Standard Chartered forecasts BNB could increase by 360% by 2028, aligning its performance with Bitcoin and Ethereum. Currently, it is the fifth largest cryptocurrency but has limited developer activity on its blockchain. Despite these factors, BNB’s price stability and potential as a market benchmark are highlighted by analysts.
In a recent note from Standard Chartered, there’s some bullish sentiment regarding Binance’s BNB token, suggesting it could potentially see a rise of up to 360% by 2028. The bank’s Global Head of Digital Assets Research, Geoffrey Kendrick, points out that BNB has been trading in a manner similar to an unweighted basket made up of Bitcoin and Ethereum. The forecast suggests that BNB’s price might leap from the current level of around $600 to an ambitious target of $2,775 over the next few years.
BNB currently stands as the fifth most valuable cryptocurrency, with a market cap hovering around $87 billion. As reported by CoinGecko, its recent trading price was $595. The token was originally launched in 2017, operating on the Ethereum network before transitioning to its own blockchain, now known as BNB Chain. While it supports the development of decentralized applications, it appears that not many developers are leveraging its network like they do other chains.
Kendrick acknowledges that despite BNB’s steady performance, its use cases are quite stagnant compared to peer platforms. This might come down to the relatively low number of developers working with BNB Chain. Nevertheless, BNB continues to draw the attention of traders frequently. Kendrick maintains that as long as Binance retains its status as a leading centralized exchange, the fundamental drivers of BNB’s value are unlikely to shift significantly.
He noted, “Given this stability, BNB could likely act as a benchmark for assessing the broader cryptocurrency market.” This perspective aligns with a previous prediction from Standard Chartered that Bitcoin could reach staggering heights, as much as $200,000 by the end of the year. This projection is fuelled by a noticeable trend of investors withdrawing from U.S. assets and injecting capital into the cryptocurrency sector.
As the crypto landscape continues to evolve, it’s clear that BNB is positioning itself in a unique space. While its utility may seem limited now, the connection with major coins like Bitcoin and Ethereum is an intriguing dynamic to watch in the coming years.
