5 months ago 2 min read

During Market Pullback, BNB Coin Gains More Than 20%


While the cryptocurrency market experienced a decline, BNB coin added significant gain over the previous week. The native token of the biggest cryptocurrency exchange in the world saw a gain of over 20%, putting Dogecoin among the top gainers for the week.

The coin has also benefited from an increase in 24-hour trading volume. More specifically, BNB tokens have changed hands for almost $1.1 million in the past day, an increase of 9.45%. BNB is currently up 4.74% on the day, trading at $349 as of this writing.

There isn't a significant driver behind the BNB token's rise. However, Binance's involvement in Elon Musk's acquisition of Twitter is most likely to blame. In case you forgot, Binance also introduced a "blue bird" index that included BNB, Doge, and Mask. Some experts interpreted it as the cryptocurrency exchange making a hint about tokens that would be used as payment methods on Twitter.

Binance Looks to Own a Bank After Acquiring Twitter

The Twitter contract gave the BNB token a boost, but its parent company appears to be considering other business opportunities. A recent Bloomberg report claims that Binance may include a bank on its list of prospective acquisitions. Tensions between the Bitcoin industry and traditional banks may be reduced by a deal of this kind. Changpeng Zhao, CEO of Binance, reportedly said that the business was prepared to spend more than $1 billion on acquisitions.

Binance has invested in 67 projects just this year because it still sees a lot of potential despite the catastrophic market collapse. Zhao stated that the business plans to make investments in the gaming, e-commerce, and other areas. Its reach has grown to potentially encompass potential buyers who are financial organizations. Zhao has not yet disclosed the bank that the cryptocurrency exchange is contemplating. Instead of a complete takeover, he did suggest the prospect of Binance buying a minority portion.

The cryptocurrency tycoon thinks Binance might aid banks in increasing their customer base and valuation. Sam Bankman-Fried, CEO of FTX, first raised the prospect of purchasing Goldman Sachs in July. However, it is clear from the most recent crypto crash that bitcoin elites will never reel in such enormous fish. In terms of purchasing, Bankman-Fried changed strategy and made significant investments in foreclosed homes and other distressed assets.

BNB as the Industry Leader in GameFi

According to GameFi, Binance Smart Chain has produced more blockchain games than any other platform. With a current 36.6% edge, BNB is trying to maintain its position as GameFi's top supplier of blockchain games.

Since its debut, the current GameFi scene has experienced enormous growth. Now, as opposed to when it first started, several Blockchain networks contribute new games every year. Companies like BNB Chain, Ethereum, WAX, Solana, and Polygon are just a few that have created a variety of original blockchain games. These games include Alien Worlds, CryptoKitties, and Axie Infinity, among many others.

According to a recent analysis by Binance, of all these networks, it had given the most blockchain games to GameFI. In reality, the three most significant blockchain networks in the GameFi ecosystem are BNB Chain, Ethereum, and Polygon. These three currently account for more than 70% of all Web3 games.

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