Summary:
– BNB peaked at $808 before declining; still sees a 5.42% weekly increase during a technical adjustment.
– BNB Chain witnessed a threefold rise in daily transactions, reaching 20 million.
– DEX trading volumes have surged by 400%, surpassing $145 billion as the network sees an influx of stablecoins.
– Recent hard forks have reduced block times, enhancing speed and user experience.
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BNB recently hit a new record above $800, drawing significant attention within the crypto community. However, the momentum was short-lived as the token fell sharply, currently below $770.
Despite the price decline, BNB Chain’s on-chain metrics reveal a different narrative, showcasing rising activity and genuine usage. Analysts are closely monitoring these developments as underlying momentum grows.
BNB’s Price Correction Post-Record High
BNB reached $808.09 before falling to approximately $760, based on CoinGecko data. It has decreased over 4% in the past 24 hours but remains 5.42% higher for the week. Some traders see this correction as a technical adjustment following a strong breakout.
An analyst from D_DTRADING highlighted a clear retest of range highs overnight, noting a local structural break that provided a textbook short opportunity. They are currently observing price reactions at range lows for future moves.
Axel Bitblaze pointed out that BNB’s rise was driven by more than just hype. On Binance, the token offers trading fee discounts, staking returns, and access to airdrops, keeping holders engaged.
On-chain data indicates genuine traction, with daily transactions tripling to 20 million and active monthly addresses doubling to 46 million. Meanwhile, fees have decreased by 60%, now averaging just one cent.
These metrics suggest steady user growth and seamless usage.
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BNB Market Volume Insights
BNB Chain’s decentralized trading volumes are also on the rise, with DEX activity increasing by 400% and surpassing $145 billion. Derivatives volume has hit $200 billion, while stablecoin supply on the network has increased by $4 billion, now totaling $11.1 billion.
Two recent hard forks, Lorentz and Maxwell, have reduced block times to under one second, resulting in faster confirmations and a smoother experience for users and developers.
BNB’s 32nd token burn removed 1.59 million tokens worth $1.26 billion, a quarterly event that decreases supply and gradually exerts upward pressure on the price. Institutional players are also taking note.
According to Axel, Nano Labs expanded its BNB treasury to 120,000 tokens, and digital asset firm Windtree signed a $60 million deal for a BNB-based strategy, indicating growing institutional confidence in the asset.
Despite the recent decline, the core metrics remain strong. Whether or not BNB revisits its recent peak, the fundamentals demonstrate enduring momentum.
