3 Reasons Why Binance Coin (BNB) Has its Eyes Set on $21

In brief:

  • The team at Binance has completed one of the largest coin burns of BNB to date. 
  • The Binance Chain community recently released a whitepaper outlining plans to enable smart contracts.
  • Binance Coin has its eyes set on erasing all losses experienced in March.  

In December of 2018, Ethereum World News hinted that Binance Coin (BNB) was one of those coins every long term crypto investor should have on their radar. Back then, the coin was valued at approximately $4.30. In March 2019, EWN once again pointed out the potential of BNB to break records in the crypto markets and it went on to peak in June of 2019 at a value of $39.70. In the past few weeks, EWN has also been analyzing BNB from a technical analysis point of view. Today, let us explore 3 reasons to be bullish on Binance Coin (BNB) and why it could reclaim $21.

Smart Contracts are Coming to Binance Chain

Firstly, the Binance Chain community released a whitepaper outlining the implementation of Smart Contracts on the blockchain. This new feature will turn Binance Chain into a network similar to, or better than Ethereum. In the document, they explained why smart contracts were the next step in the evolution of Binance Chain.

the community-driven BCDC proposes the idea of a parallel blockchain to the current Binance Chain, called Binance Smart Chain, which will retain the high performance of the native blockchain while supporting an intuitive version of Smart Contracts functionality at the same time. This innovative solution brings the interoperability and programmability of the Ethereum Virtual Machine (EVM) to Binance Chain.

Quarterly BNB Coin Burn to Cut Circulating Supply by Half

Secondly, a few hours ago, the team at Binance carried out one of the largest coin burns in the history of crypto. This was the 11th quarterly coin burn at the exchange and a total of 3,373,988 BNB were forever removed from circulation. This is the equivalent of $52.466 Million in BNB.

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