It looks like CZ, the Binance CEO, is preparing an "accelerated burn" of BNB tokens in the coming weeks. You can read the tweet here: https://twitter.com/cz_binance/status/1340270901036630016
Burning tokens is a practice that promotes the scarcity of the token while keeping its Market Cap so, it is very likely that we will see a rise on BNB price quite soon.
This will not be the first time they did it, they have burnt millions of tokens in the past, Usually, it should involve a clear increase on the price but it has not been so evident in some of the times as you can see below.
However, the difference now is that we are in a BULL market while the majority of the previous burns were done on the BEAR times.
Still we don't have more information about but I think CZ is trying to "incentivize" the usual game of "Buy the Rumour/Sell the news".
BNB price is now at 34$, which is very close to its ATH, however I feel like that "summit" was only the completion of its wave 1 and, if so, BNB is building a consistent 3rd wave upwards right now which, if we take the 1.618 FIBO level in consideration, may well reach 63 USD as an achievable top.
For the moment I am opening a nice LONG on BNB right now, let's see how all these evolve.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
