Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

News

BNB Binance Coin To Overtake Ethereum in 2022

gbafNews28

NEW YORK, Dec. 31, 2021 /PRNewswire/ — News Reportz latest analysis on Binance Coin BNB price future in 2022. The S&P 500 is trading near its all-time high, but Binance coin BNB has plunged about 16% over the last 30 days due to a sudden decline in bitcoin prices. Even after the drop, the BNB price is 1000% up over the previous 354 days. Launched only a year ago, Binance, the world's biggest crypto exchange, the Binance Smart Chain is compatible with the Ethereum Virtual Machine. Binance recently made a major announcement related to Binance Coin BNB, which includes implementing a new Auto-Burn protocol to replace its current quarterly burn mechanisms.

In 2021, Pancakeswap, a decentralized crypto swap exchange, was responsible for more BSC transactions than the entire Ethereum network. Some of the most purchased tokens on Pancakeswap V2 swap in 2021 include EverGrow (EGC) and Radio Caca (RACA). New tokens like Evergrow are solely responsible for generating hundreds of thousands of transactions daily for the Binance chain. EverGrow is the first hyper-deflationary token that rewards its holders in BUSD that is generated from every buy/sell/transfer transaction in EGC tokens. EverGrow contracts distribute 8% of every transaction among its holders. Evergrow recently announced that in just 12 weeks, they have added 118K+ wallets as holders on the Binance chain and distributed more than $30 Million BUSD in rewards. It ultimately means its contract executes thousands of transactions every day to send rewards to its holder.

Although Binance chain transaction fee is much lower compared to the Ethereum chain, it still means millions of dollars worth BNB being locked on Pancakeswap liquidity pools and paid in gas fees. Reward-based tokens like Evergrow are being considered the future of dividend-paying stocks or staking pools because the rewards to be distributed among holders are generated from daily trading volume instead of inflating the circulating supply by minting new tokens every day.

According to coingecko, Crypto has gained more than 189,00% since its launch. The success story of EGC has inspired hundreds of new BEP20 tokens to launch on the Binance chain and contributed millions of dollars in daily trading volume. EverGrow is a relatively new currency, but its future looks bright as the currency is yet to launch its utilities, including play-to-earn games, NFT lending platform and Buy/Sell marketplace, content subscription platforms, etc. If these early-stage projects continue the initial success, then Binance coin BNB and BSC might soon overtake the Ethereum chain in total transactions executing daily on its blockchain. Currently, each block on the Binance chain is confirmed in approximately 3 seconds. 

In the past 24 Hours, more than 7M transactions were executed on the Binance chain. The short terms prediction for BNB looks bullish. According to technical indicators, the 20-day EMA for BNB is flat, and the RSI is just above the midpoint, suggesting a status of equilibrium between the bulls and the bears. Binance coin BNB price could first rally to $570$575 and then rise to $620. There is strong technical support for BNB at $500. If the price breaks above $575, BNB could first rally to $617 and then to the overhead resistance zone at $668.40 to $690.50, which will mean that the correction may be over for the significant gains BNB price made this year. Subscribe to News Reportz daily updates newsletter to keep updated with the latest crypto updates.

Company: News Reportz

Email: contact@newsreportz.com
Website: https://newsreportz.com/ 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/bnb-binance-coin-to-overtake-ethereum-in-2022-301452273.html

SOURCE News Reportz

Advertisement
Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now

Recommended

Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.