The BNB coin is causing a stir in the crypto market with a whopping 101% 24-hour trading volume and a 9% gain on the daily chart. This surge is due to the recent announcement that Uniswap is now officially live on the BNB Chain.
Yesterday, the coin hit a daily high of $330, which is quite impressive, considering it started the day at a low of $301.69.
The last time the coin experienced such a high was at the beginning of February, almost a month ago. However, the coin has spent most of the summer trading below $400.
In January 2022, the coin’s price dropped to $371.37, but it rose to a high of $408.48 in March, only to fall to $360.30 on March 14th. It later climbed up to $459.81 on April 5th.
Unfortunately, BNB experienced a sharp drop to $216.36 on May 12th due to the de-pegging of the UST stablecoin. It then rose to $336.67 on May 25th before dropping again.
Despite these ups and downs, the coin ended the year 2022 at $245.78 and began to recover from there. Year to date, BNB has gained about 33%, and it is currently trading at $329.66, with a significant 17% gain in the last seven days.
Additionally, the coin’s market cap also increased by 7.73% over the previous 24 hours, according to data from CoinMarketCap.
The coin is currently facing key resistance at around $340, and if it manages to surpass it, it could experience further gains toward major resistance at $400. However, if it fails, it could drop to its support level of $289.
BNB Coin Price Driving Factor
Uniswap, the top-ranked decentralized exchange protocol by trading volume, has officially launched on BNB Chain after receiving 66% voter support.
The deployment was proposed in February by 0x Plasma Labs, and with more than 55 million UNI token holders voting in favor, it was approved.
The move to BNB Chain offers several significant advantages, including user growth, lower fees, and tapping into new geographical markets.
Uniswap users can now leverage BNB Chain’s high speed and low transaction fees to trade and swap tokens across the network.
The launch is expected to further fuel the growth of both Uniswap and BNB Chain as more users join the ecosystem to take advantage of the benefits DeFi offers.
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