BNB Coin is rising, having gained over 10% in the last seven days to trade at $337. According to statistics compiled by LunarCrush, Binance Coin (BNB) experienced a significant increase in its level of social activity during the intraday trading session.
The number of daily social contributors, mentions, and engagements with BNB reached new heights, as reported by the bitcoin social analytics site.
Binance Coin $BNB social contributors, social mentions, and social engagements measured daily have made new ATHs
— LunarCrush (@LunarCrush) November 5, 2022
Approximately 7.25 million social media mentions of the BNB coin had been recorded as of November 5. Its overall social interactions hit 8.17 billion, with 14,105 people contributing daily. The 13% increase in BNB’s price over the past month can be attributed to the general cryptocurrency market’s recent price boom.
Ankr Integrates Coinbase for Liquid Staking
Ankr, a Web3 infrastructure provider, has announced the addition of Coinbase Wallet to their platform to facilitate liquid staking. Users of the Coinbase Wallet can earn rewards on their Web3 assets by staking them on the Ankr Staking platform.
We are very excited to announce that Coinbase Wallet is now integrated with Ankr products
— Ankr (@ankr) November 2, 2022
When a user stakes funds with Ankr, all rewards are instantly refunded to their Coinbase Wallet account. As a result, users can track their earnings over time and see daily fluctuations in their balance as a result of liquidity staking rewards. Ankr’s dashboard will allow users to associate these profits with specific activities.
Ankr stated that the milestone aims to make web3 more user-friendly by providing consumers with new ways to engage and connect with dapps across multiple blockchains and networks. Ankr supports nine different tokens for staking, as well as BNB for liquid staking.
— elon_masque (@elon_masque) November 5, 2022
As a result, Coinbase Wallet users can now stake BNB, allowing them to earn a passive income from their decentralized assets. The news has an indirect positive impact on the BNB/USD exchange rate.
Boba Network (BOBA) Introduces First L2 on BNB Chain
The Binance Smart Chain, also known as the BNB chain, is the world’s second-largest DeFi blockchain. There were no layer-2 (L2) solutions in the chain. However, that changed on November 1 when the Boba network joined the BNB chain.
The Boba Network (BOBA) team has announced that its scaling mechanisms are now operational on BNB Chain, a programmatic blockchain supported by popular cryptocurrency exchange Binance (BNB). Furthermore, on November 2, the multichain L2 network announced a collaboration between Boba Network and the BNB chain.
The partnership with BNB Chain and Boba Network will allow for the commencement of numerous integrations on Boba Network within the Binance ecosystem
— Ethereum Daily (@ETH_Daily) November 2, 2022
As a result, the L2 and L1 networks may begin to integrate with a few DeFi protocols, such as SushiSwap, which will first appear on the BOBA BNB L2.
With this integration, the BNB chain will be able to compete effectively with Ethereum, the largest DeFi chain at the moment. Furthermore, this could have a positive impact on the BNB/USD exchange rate, increasing its value.
Tweeter Might use BNB, Analyst Suggests
Cryptocurrency exchange Binance announced the introduction of the Bluebird Index, a new perpetual contract. The index offers up to 25x leverage and follows the values of Binance Coin (BNB), Dogecoin (DOGE), and Mask Network (MASK).
According to the Bluebird Index, Twitter and Elon Musk are interested in Dogecoin, and Binance contributed $500 million to Musk’s acquisition of Twitter. This index immediately sparked speculation about the potential future roles that BNB and MASK might play for Twitter.
CZ invests $500m to help @elonmusk buy Twitter.
Is CZ hinting at these assets being used for Twitter payments (blue bird)? pic.twitter.com/bHne6gTsxY
— Miles Deutscher (@milesdeutscher) November 2, 2022
Miles Deutscher told everyone in a tweet that Changpeng Zhao (CZ) contributed $500,000,000 to help Elon Musk to buy Twitter. The expert continued by pointing out that the index created by Binance, Bluebird, has a remarkable similarity to Twitter.
It contains three cryptocurrencies: BNB, the native coin of Binance, the popular Dogecoin, and the MASK token. Deutscher concluded that this would be a clue that the new CEO is ready for cryptocurrency payments and tipping. Moreover, he might add these three coins to Twitter. If the speculations are true, it will benefit the price of BNB/USD.
BNB Coin Price Prediction
The current BNB price is $337.58, and the 24-hour trading volume is $1.3 billion. In the last 24 hours, BNB has dropped over 3%. CoinMarketCap currently ranks #4, with a live market cap of $54 billion.
It has a maximum supply of 200,000,000 BNB coins and a circulating supply of 159,976,513 BNB coins.
BNB Price Chart – Source: Tradingview
On the technical front, BNB/USD is testing the previously breached double top resistance level at $338, which is now acting as a support. Below $338, BNB may target the next support level of $301.
On a daily timeframe, the 50-day moving average may act as a support at $290. Alternatively, a bullish breakout above $362 could propel BNB to the $394 level.
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