Asset manager Standard Chartered has made a bold prediction regarding the future price of Binance's ecosystem token, BNB. According to an analyst report reviewed by Cointelegraph, Standard Chartered anticipates that the price of BNB could more than double this year. The asset manager forecasts BNB's price to rise to around $1,275 per token by the end of 2025 and potentially reach as high as $2,775 by the end of 2028.

As of May 6, BNB is trading at nearly $600 per coin, with a fully diluted value (FDV) of approximately $84 billion based on data from CoinMarketCap. Standard Chartered's analyst, Geoff Kendrick, noted that BNB has been trading closely in line with a basket of Bitcoin and Ethereum since May 2021 in terms of both returns and volatility. Kendrick expects this correlation to persist, potentially driving BNB's price to the projected $2,775 by the end of 2028.

BNB is the native cryptocurrency of Binance BNB Chain, a layer-1 (L1) blockchain network associated with the world's largest centralized exchange, Binance. Standard Chartered described the BNB Chain as having less developer activity compared to networks like Ethereum or Avalanche, characterizing its ecosystem as relatively "old-fashioned." The report highlighted that over 60% of the network's on-chain economic activity is centered around decentralized exchanges (DEXs), in contrast to a more diverse spread seen on other L1 networks.

Despite these observations, Standard Chartered pointed out that the heavy reliance on DEXs within BNB's ecosystem could provide a source of stability for the BNB Chain. The asset manager suggested that as long as Binance retains its position as one of the largest centralized exchanges, the key drivers of BNB's value are unlikely to change significantly in the near future. This could position BNB to potentially serve as a benchmark or average for digital asset prices more broadly, according to Kendrick.

BNB Chain currently ranks as the fourth largest L1 network, with nearly $6 million in total value locked (TVL) based on data from DeFiLlama. In a significant development, on May 5, asset manager VanEck filed to list the first BNB exchange-traded fund (ETF) in the United States, signaling growing interest and confidence in BNB's potential within the investment community.

Standard Chartered's optimistic price forecast for BNB reflects

Source: https://cointelegraph.com/news/standard-chartered-forecasts-bnb-price-more-than-doubling-this-year?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound