TLDR
- BNB predicted to rise from $600 to $2,775 by 2028 according to Standard Chartered
- BNB has traded in line with Bitcoin and Ethereum since May 2021
- Standard Chartered calls BNB a “benchmark” cryptocurrency despite limited developer activity
- The token benefits from deflationary tokenomics and its connection to Binance exchange
- VanEck has applied to launch the first BNB ETF in the US
Binance Coin (BNB), the fifth-largest cryptocurrency by market cap, could see its price rise by 360% to reach $2,775 by 2028, according to a recent research note from Standard Chartered. The bank’s global head of digital-asset research, Geoffrey Kendrick, has initiated formal coverage of the token with one of the most detailed long-term projections in the industry.
The price trajectory outlined by Kendrick shows BNB growing from around $600 today to $1,275 by 2025 and eventually to $2,775 by 2028, before leveling off in 2029.
This forecast places BNB in what Kendrick describes as “a benchmark-like role” within the broader cryptocurrency market.
“BNB has traded almost exactly in line with an unweighted basket of Bitcoin and Ethereum since May 2021 in terms of both returns and volatility,” Kendrick wrote. “We expect this relationship to continue to hold, driving the price from around $600 currently to $2,775 by end-2028.”
The bank’s outlook is optimistic for major cryptocurrencies overall. Bitcoin is expected to reach $200,000 in 2025 and $500,000 by 2028, while Ethereum could hit $4,000 and $7,500 over the same periods.
Market Position and Technical Analysis
When translated into cross-asset ratios, these forecasts reveal interesting market dynamics. The BTC-BNB ratio is expected to increase from 157 in 2025 to 180 by 2027 and then stabilize, suggesting Bitcoin will outpace BNB in dollar terms.
Conversely, the ETH-BNB ratio is predicted to decrease from 3.14 in 2025 to 2.70 in 2027, indicating that while Ethereum may outperform BNB, it will do so less dramatically than Bitcoin.
Kendrick acknowledges that BNB “may underperform Bitcoin and Ether both in real terms and as measured by market cap in circulation.” However, he argues that its deflationary tokenomics and close connection to Binance, the world’s largest centralized exchange, “support its long-term value.”
BNB Chain’s architecture uses a “proof-of-staked authority” model with just 45 validators rotating every 24 hours, which Kendrick describes as “highly centralized relative to other chains.”
He also notes that developer activity on BNB Chain has “stagnated” since the 2021 DeFi surge and now lags behind networks like Avalanche and Ethereum.
Despite these limitations, upcoming technical milestones are expected to enhance the ecosystem. Kendrick points to the recently completed Pascal hard fork and the upcoming Maxwell upgrade in June as “incremental but meaningful” incentives for developers.
On the demand side, BNB’s value remains linked to Binance’s trading platform. Token holders receive tiered fee discounts based on their balance and 30-day trading volume. This built-in utility has “helped the BNB Chain retain activity even as competition from other ecosystems like Solana grows,” according to Kendrick.
PancakeSwap, the main decentralized exchange on BNB Chain, further strengthens this liquidity cycle.
Regular token burns combined with the fixed supply create structural deflation that Standard Chartered says justifies the premium valuation that BNB currently commands.
“Because of its low developer numbers, BNB’s use cases have remained static relative to peer chains,” said Kendrick, adding that this gives the coin a level of stability.
“Assuming Binance remains one of the largest centralized exchanges, BNB’s value drivers are unlikely to change anytime soon. Given this, we see potential for BNB to serve as a form of benchmark, or average, for digital asset prices more broadly,” he continued.
In other BNB news, investment firm VanEck has applied for approval to launch an exchange-traded fund tracking the spot price of BNB, according to a filing with the U.S. Securities and Exchange Commission on Monday. This marks the first time a firm has signaled plans to debut a BNB ETF in the United States.
At the time of writing, BNB was trading at approximately $605-$616, representing a 10.60% increase in recent trading.
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