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This week, BNB (Binance Coin) has captured attention in the cryptocurrency world with an impressive performance. The surge is largely attributed to actions taken by former Binance CEO Changpeng Zhao (CZ) and BNB Chain’s ambitious goals for 2025. Additionally, the recent decision to suspend the ongoing lawsuit between Binance and the SEC for 60 days has boosted market confidence, raising expectations that BNB coin’s price could reach one thousand dollars.
Rapid Ecosystem Growth on BNB Chain
One of the key reasons for BNB’s price increase is CZ’s announcements regarding ecosystem expansion. He has disclosed plans to boost user activity on the BNB Chain, leading to significant movement within the network.
Even a humorous campaign initiated by CZ’s dog, Broccoli, created remarkable activity on the platform. Meanwhile, CZ’s cautious stance toward memecoins has resurfaced. The former Binance CEO supported a user’s warning about the dangers of memecoins, highlighting that malicious projects and scams negatively impact the network.
BNB Price Analysis: Is $1,147 the Target?
Analysts are noting a strong bullish signal from BNB’s technical formation, specifically the cup and handle pattern. This formation is known for indicating long-term upward movements. The weekly chart suggests that BNB could reach $1,147, as the cup part of the formation was completed over approximately three years, with the handle shaping up recently.
However, for this formation to remain valid, the price must not fall below $403. A sustained drop below this level could negate the bullish outlook. Nevertheless, BNB Chain’s growth strategies and increased transaction volumes remain critical factors supporting BNB coin’s price.
Furthermore, the rise in BNB’s value has also boosted staking returns, with network activity increasing the coin’s burning rate and elevating staking profits to 103%. This makes BNB one of the most attractive cryptocurrencies for staking.
