BNB Approaches $700 Mark as $1 Billion Token Burn and Corporate Treasury Interest Drive Gains
BNB is steadily moving toward the $700 milestone, propelled by a broad rally across crypto markets and a significant $1 billion token burn that has caught traders’ attention.
In the past 24 hours, BNB climbed about 2.8%, rising from $670.40 to $688.70, mirroring the bullish momentum seen across the crypto space with Bitcoin reaching a fresh all-time high above $118,000.
The token briefly touched an intraday high near $695 before consolidating in a tight range around $689.
This price surge is fueled not only by overall market strength but also by Binance’s 32nd quarterly token burn, which permanently eliminated roughly 1.59 million BNB tokens from circulation, totaling 265,605 BNB burned so far. This ongoing deflationary effort aims to reduce BNB’s total supply to 100 million tokens.
Adding to the bullish case, over 30 teams are reportedly exploring ways to incorporate BNB into corporate treasury reserves. Notably, investment firm 10X Capital supports the launch of a $500 million U.S.-listed BNB treasury vehicle.
Data from Nansen shows that daily active addresses on the BNB Chain have doubled since March to approximately 2.5 million, while average daily transaction volumes have tripled.
Market watchers are now focused on whether BNB can break through the psychological resistance level at $700 in the coming days.
Technical Snapshot:
- BNB posted a 2.77% gain over 24 hours, indicating solid buying momentum, 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 spiked to 155,426 tokens at market close, more than twice the 24-hour average of 64,169.
- Resistance lies near $695.12, with support around $667.61.
- Following the rally, price consolidated in a narrow $1.51 band from $688.81 to $690.73.
- Strong support formed in the $688.80 to $689.00 zone.
- The market tested resistance near $690.73 before a controlled pullback.
With the deflationary token burn and growing interest from corporate treasuries, BNB is well-positioned to challenge the $700 threshold soon.
