BNB Coin Hits New All-Time High, Announces 55th IONET (IO) Project on Binance Launchpool-Fresh Highs On the Horizon?

Binance is the largest crypto exchange platform in the world and has made headlines with its native token BNB (Binance Coin) once again by reaching a new all-time high of $725 on June 6th 2024. This bullish move takes place as we head to close the first half of the year during which BNB has seen a 152% gain, soaring from a low of $287.6 on January 25th to the current fresh all-time level recorded in the last 24 hours according to data from TradingView

As of writing today BNB is trading at $705.83. Despite this slight drop of 0.96% in the last 24 hours it has managed to still record 18% gain in the last seven days. Within the last 7 days, 6 consecutive daily candles have closed bullish and recorded a 22% gain since June 1st. With a market cap of $102 billion, BNB ranks as the 4th largest crypto asset. Its trading volume in the last 24 hours has also gained by 3% to $2.94 billion which places it at the 6th position in terms of trading activity.

The recent surge in BNB price can be attributed to several factors including Binance's announcement of its 55th project on the Binance Launchpool – IO.NET (IO). This decentralized AI computing and cloud platform lets users stake their BNB and FDUSD (Binance's stablecoin) to farm IO tokens over four days starting from today 7th June 2024.

The Binance decision to list IO on June 11th with trading pairs including IO/BTC, IO/USDT, IO/BNB, IO/FDUSD and IO/TRY has further fueled interest from investors and has further contributed to the bullish momentum surrounding BNB 

BNB technical indicators also show a bullish picture as shown in the TradingView chart above. On the daily chart all the key Exponential Moving Averages are a distance away from the current market price, with the EMA 50 at $600, EMA 100 at $572 and EMA 200 at $433 which indicates a strong uptrend.

The Moving Average Convergence Divergence is also bullish strongly with the MACD Line well above the signal line. The histogram also displays positive bars with increasing heights in the last several days.

On-chain metrics further support the bullish momentum. Data from Santiment show increased social volume surrounding BNB throughout June with June 5th recording the highest level of mentions across various crypto social media channels such as Telegram groups, Reddit forums and Discord servers. These social activity spikes show the growing interest and speculation around BNB potential for further gains

According to the estimates from coin’s parent platform Binance, the coin is expected to reach $847 by the end of 2024 pushed by increasing adoption and demand. However some analysts are even more bullish suggesting that by 2030 BNB price could surge to $7,609 if it gains broader acceptance in mainstream finance.