Binance Coin (BNB) inches closer to big moves as Gnox (GNOX) sees its price jump 52%
Buy low sell high. Be greedy when others are fearful. Buy to the sound of cannons, sell to the sound of trumpets. All over the globe, many crypto investors are trying to follow the wisdom imbued in these quotations and are searching for crypto projects trading at discount prices.
Binance Coin (BNB) inches closer to big moves
BNB, the native cryptocurrency of BNB Chain (BSC) is a coin many investors are holding in their portfolios. Currently, it is changing hands around $320 down from an All-Time High of nearly $700.
Many technical analysts are bullish on this coin due to the fact it touched $220 on May 12th mirroring the lows of the 2021 summer capitulation. BNB saw a big spike in volume and throughout May it has been steadily climbing, displaying that many investors are currently ‘buying the dip’. Strong resistance is expected at $340.
Analysts are also pointing to on-chain data. The number of unique wallet addresses active on the Binance Smart Chain (BSC) continues to climb adding close to 10,000,000 new wallet addresses just in May 2022. This means more and more people are using the Binance Smart Chain (BSC) and any transaction on this blockchain requires BNB. With more and more users who require BNB to process transactions arriving, the price of BNB is set for steady future gains. Not to mention the BNB burn which happens every quarter and is scheduled to take place sometime in July 2022.
Gnox is a token currently undergoing its pre-sale phase. It has seen its price jump 52%. Many investors are rushing to participate following the project being KYC approved and the contracts being formally audited. Gnox will be released on the Binance Smart Chain (BSC) in Q2 of 2022, and analysts are struggling to come up with a catchy title for this new type of reflection token.
It is the first protocol to offer yield farming as a service and strives to allow every market participant access to the investment opportunities of DeFi. The token features a buy and sell tax which is used to fund a treasury. The treasury is used to generate yield in DeFi projects and then this yield is distributed amongst Gnox token holders. The distributed yields come in the form of stablecoin and analysts are pointing to this as the central reason that the token is garnering such attention from the community.
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