Data shows Binance Coin's bullish sentiment is on the rise, can it translate to price?

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According to the LunarCRUSH research team, social activity and bullish sentiment around Binance Coin have risen to six-month highs.

The price of Binance Coin has dropped from around $20 to $15.26 in the past month by 23 percent against the U.S. dollar as the Bitcoin price slipped by 20 percent in the same period.

"Binance Coin social activity is spiking this month. Bullish Sentiment and Social Volume have both risen to 6-month highs."

Binance Coin remains as one of the few cryptocurrencies alongside Bitcoin to be down by less than 70 percent from their record highs.

Based on the methodology used by the researchers at LunarCRUSH, the sentiment of a cryptocurrency is primarily measured by social activity and discussions amongst cryptocurrency users.

The criteria used by the researchers primarily depend on how actual users in the cryptocurrency space perceive the trend of a cryptocurrency like Binance Coin.

In recent months, Binance has led major acquisitions that position the firm to expand further internationally, such as its takeover of WazirX in India and adding support for Russian ruble to support the Russian market.

In July 2019, Binance also said that it will give up the 4 percent allocation made to its team from the Binance Coin raise, while also burning BNB every quarter through the firm's profits.

"With this change, we'll still burn BNB based on trading volume on Binance per quarter. But this time, the Binance team has given up our token allocation. We are now committing to building the Binance ecosystem without getting any BNB from the initial allocation. The team will burn their own tokens first. All US$2,400,000,000 of it."

The continuous burn of BNB, which indicates consistent profitability of Binance, as well as the firm's efforts to position itself better to target a broader base of investors, are likely to be the main factors behind the asset's improving sentiment.