Standard Chartered: BNB to Soar 100% Before Year-End! How Credible Is It?

TradingKey - BNB has shown weak performance over the past month, fluctuating around $600. Fortunately there are two positive factors that could drive its price up in the future.

Since the U.S. President’s pause on tariffs, announced on 9 April, Bitcoin (BTC)  has been on a steady rise, climbing by 25% and nearing the $100,000 mark again. In contrast, Binance Coin (BNB) has remained stagnant, hovering around $600 with minimal price movements.

BTC and BNB price charts over the past year, source: CoinMarketCap.

Despite BNB's recent struggles, Standard Chartered remains bullish on this coin. They predict BNB could double by the end of the year, reaching $1,275. How likely is this? What are Standard Chartered’s grounds?

At the end of April, Binance founder Changpeng Zhao revealed that they are consulting multiple countries on establishing cryptocurrency reserves. He suggested that countries like Kyrgyzstan include both BNB and BTC in their strategic reserves. Additionally, VanEck has submitted a spot BNB ETF application.

These two developments are significant as they could greatly increase the demand for BNB. If they materialise, it’s not impossible for BNB’s price to double.