BNB conquers new price maximum above USD $710 – DiarioBitcoin
By Hannah Perez
BNB Chain activity showed signs of increased demand and adoption as the native token conquered new record heights. BNB reached an unprecedented price of USD $712.
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- BNB Chain’s native token hit a record price of $712 on June 5
- There was no specific bullish catalyst, but increased BNB Chain network activity was observed
- BNB has a burning program and is widely used on the Binance launchpad
Binance Coin (BNB), the cryptocurrency of the ecosystem BNB Chain and backed by the world’s largest cryptocurrency exchange, Binancehas reached a new all-time price high.
Amid a widespread bullish trend in the digital asset market, BNB conquered an unprecedented record level above USD $700. Early morning (EDT) on Wednesday, BNB reached a height of USD $712 marking a new all-time price high (ATH), data from CoinMarketCap.
The native token of the ecosystem BNB Chain had recorded a previous price high of USD$690 in May 2021. The last time it was valued this high against the US dollar was in November of that year, when Bitcoin and many other major cryptocurrencies also saw price spikes amid a general bullish cycle.
BNB is currently up 8% on the day, 17% on the week, and over 130% in the last year. In terms of volume, around $3.3 billion worth of BNB was traded in the last 24 hours. The token currently has a market capitalization of $103.113 million, according to the same data source.
BNB Chain see increased activity
While no key bullish catalyst was identified, this week’s higher prices coincided with an increase in activity and momentum across the blockchain ecosystem. BNBChain.
The data cited from BscScan reveal that from May 19 to June 3, there was a nearly doubling increase in BEP-20 token transfers, from 6.62 million to 10.29 million. Also daily transfers increased by 56%, suggesting increased demand for the BNB network.
Daily active addresses have also increased in recent weeks, with the metric showing a steady average increase of 150,000 unique addresses per day, supporting the idea of increased user demand.
Meanwhile, projects based on BNB Chain have also seen significant growth, with the value locked in the BNB decentralized finance (DeFi) ecosystem increasing by almost 8%, according to data tracked by DefiLlama. This increase has been led by decentralized exchange PancakeSwap and loan application Venus.
Tokens based on that network, such as FLOKI and CAKE, also benefited, with price increases of 20% and 14% respectively.
“The BNB chain is perhaps the most underrated chain of all. However, from a fundamental perspective, BNB Chian is one of the best chains to build on: it is fast, scalable, and arguably the most used chain by the majority of the non-Western world.“, commented a developer of Floki identified as ‘B’.
Various factors have benefited BNB
Beyond the network’s fundamentals, other observers pointed to BNB’s token burning initiatives and the recent popularity of Binance Launchpool as factors behind the recent price rally.
“BNB price is benefiting from years of token burning initiatives and token locking initiatives for its launchpad program“said Nick Ruck, head of growth for the company’s performance project. Bitcoin, BitUin a message on Telegram which was cited by CoinDesk.
“BNB protocols have also stepped up campaigns and activities due to cheaper gas fees and cultivated a large and energetic user base“he added.
Last month, Binance Launchpool announced his support to Notcoinwhich made Binance on the first exchange to list the token. Notcoinwhich can be won in a Web3 game within Telegramhas attracted attention accumulating a market capitalization worth US$2.2 billion since its launch.
Binance Launchpool is a new project launch platform that requires users to hold and stake BNB to participate in new token offerings on the exchange Binance.
As BNB reached a new all-time high, the cryptocurrency market turned green, with Bitcoin revisiting the bullish area of USD $71,000 and the global market capitalization rising close to 2%. BNB has retreated from earlier records, hovering around $699 at the time of this writing.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
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