The BNB token carried out the last burning on Monday, October 18.
• Binance Coin is approaching the $500 value.
As expected, Binance Coin has continued to remain a force in the crypto market with an increase of over 6.24 percent in value in 24 hours. The native cryptocurrency of the Binance platform trades at $486.73 today, October 28.
BNB went through a rough patch a week ago, where it traded at $483.03 per token. However, now the token is rising, inching closer to its all-time high at $686.31.
Binance Coin close to $500 range: Will it stay there?
For some time now, cryptocurrency enthusiasts have speculated that Binance Coin would increase the price after months with a stable chart. The cryptocurrency is the image of Binance’s growth by achieving a 7.10 percent peak in its price in less than 24 hours, according to CoinMarketCap. In a week, the BNB token has risen in price to over 2.52 percent, with a trading volume of $2,339,225,114 in 24 hours.
The cryptocurrency BNB remains in third place among the most highly valued tokens, below Ethereum, which has also experienced an increase in its value. The week could end with a bullish streak among the top three crypto tokens, where Bitcoin starts the list.
Binance platform could be behind BNB’s rise
Since last week Binance platform has talked about the increase of its crypto and the strategies they want to apply to achieve it. Among the proposals is a token burning system with which the supply in BNB will be reduced and thus increase its demand. This proposal was announced last Friday and, less than a week away, the BNB price skyrockets, which is a coincidence.
Binance Coin, developed in 2017 by the Binance platform, belongs to deflationary tokens with constant asset burning that helps them maintain their value. This crypto burns its supply in 3-month lapses, which would sum up to action four times a year.
Monday, October 18, was the last burning, corresponding to the seventeenth burning since its creation. This latest burning had to lower the BNB adoption rate, but enthusiasts bought it, which increased its price significantly.
Now, Binance Coin achieves a market capitalization of $81,186,096,900 with a circulating supply of 166,801,148 BNB today. BNB is the only token that started on Thursday, October 28, on the rise because Ethereum is trading at $4,188 with a rise of 5.10 percent in its price for 24 hours. Bitcoin, which is the world’s most commercialized cryptocurrency, increases in value in 24 hours, reaching a price of $61,277.
Binance resumes DOGE withdrawals days after Elon Musk’s comments
The exchange officially announced on Monday that it had restarted DOGE withdrawals after experiencing a major issue where Binance users were unable to withdraw Dogecoin for 17 days.
Additionally, 1,634 users on Binance were sent old transactions due to a conflict of several DOGE wallet versions. This happened due to a “combination of unlikely factors” and ultimately affected only Binance. The exchange wrote:
“In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4) AND then updated to v1.14.5 — you can have an issue.”
“Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built,” the announcement reads.
Binance emphasized that “no single entity was at fault” as neither Binance nor the DOGE Network had prior knowledge of the issue.
The fix came after Tesla CEO Elon Musk brought up the issue on Twitter on Tuesday, arguing that Binance’s DOGE withdrawals problem was “shady.” Binance CEO Changpeng Zhao stated right away that the problem was related to the latest DOGE wallet upgrade.
Appreciate it.🙏 I over reacted a bit due to the word “shady”. The KYC part is tedious, and we can’t service US users. You could try https://t.co/hSHrrlWIfF though. Still a tedious sign up process, but have #Doge.🐕 We are working with their team to fix the issue ASAP. 🙏— CZ 🔶 Binance (@cz_binance) November 23, 2021
Dogecoin is a meme-based cryptocurrency that has been increasingly popular since Musk started actively promoting DOGE on Twitter in 2020. At the time of writing, DOGE is the 10th-largest cryptocurrency with a market capitalization of $27 billion. The price of DOGE has tumbled recently, with Dogecoin dropping more than 22% over the past 14 days, according to CoinGecko.
Binance Unveils Inside Details of the Dogecoin (DOGE) Incident
The world’s leading cryptocurrency exchange, Binance, has opened up about the entire fiasco that was endured by Dogecoin Core maintainers and the company during the wallet upgrade. In its blog post titled, “The Inside Story on DOGE withdrawals,” Binance revealed what actually transpired and how no one was at fault.
Dogecoin (DOGE) withdrawals Inside Story
It all began as, what Binance describes, a “straight-forward” upgrade. However, users were not able to withdraw their DOGE tokes for 17 days straight. To top that, 1,634 customers were sent old transactions. While detailing facts and clarifying that no shade was intended, the exchange’s post said several unlikely factors resulted in an unforeseen issue that subsequently affected only Binance.
It explained that the “technical issue” led to old transactions being sent back to many users due to a unique wallet arrangement for DOGE.
“In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4)
AND then updated to v1.14.5 — you can have an issue. Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built.”
According to Binance, the event was nothing short of an unlikely and unfortunate coincidence for all the parties involved. While referring to Musk’s shady remark, the blog post stated that there was no way Dogecoin Core maintainers and Binance would have been able to “plan” this. After “silently” opening withdrawals on November 27th, the platform fully opened the withdrawals starting today again.
Elon Musk is a powerful ally of Dogecoin (DOGE), the OG meme coin. Hence, his comments spurred debates and jibs from Binance’s rivals. Huobi, for one, did not hold back. In its blog post last week, the exchange said that Binance’s move of arbitrarily freezing user accounts damaged the user trust. It also stated that this incident would likely push customers to decentralized exchanges (DEXs).
Huobi blamed Binance for the delay in transactions and the loss of hundreds of millions of dollars worth of Dogecoin.
Binance Coin Price Analysis: BNB sets higher high at $626, another swift retracement to follow?
- Binance Coin price analysis is bearish today.
- BNB/USD saw a strong upsurge towards $630 resistance today.
- Further upside is currently rejected.
Binance Coin price analysis is bearish today as we expect another retracement to follow after a higher high set today. Likely BNB/USD is not yet ready to reach further upside and another retracement that sets a higher low is needed.
The market has seen bullish momentum return overall. Bitcoin gained 4.81 percent, while Ethereum 5.78 percent. Meanwhile, Binance Coin (BNB) follows with a gain of 3.71 percent.
Binance Coin price movement in the last 24 hours: Binance Coin sets higher high after strong bullish momentum overnight
BNB/USD traded in a range of $574.98 – $624.65, indicating substantial volatility over the last 24 hours. Trading volume has declined by just 1.3 percent, totaling $2.57 billion, while the total market cap trades around $102.67 billion, ranking the coin in 3rd place.
BNB/USD 4-hour chart: Rejects further upside at $626,
On the 4-hour chart, we can see the Ripple price action currently looking to reverse again as further upside is rejected after a strong rally earlier today.
Binance Coin price has seen a strong recovery over the past weeks after a strong drop from the $660 previous highs resulted in a loss of over 20 percent to the $510 mark.
From there, BNB/USD quickly reacted higher on the 19th of October, reaching the $600 mark. After a slight pause later in the week, BNB continued higher until the $660 mark was almost reached again by the 26th of October.
Since then, we have seen a strong spike lower set another higher low at $570. The Binance Coin price has since set further local higher low and high, indicating bullish momentum slowly preparing for another attempt to break the all-time high resistance around $660-$670.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bearish for today as we expect another retracement that sets a higher low to follow over the next 24 hours. Therefore, BNB/USD has set another higher high, with more preparation needed before further upside can be tested.
While waiting for Binance Coin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.