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The Binance Coin ($BNB) traded between $1 and approximately $40 for the majority of its early years.
However, in early 2021, during a bullish phase in the cryptocurrency market, $BNB experienced significant growth, reaching a peak value of $690.93 on May 10th.
Since then, the price of Binance Coin has fluctuated due to market conditions and the collapse of Silvergate Bank.
Nonetheless, $BNB has gained substantial interest among crypto enthusiasts, particularly after Binance CEO Changpeng Zhao claimed to have contributed $500 million to Elon Musk’s acquisition of a social media platform.
As a result, some speculate that the asset may experience a rebound and surge similar to what occurred with Dogecoin when Musk’s Twitter actions caused a price frenzy.
Meanwhile, investors are diverting their attention to early-stage crypto projects, including the Launchpad XYZ token $LPX, as they aim to diversify their investments.
The project has already secured over $832 million in presale funding a few weeks after its debut.
Binance Loses Gains as Crypto Market Slump Continues
At press time, $BNB, the in-house token of the Binance exchange, is trading at $304.14.
The digital asset has faced a slight decline of 1.07% in the last 24 hours. However, it still managed to generate a trading volume of $422 million during the same period.
The $BNB decline in value has been running for a while, with a 0.65% downtrend in the last seven days, a 7.46% slump in the last month, and a 0.08% drop in the last hour, signifying an incoming bear trend.
However, its year-to-date (YTD) performance shows a positive trend, with a growth of 23.39% so far this year.
These recent slumps in values have negatively impacted the asset, as its technical charts reflect a bearish sentiment.
$BNB’s current price trails below its 50-day simple moving average (SMA) of $312.6 for the short term and its 200-day SMA of $311.5 for the long term.
However, investors can expect a $BNB price swing between its short-term and long-term values if the asset price retraces.
In terms of technical analysis, $BNB has experienced a bearish movement causing the asset to decrease to the 38.2% Fibonacci retracement level at $295.7.
The asset may reach this level if the bearish market continues, but it could also find support at this point.
On the other hand, if the market experiences a rally and there is a consistent bullish momentum, $BNB may retrace and move towards the 50% Fibonacci retracement level of $307.8, resulting in a new price mark.
Based on the relative strength index (RSI) of 40.91, it appears that $BNB is currently underbought, implying that there is weak buying pressure on the asset.
Additionally, the moving average convergence divergence (MACD) indicator suggests a weak buy signal that is slowly turning into a sell action.
While the Binance coin price actions have been modest, a broader crypto market rally might just be the good fortune it needs to push into the green zone.
BNB Chain Enhances Gas Grant Program For Increased Gas Fee Incentives for dApps
The BNB Chain Gas Grant program has undergone improvements to provide higher gas incentives for dApps.
Gas is the payment required to successfully execute a transaction or implement a contract on either the BSC or Ethereum blockchain platforms.
We’re excited to announce the BNB Chain Gas Grant Program ?
This initiative aims to reward projects that contribute to the BNB Chain ecosystem by providing gas fee incentives to qualified projects.
Read the blog below and apply now!https://t.co/dNtl2s5lIj
— BNB Chain (@BNBCHAIN) June 1, 2023
The enhanced program has been developed to grant gas incentives to eligible projects that contribute to the BNB Chain ecosystem.
This means that registered projects can now receive Gas Grants based on their monthly Gas volume, with a total pool of $200,000 (in BNB tokens) available per month.
In addition, the allocation of grants is based on the ratio of a project’s gas consumption to the overall gas consumption of all participating projects.
As more developers contribute to the ecosystem to receive incentives, the BNB cryptocurrency’s value increases.
Explore Viral Launchpad XYZ Token As BNB Alternative
Investors seeking an alternative to $BNB may explore the Launchpad XYZ token, $LPX, a utility-driven token that powers the first Web3 portal for cryptocurrencies.
Launchpad XYZ is dedicated to creating an accessible entry point for regular individuals into the world of decentralized products and applications in Web3.
This innovative project provides Web3 users with resources like knowledge, trading opportunities, tools, and guidance for success.
Users can also get access to the Metaverse and Web3 gaming worlds through the library and gaming hub.
The platform’s user-friendly Web3 wallet offers a secure solution for the self-custody of crypto assets, simplifying asset management.
The $LPX token powers the Launchpad ecosystem, and token holders can enjoy benefits like reduced fees, partner discounts, priority access to NFT minting and presales, and more.
Launchpad XYZ serves as a central hub for people to find relevant products and platforms and aims to enhance user engagement by minimizing obstacles and friction.
The “Home of Web3” presale fundraising campaign has raised over $832,000 in just a few weeks since its debut.
No more hassle of navigating multiple #Exchanges!
With Launchpad XYZ’s #DEX, you have the power to explore and seize profitable opportunities like never before with 100s of asset pairs right at your fingertips ??
Join our #Presale today ⬇️https://t.co/yYq4jnPZiL pic.twitter.com/aUbyeO4dsv
— Launchpad.xyz (@launchpadlpx) June 1, 2023
At press time, the $LPX token is currently selling at $0.0445. However, the price is expected to rise to $0.046 once the presale reaches $1.55 million.
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