BNB: undervalued according to a recent report
As the TokenInsight report explains, it can be difficult to evaluate an exchange token, due to its nature. This is why the analysis firm has developed evaluation criteria to judge whether an asset like BNB is undervalued or not. If we consider all the exchange tokens, which are still relatively recent, the conclusion of TokenInsight is clear:
” We have concluded […] than most tokens on exchange platforms are on an upward curve and are considered undervalued. “
For BNB in particular, TokenInsight indicates that the difference is particularly marked. At the time of the report, the asset’s price was around $ 22. But according to TokenInsight, its price would be fairer between $ 27.45 and $ 32.36.
The very rapid development of Binance, which has established itself as the current largest exchange, would have led to an undervalued BNB. Launched three years ago, its native token preceded many major developments for Binance, including the purchase of CoinMarketCap, or the launch of Binance Chain.
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BNB has rebounded since this weekend
Undervalued or not, it should be noted that the BNB has jumped since this weekend. A week ago, Binance launched Binance Smart Chain. It is a blockchain parallel to the Binance Chain, which allows the creation of smart contracts and the staking of BNB. The new had raised the price of BNB, but it had fallen noticeably since then, following Bitcoin (BTC) plummeting over the weekend. It has, however, rebounded since:
Source: Trading View, BNB / USDT
If the BNB continues to reflect the development of the exchange Binance, its price should therefore continue to rise. The launch of new projects, such as the yield farming platform Launchpool, indicates in any case that the cryptocurrency giant intends to further diversify its offer.
👉 Also read: Binance Deploys Its Own Automated Market Maker Pool
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About the Author : Marine Debelloir
Intrigued by Bitcoin for several years, I developed a passion for cryptocurrencies and the innovative technologies that result from them. I like to unearth the most delicious information to share it with you and help democratize this fascinating universe. But I don’t stop there! I also like to analyze projects related to cryptos and blockchains, which fascinate me just as much.
All articles by Marine Debelloir.