Binance Coin (BNB) Eyes New All-Time High with Strong Tokenomics, Staking Demand, and Whale Activity Boosting Short Squeeze Hopes

Binance Coin (BNB) is currently showing strong relative performance against the broader altcoin market, sitting just 17% below its all-time high while major competitors like Ethereum and Solana remain at least 40% off their peaks. Notably, BNB has tested the $700 level twice in 2024 and set a new all-time high of $793 in December. This resilience is driven by a combination of bullish technical indicators, increased staking demand, consistent token burns, and solid fundamentals. Analysts have observed that large BNB holders (’whales’) are increasingly engaging in short positions—a phenomenon not seen in other top altcoins—which could set the stage for a short squeeze and rapid price appreciation. Over 60 million BNB have been permanently removed from circulation via token burns, shrinking the supply to 140 million, with significant amounts locked or staked within the Binance ecosystem. The network’s total value locked (TVL) has reached a three-year high over $6 billion, and stablecoin inflows suggest further capital is poised to enter. Key resistance areas include $690 and the psychologically important $700 mark, with projections as high as $828 if a breakout occurs. For crypto traders, BNB’s capped supply, active burn program, and continued staking demand reinforce its market strength, supporting bullish divergence and leaving the door open for significant upward movement—especially if a short squeeze is triggered.