Updated on January 10, 2023 01:03 PM
BNB chain is the backbone of the Binance BNB token and is the fusion of two previous blockchains named BSC and BNB Chain.
There are so many development going-on on at BNB at the moment. The most recent one is the integration of the BNB chain on OpenSea NFT Marketplace.
The OpenSea Non-Fungible Token (NFT) Marketplace has announced the inclusion of BNB Chain NFTs, with buying and trading expected to commence before the end of the year.
The new link connects the world's largest blockchain in terms of active users and wallets with the world's largest NFT marketplace in terms of volume. According to a press release, BNB Chain NFTs will be available on OpenSea's Seaport Protocol in Q4 2022.
“Our goal is to give the best in class experience to NFT creators and users, and this is a significant step in that direction as BNB Chain NFTs will now be available for listing and sale on OpenSea, the world's largest NFT marketplace by volume,” 一 Gwendolyn Regina, BNB Chain Investment Director, stated in the statement.
Regina further added, “The integration will bring a large number of creators into the wider system, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem.”
The integration will attract additional people to OpenSea from the BNB Chain NFT community, with several projects fighting for a prized spot in the vast marketplace. BNB Chain's blockchain technology will also provide OpenSea customers with access to the popular blockchain's speedy and economical trading capabilities.
The improved connection should benefit both creators and users. The long-awaited union of two previously distant parties should come as a relief to NFT customers across all chains.
The Crypto market is still in hibernation and there’s a very bare minimum chance of a BNB rally until this month of the ending year. BNB holders are still speculative as the FTX collapse hampered the traders and investors severely. But, BNB didn’t suffer more than any other cryptos.
At the time of writing, the BNB price is $289.22, with a 24-hour trading volume of $655,270,658. In the last 24 hours, BNB has gained 1.04%. According to CoinMarketCap BNB now ranks #4, with a market cap of $46,265,486,000. It has a circulating supply of 159,968,792 BNB coins and a maximum supply of 159,968,792 BNB coins. 200,000,000 BNB coins are available.
Coming to the analytical part, for short-term investors or more technically referring to intraday traders, the chart is making a channel-down pattern with steep lows and highs in a 4-Hr chart.
This pattern in making could go like this near or about the next day before going up again or could break the lower support for the further price decline. The probability of the lines moving sideways within the channel is high.
However, if the price breaks the upper resistance, investors should be ready to witness some more fluctuations. Moreover, the current RSi in the 4-Hr chart is 48 dipping down from the previous high of 58. The stochastic line (The three-day moving average - Yellow) is at 45 and soon going to bisect the main moving line (Purple)
Now coming to swing trading stats or more saying mid-term holders, the news isn’t as good as it was for short-term-ers. The graph is making a descending triangle pattern with the current support marking at $288. This historical value holds great significance if one goes all through the price chart.
There’s a saying in the market which says that “To know the future, go through the past”. The $288 region has mostly seen a drop previously on various dates. Although, it’s just a mere observation. This region has rejected bull runs multiple times while a major price hike could be seen on the 30th March 2021.
As the candles approach the narrower part of the triangle, it’s still not confirmed where the price will go. A small jump and breaking the resistance could mean a surge in the price or a sudden death to the depression could result in a major price drop.
If we zoom out, the weekly chart shows the same results as the 1-day chart. It looks like the descending triangle is not going to leave the BNB anytime soon.
A Crypto analyst by the name “Crypto Savy Craig” shared a Twitter post of BNB analysis. He compared the BNB coin price with the recent down-falling FTT token after the FTX collapse. He raised a question by quoting “BNB in trouble?”
The development activity has dropped to almost zero on BNB Chain. As more and more projects and protocols integrate with BNB Chain affecting the development activity more. This downfalling development activity will go more down as the Christmas and New Year holidays are approaching.
The developer's count has also decreased to only one till December 2. At the press time, the developer's activity indicates a 0.17 score which is by far very low as other crypto’s Dev activity is considered.
DeFi attacks are very common these days. Binance and BNB chain has been targeted numerous times. Recently, Binance saw a $600 Mn breach in its BNB chain by a hacker who just manipulated the transactions by exploiting a bug inside the system.
In a very recent case, Ankr, a decentralized finance (DeFi) system built on Binance's BNB Chain, was purportedly attacked by a hacker who took advantage of a limitless minting issue. On-chain analysts published the story on social media, and Ankr verified the attack, which happened on December 1.
READ ALSO: A Brief History of DeFi
On Friday, Web3 infrastructure provider confessed on Twitter that its aBNB coin had been hacked and declared that it is working with exchanges to halt trade. In a subsequent tweet, it reiterated that all underlying assets on Ankr Staking remain secure and that infrastructure services are unaffected.
According to Lookonchain, the defendant intentionally minted 20 trillion tokens and sold them on Pancakeswap for at least $5 million in the stablecoin USDC. At the time of writing, the price of the Ankr reward-bearing staked BNB (aBNBc) had dropped from over $300 to a little over $1.50.
BNB Chain confirmed information about the assault and prohibited the attacker. The exchange has frozen around $3 million in money sent to its platform.
These pushing scams and hacks directly affect the market sentiment. It causes mass token flow from exchanges to wallets leaving the whole market with low liquidity.
Q1) What is the BNB chain?
Ans: Build N Build Chain (BNB Chain) is a distributed blockchain network on which developers and innovators may create decentralized apps (DApps) as part of the Web3 transition.
Q2) How many types of BNB are there?
Ans: BNB is now accessible in three varieties: BNB BEP-2 on the BNB Beacon Chain, BNB BEP-20 on the BNB Smart Chain, and BNB ERC-20 on the Ethereum network.
Q3) Is BEP20 same as BSC?
Ans: The BSC operates in parallel or conjunction with the Binance Chain, the Binance crypto exchange's initial blockchain. BEP20 is a token standard used for producing tokens on BSC, similar to ERC20 for creating tokens on Ethereum.
Q4) Is BNB a coin or token?
Ans: The BNB Chain ecosystem is powered by the cryptocurrency token BNB. As one of the world's most popular utility tokens, BNB can not only be traded like any other cryptocurrency but it can also be used in a variety of applications and use cases.
Q5) Does BNB run on Ethereum?
Ans: BNB was an ERC-20 token produced on the Ethereum network during its ICO and early days. Binance launched its crypto trading platform just days after its mid-2017 ICO concluded.
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