BNB Binance Coin to overtake Ethereum in 2022
In 2021, Pancakeswap, a decentralized crypto swap exchange, was responsible for more BSC transactions than the entire Ethereum network. Some of the most purchased tokens on the Pancakeswap V2 exchange in 2021 include EverGrow (EGC) and Radio Caca (RACA). New tokens like Evergrow are solely responsible for generating hundreds of thousands of transactions per day for the Binance chain. EverGrow is the first hyper-deflationary token that rewards its holders in BUSD generated from each buy / sell / transfer transaction in EGC tokens. EverGrow contracts distribute 8% of each transaction among its holders. Evergrow recently announced that in just 12 weeks they have added 118K + wallets as holders to the Binance channel and distributed over $ 30 million BUSD in rewards. This ultimately means that his contract executes thousands of trades every day to send rewards to its owner.
While the Binance chain’s transaction fees are much lower than the Ethereum chain’s, it still means millions of dollars worth BNB are stuck in Pancakeswap cash pools and paid in gas fees. Reward-based tokens like Evergrow are seen as the future of dividend-paying stocks or staking pools, as rewards to be distributed among holders are generated from daily trading volume instead of inflating the supply by. circulation by minting new tokens every day.
According to coingecko, Crypto has gained over 189.00% since launch. EGC’s success story inspired hundreds of new BEP20 tokens to launch on the Binance channel and contributed millions of dollars in daily trading volume. EverGrow is a relatively new currency, but it has a bright future as the currency has yet to launch its utilities, including games to win, NFT lending platform, and buy / sell marketplaces. – content subscription forms, etc. projects continue the initial success, so Binance coin BNB and BSC could soon overtake the Ethereum chain in the total transactions executed daily on its blockchain. Currently, every block in the Binance chain is confirmed in about 3 seconds.
In the past 24 hours, more than 7M transactions were executed on the Binance Channel. The short term forecast for BNB looks bullish. According to technical indicators, the 20-day EMA for BNB is flat and the RSI is just above the midpoint, suggesting a state of equilibrium between bulls and bears. Binance Coin BNB Price May First Rise To $ 570–$ 575 then go up to $ 620. There is strong technical support for BNB at $ 500. If the price exceeds $ 575, the BNB could first rally to $ 617 then to the air resistance zone at $ 668.40 at $ 690.50, which will mean that the correction could be completed for the significant BNB price gains made this year. Subscribe to News Reportz’s daily updates newsletter to stay up to date with the latest crypto updates.
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