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BNB Chain Ecosystem Heats Up as Token Hits Lifetime High Above $710 — TradingView News
Projects in the BNB chain ecosystem saw a jump in activity, token prices and trading volume as the blockchain’s native BNB token hit a record price above $710 during the Asian morning.
Trading volumes for BNB Chain-based tokens have increased by 124% in the past 24 hours, CoinGecko data shows. The floki dog-themed meme coin {{FLOKI}}, based on both Ethereum and BNB Chain, where it is the largest meme token, led the gains with an advance of more than 25%. PancakeSwap’s CAKE decentralized exchange jumped 15%.
Among projects with a market capitalization under $200 million, the price of Sensi’s SENSI trading service skyrocketed by 900%, with trading volumes rising from $14,000 on Monday to $100,000 by Wednesday morning.
Value locked on BNB ecosystem projects increased by nearly 8%, data tracked by DefiLlama, led by PancakeSwap and lending app Venus, shows. Net inflows into the ecosystem topped $2.4 million on Wednesday morning, breaking the trend of net outflows since May 30.
While there was no immediate catalyst for BNB’s price surge, some market observers have suggested that several existing assets have strengthened the token’s fundamentals.
“BNB price is benefiting from years of token burn and token lock initiatives for their launchpad program,” Nick Ruck, head of growth at bitcoin yield project BitU, wrote in a Telegram message. “BNB Protocols has also ramped up campaigns and activities due to cheaper gas rates and has cultivated a large and energetic user base.”
Burns are the permanent deletion of tokens from the circulating supply by sending them to an address not controlled by anyone. From 2021, these burns are based on the removal of a portion of the gas fees spent on BNB chain transactions. Nearly $400,000 worth of tokens have been burned in the past seven days, blockchain trackers show.
“The BNB chain is perhaps the most undervalued chain of all cryptocurrencies, partly due to some anti-Binance/BNB narratives spread in some circles,” said a Floki developer identified only as B. “However, from the perspective of Looking at the fundamentals, the BNB chain is one of the best chains to build on: it is fast, scalable and probably the most used chain by most of the non-Western world.
BNB Chain was initially developed as Binance Smart Chain, and the world’s largest exchange still supports its development and financing.
“We are prioritizing the BNB chain for the Floki Trading Bot, which will be live soon, as well as many other products. This action has paid off: Floki currently has 5x more holders on the BNB chain than ETH, and the vast majority of our community is made up of people who use the chain,” B said.