BNB Slides Nearly 2% Despite Eighth Anniversary and $1 Billion Token Burn
BNB marked its eighth anniversary this week and completed a substantial $1 billion token burn, but that hasn’t kept the token immune from profit-taking pressure.
Over the past 24 hours, BNB dropped almost 2%, falling to around $680 after briefly touching the $700 mark. The decline echoes broader market caution, following bitcoin’s surge to record highs above $120,000 and its subsequent pullback to $116,000.
The broader risk-off mood was also influenced by fresh inflation data. The U.S. Consumer Price Index rose 2.7% year over year in June, accelerating from 2.4% in May, according to the Bureau of Labor Statistics.
For much of the session, BNB traded within a narrow $23 range between $698.72 and $675.47, based on CoinDesk Research’s technical analysis model. Buying interest surfaced near $675, where trading volume spiked above 134,000 tokens, helping to halt the slide and push BNB modestly upward.
Technical signals remain mixed. The token is still stuck in a downtrend, facing resistance in the $690–$695 zone, where former support has turned into selling pressure.
However, bursts of trading activity hint at possible accumulation. One surge saw over 1,600 tokens change hands in a four-minute window, and several firms have been moving to hold BNB in their treasury reserves.
Despite the volatility, BNB has seen positive developments. Beyond its anniversary and token burn, BNB Chain recently joined the Ondo Global Markets Alliance, aiming to bring tokenized assets like U.S. stocks, ETFs, and funds onto its network.
Whether BNB can overcome resistance levels—or face further declines if profit-taking persists—remains a key question for crypto market sentiment in the days ahead.
