After major consolidation at around $400 levels for the last week, Binance Coin (BNB) is showing strong price action gaining 15% today. As of press time, BNB is trading 14.57% up at a price of $465 and a market cap of $78 billion. With its recent price rally, BNB has once again flipped Cardano (ADA) to becoming the third-largest crypto by market cap.
While the BNB price has been under strong consolidation, the whales continued their accumulation over the last two weeks. But on-chain data provider Santiment refers to this as a technical breakout. It reports:
Binance Coin (BNB) is on a temporary breakout and the accumulation from its millionaire holders appears to be paying dividends. Holders with 10k to 100k $BNB have accumulated 412k $BNB in the past two weeks, adding 8.7% more coins to their total holdings.
After a muted response for some time, Binance Coin’s recent surge bring hope for investors. However, this price surge also comes on the backdrop of strong development in Binance’s ecosystem.
On Tuesday, October 12, Binance announced its billion-dollar blockchain fund that focuses on introducing the next billion users to the Binance ecosystem. The funding comes to the Binance Smart Chain (BSC) which refers to its as the “biggest growth fund in the history of crypto”.
Binance said that it will distribute 50% of the fund across various emerging sectors like Gaming, Metaverse, AI, Virtual Reality, and Financial Services.
Furthermore, the company will direct $300 towards its Builder Program via which Binance will incubate decentralized apps (DApps) and other infrastructure projects to build on the Binance Smart Chain. Another $100 million will go towards hackathon conducted locally as well as globally. The official announcement notes:
BSC’s core vision is to deliver a robust ecosystem for cross-chains and multi-chains to interoperate and work seamlessly while being cost-efficient. As this is an ongoing advancement, it’s time to accelerate our efforts in scaling these solutions for the masses to build powerful financial infrastructures. We aim to introduce the decentralized world of gaming, social networking, financial service, and more to the general masses to spread awareness around WEB 3.0
With a future vision backed by major funding, the Binance ecosystem is likely to witness exponential growth going ahead.
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