This is why investors buy huge stacks in Binance Coin now – Will the BNB price explode to $500?

  • Popular crypto influencer David Gokhshtein alongside other investors, set to stack up their wallets with BNB.
  • Cardano’s boss says Binance might back off from the FTX purchase if more financial crisis unfolds.

Despite the long-running bearish season, many crypto investors are stocking up their wallets with BNB. Recently, David Gokhshtein, the founder of Gokhshtein Media, announced his plan to accumulate  BNB tokens. In his tweet, the popular crypto entrepreneur said he would wait patiently and collect several BNB coins. The tweet gained several reactions as many investors prepared to buy BNB and other tokens. Some Twitter users argued that Dogecoin, Shiba Inu, and Cardano should be stacked instead. 

In the past few days, the Binance coin’s price has continued to skyrocket. The BNB token has continued its green ride despite the severe market condition. Led by Bitcoin and Ethereum, a larger percentage of the market is plummeting. Unfortunately, BNB’s greenish ride halted after plunging by 8.74 percent over the past 24 hours. Currently, BNB trades for $306.06, falling from a peak of $388. Nevertheless, many investors are rooting for the BNB token, with speculations that the crypto asset will remain unshaken amid the crypto crisis. 

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Will more investors seize the opportunity to purchase BNB before the coin moons to $500? Probably Yes. Binance Coin still maintains its position as the fourth-largest cryptocurrency by market capitalization. Before the bearish season commenced, BNB had an all-time high of $686.81.  

Binance vs FTX: The reason why investors are stacking BNB

Earlier this week, FTX and Binance engaged in a tussle in which the latter triumphed. Last week, the CEO of Binance, Changpeng “CZ” Zhao, announced the company’s plight to sell off an undisclosed amount of FTX’s native token, FTT. Alameda Research, a sister platform to FTX, offered to purchase the FTT from Binance. However, Binance has declined Alameda’s offer. After the announcement, over $500 million was withdrawn from the FTX exchange.

Recently, FTX placed a withdrawal hold on its platform, perhaps due to insolvency. The world’s largest cryptocurrency exchange has offered to buy FTX. Binance has signed a letter of intent (LOI). However, Binance is free to withdraw from the purchase proposal at any time. 

In a Twitter video, Charles Hoskinson, the founder of Cardano, addressed the current chaos in the crypto sphere. He said there is a high probability that Binance will back off from the acquisition once it discovers more of FTX’s financial problems. If Binance successfully acquired FTX, the market condition will regain its previous position. Otherwise, the market condition might be more severe than the current state. He added that the opacity of the situation opens room for many speculations. Hoskinson cleared the air that Cardano is not affected by the crisis.