BNB Exceeded $530 and Hit the High of the Last 2 Years. Binance Continues to Invest in the Future

BNB increased by approximately 38% in the last 4 days, exceeding $ 530 and reaching the highest levels in the last 2 years. While those who thought that BNB would lose value due to the class-action lawsuits filed against Binance exchange founder and former CEO Changpeng Zhao and other executives were disappointed, almost all those who invested in BNB in the last 2 years made a profit. Especially those who invested in BNB after May 12, 2022 made very serious profits. BNB dropped to $209 on May 12, 2022, and also dropped to its lowest level in the last 3 years, at $181 on June 18, 2022. Signaling that the bad days are behind, BNB also signals that it is determined to move towards higher levels. On the other hand, Binance continues to keep startups on its radar and invest in the future.

BNB Daily Price Chart

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BNB is currently trading at $530. BNB increased by approximately 8.4% in the last 24 hours, increased by approximately 38% in the last 4 days, and also increased by approximately 28.2% on a weekly basis. BNB, which has received the support of investors in recent days, is signaling that it will rise further, especially if it breaks the key resistance at $584, it may bounce up to $572. If it fails to break the key resistance, it could fall back to $508, and it has strong support at $508. Aaccording to the chart and the buying and selling volume, the possibility of moving even higher seems higher.

Binance Labs

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Binance Labs, the $10 billion venture capital and incubation arm of the crypto exchange Binance, invested in 7 startups. No amount was disclosed regarding how much was invested in startups, but the seven startups that received investment are as follows;

• Ethena Labs (Synthetic dollar protocol developer)
• UXUY (Decentralized exchange trading platform)
• Derivio (zkSync-based decentralized derivatives exchange)
• Cellula (An on-chain autonomous life simulation strategy game developer)
• Shogun (An intent-centric DeFi protocol aiming to maximize trader extractable value)
• NFPrompt (An AI-powered web3 user-generated content platform)
• QnA3 (An AI-powered web3 knowledge sharing platform)

Additionally, Binance Labs invested in five startups last year, including zkPass, Mind Network, and DappOS. Frankly, it is really important to invest in and support such startups, undoubtedly, such investments are very important steps that can ensure the growth of the BNB ecosystem in the future because such projects can play a major role in further adoption of BNB.

It was also announced that hundreds of projects applied to Binance Labs' incubation programs, but 12 startups were selected, which corresponds to approximately 3 percent of the applicants. In addition, Binance Labs increased its investment activities in 2024 by backing the Bitcoin staking protocol Babylon and the Ethereum re-staking protocols Renzo and Puffer Finance.

Binance is doing some really great work and investments for the future, and undoubtedly, I think these will drive greater adoption of BNB and further growth of its ecosystem going forward. BNB hit an all-time high of $695 on May 10, 2021, and is now only 32% away from a new ATH. If the positive atmosphere in the crypto markets does not deteriorate, I believe that BNB will hit a new ATH this year and even reach even higher levels.

It's no secret that all good work, hard work and community-focused work always pays off.

Thank you for reading
@rtonline

This is not an investment advice, I talk about current developments and only my personal opinions. Also, it is very difficult to know which direction the prices will go in the crypto market. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.

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