher in value or by 59%.

However, when we go over the performance of the token throughout the previous month, BNB (BNB) had its lowest point of value on March 14, 2022, when it reached a value of $361.85.

Its highest point of value, on the other hand, was on March 31, when the token reached a value of $451.63.

This gives us an indication that the BNB cryptocurrency token increased in value by $89.78 or by 25%.

With all of this in mind, we can expect the BNB cryptocurrency token to reach a value of $500 by the end of April, making it a worthwhile token to buy

The post How will BNB grow as Binance.US raises $200M and UST staking goes live appeared first on Invezz.

from Market Analysis – Invezz

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