BNB Approaches $700 Amid $1 Billion Token Burn and Rising Corporate Treasury Interest
BNB is steadily advancing toward the $700 threshold, propelled by a broader crypto market upswing and a substantial $1 billion token burn that has boosted investor enthusiasm.
In the past 24 hours, BNB climbed approximately 2.8%, moving from $670.40 to $688.70. This surge coincides with overall market strength, highlighted by Bitcoin reaching a new all-time high above $118,000.
The token hit an intraday high near $695 before settling into a narrow trading band around $689.
The price rally is supported not only by market momentum but also by Binance’s 32nd quarterly burn, which permanently removed about 1.59 million BNB tokens from circulation, bringing the total tokens burned to 265,605. This deflationary effort aims to lower total supply to 100 million tokens.
Moreover, more than 30 teams are exploring ways to integrate BNB into corporate treasury reserves, with investment firm 10X Capital backing plans for a $500 million U.S.-listed BNB treasury vehicle.
Data from Nansen shows daily active addresses on the BNB Chain have doubled since March, now hovering around 2.5 million, while average daily transaction volumes have tripled.
Traders are closely monitoring whether BNB can break through the psychological resistance at $700 in the coming days.
Technical Overview:
- BNB rose 2.77% over the last 24 hours, indicating robust buying pressure, according to CoinDesk Research’s technical analysis.
- Price fluctuated within a $27.51 range (4.11%) between lows of $667.61 and highs of $695.12.
- Trading volume peaked at 155,426 tokens at market close, over twice the 24-hour average of 64,169.
- Resistance is evident near $695.12, while support has formed around $667.61.
- After the rally, price consolidated tightly between $688.81 and $690.73.
- Strong support remains intact in the $688.80–$689.00 zone.
- The price briefly tested resistance at $690.73 before a controlled retracement.
With the combined effects of the token burn and increasing corporate treasury interest, BNB is well-positioned for a potential push past the $700 mark soon.
