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Cryptocurrency News Articles
Binance and BNB Chain Launch “Gas-Free Carnival” Event Until October 19
Sep 28, 2024 at 09:28 pm
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.
Binance and BNB Chain have joined forces to launch a thrilling event called the “Gas-Free Carnival,” which will continue until October 19, 2024, at 23:59 UTC. This initiative aims to make transactions more accessible and affordable by eliminating gas fees.
Binance is rolling out this promotion to enhance the user experience and potentially stimulate trading activity, begging the question: will this move help the BNB price rally?
How Will This Move Benefit The BNB Chain?
According to Binance’s blog, the Gas-Free Carnival primarily focuses on stablecoin transactions on the BNB Chain. During this period, users have three options to choose from.
First, users can withdraw USDT, USDC, and FDUSD without paying any fees, which were previously $0.1 and $0.2, respectively. However, a minimum withdrawal amount of $20 is required.
This promotion applies to transactions on both the BNB Smart Chain (BSC) and the opBNB Chain.
Next, the second option offers free transfers using Bitget Wallet and SafePal. Each wallet address is entitled to six free transfers per day during the event. Each transfer requires a minimum of $0.10 in stablecoins (FDUSD/USDT/USDC) on the BSC network.
Finally, 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 seamlessly bridge their stablecoins to BSC or opBNB, enabling 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, BNB's price was $601, having slipped by 0.4% after reaching a peak of $616. The price follows an upward trendline and indicates a bullish stance on the hourly chart.
Trading volume has increased by about 3%, and many believe the Gas-Free Carnival could boost BNB’s price. The market cap for BNB was $87.708 Billion, ranking it 4th, with a spot trading volume of $2.202 Billion.
With gas fees being removed 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 largely bullish. 77% expected a price increase, and 23% anticipated 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.
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.
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