Binance Coin is riding the ongoing bullish wave in the broader industry as BNB price has breached key milestones amid growing adoption
Binance Coin (BNB) is making headlines again after jumping to its highest price in three months. This big move comes as the Binance Smart Chain (BSC) sees a spike in users and activity.
More people are using the BNB Chain for trading, gaming, and decentralized finance (DeFi), pushing up demand for Binance Coin. Growing institutional interest is also adding to the momentum.
BNB Chain Breaks Records with Surging User Activity
Interestingly, after the BNB Chain’s Pascal hard fork went live on the mainnet in March, the network has seen a massive rise in engagement.
Over 2 million active addresses on the network have reached over 8 million daily transactions. This surge in network use shows that more people are building, trading, and moving assets on the BNB Chain than ever before.
The growing DeFi activity on the BNB Chain is a key part of this rise. In just five months, the Total Value Locked (TVL) in BNB-based DeFi platforms has jumped from $3.5 billion to over $6 billion, a 71% increase since the start of 2024.
Interest from institutional investors is also growing, especially with speculation about a possible BNB exchange-traded fund (ETF) spreading across the market. Top asset manager VanEck has recently filed with the U.S. Securities and Exchange Commission (SEC) to launch the first-ever BNB ETF. This move shows that BNB is moving closer to mainstream finance.
According to analysts at Standard Chartered, BNB Chain may be more centralized than blockchains like Ethereum (ETH) or Solana (SOL). However, this structure can provide greater stability, making BNB a potentially safer option during uncertain economic times.
Binance Coin Price Hits a 3-Month High as Investors Take Notice
BNB’s price recently hit $677, its highest point in three months. According to CoinMarketCap data, the token currently trades at $653.79, up 1.36% in 24 hours. Over the last week, Binance Coin has gained more than 10.3% and 14.5% over the past month.
Trading volume has also skyrocketed, increasing by 34% to reach $2.71 billion daily. These strong numbers show that BNB is gaining serious traction among retail and institutional investors compared to rivals like Solana.
With more people using BNB, rising interest from institutions, and talk of a possible BNB ETF, the token could be the next big thing in the crypto market.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
