- Binance and BNB Chain have launched a promotion offering zero-fee stablecoin transactions.
- BNB Chain has partnered with Celer cBridge to provide gas-free bridging.
- Changpeng Zhao is set to be released from prison, which could boost BNB’s value.
Binance and BNB Chain have launched a special event called the “Gas-Free Carnival,” running until October 19, 2024, at 23:59 UTC. This event aims to make transactions more affordable by eliminating fees.
With this, Binance aims to enhance the user experience and potentially stimulate trading activity. This raises the question of whether this move would help the BNB price rally.
How Will This Move Benefit The BNB Chain?
According to Binance’s blog, the Gas-Free Carnival focuses on stablecoin transactions on the BNB Chain. During this period, the user has three options in their bucket.
First, users can withdraw USDT, USDC, and FDUSD without fees, previously $0.1 and $0.2. However, a minimum withdrawal amount of $20 is required.
#Binance will support $BNB Chain to bring you the Gas-Free Carnival.
— Binance (@binance) September 25, 2024
Experience zero withdrawal fees on USDT, USDC, and FDUSD across BNB Smart Chain and opBNB Chain.
Read more here https://t.co/rHHQpkNYEJ
This promotion applies to transactions on both the BNB Smart Chain (BSC) and the opBNB Chain.
In addition, the second option offers free transfers using Bitget Wallet and SafePal. Each wallet address is entitled to 6 free transfers per day during the event. Each transfer requires a minimum of $0.10 worth of stablecoins (FDUSD/USDT/USDC) on the BSC network.
For the third option, BNB Chain has partnered with Celer cBridge to provide a gas-free bridge experience for users with assets on other chains.
This allows users to bridge their stablecoins to BSC or opBNB. It enables them to participate in high-yield products and decentralized finance (DeFi) activities.
By eliminating these costs, Binance aims to encourage more users to utilize the BNB Chain.
BNB Price Performance and Market Sentiment
At press time, the BNB price traded at $601, dipping slightly by 0.4% after reaching a peak of $616. The price follows an upward trendline and showcases a bullish stance hourly.
The trading volume has increased by about 3%, and many believe the Gas-Free Carnival could boost BNB’s price. The market cap for BNB stood at $87.708 Billion, ranking it 4th, with a spot trading volume of $2.202 Billion.
With removing gas fees on a large scale, BNB might experience more trading activity and higher demand. If this trend continues, it could lead to a significant price increase for the cryptocurrency.
On CoinMarketCap, community sentiment was bullish. 77% expect a price increase, and 23% anticipate a sell-off.
How Will the Market Impact After CZ’s Return?
Changpeng Zhao (CZ), the founder of Binance, is set to be released from prison on September 4. This could potentially boost BNB’s value. CZ had pleaded guilty to violating U.S. anti-money laundering laws and was sentenced to four months in prison.
His arrest in April caused a significant stir in the crypto world, leading to a nearly 6% drop in BNB’s value. Despite stepping down as CEO, CZ’s influence on Binance remains substantial, as he owns over 90% of the company.
Many believe that CZ’s return will restore confidence in the Binance ecosystem. It could drive the BNB price up as investors regain trust in the platform.
BNB Price Prediction
On the daily chart, if BNB’s price breaks out of its current range on the upside. The initial target would be around $720, with the potential to reach $800 if the momentum continues.
However, if the BNB price fails to break out and instead declines, it may find support around $582 and $554.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.