- Binance Coin (BNB) has had a stunning 62% price spike over the past month, hitting a two-year high of $489.50 on March 8th.
- The price surge is attributed to the strong activity on the BNB Chain and its related network.
- As anticipation builds for BNB to surpass the $500 mark, these insights provide valuable perspectives on the sustainability of BNB’s recent rally.
Binance’s native cryptocurrency, Binance Coin (BNB), has had a stunning 62% price spike over the past month, hitting a two-year high of $489.50 on March 8th and nearing $500 as of writing. According to a report, this surge was observed despite regulatory obstacles encountered by the company. With stablecoins excluded, this increase has strengthened BNB’s standing as the third-largest cryptocurrency by market capitalization.
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Driving Force Behind BNB Price Surge
Strong activity on the BNB Chain and its related network was identified as the driving force behind the current price spike of BNB. The total value locked (TVL) in BNB terms decreased by 7% over the past month, although data shows that 12.8 million BNB were placed into BNB Chain’s decentralized apps (DApps). This number is still impressive even if it is less than the 19.4 million BNB recorded at the beginning of 2023.
Comparatively, Solana had a 20% gain in TVL during the same period, while Ethereum’s network TVL climbed by 3% in ETH terms. The data indicates that the positive momentum propelling the value of BNB is not exclusively dependent on the amount of deposits made in DApps like decentralized finance (DeFi) aggregators and NFT markets.
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Reportedly, DApp volume for BNB Chain has dramatically increased over the previous month by 41%, propelling the company into third position overall. Furthermore, the remarkable 5.6 million active addresses engaging with BNB Chain’s DApps exhibit the platform’s enhanced usefulness and efficiency are demonstrated.
As anticipation builds for BNB to surpass the $500 mark, these insights provide valuable perspectives on the sustainability of BNB’s recent rally. Despite regulatory challenges, the strong network activity and growing user engagement on the BNB Chain indicate the potential for continued growth and resilience in the face of market fluctuations.
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