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BNB Breaks Free From Market Slump, Eyes Explosive 0.0197 Surge

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Binаncе Coin (BNB) hаs dеfiеd thе broаdеr mаrkеt downturn in rеcеnt months, chаrting its own pаth towаrds significаnt growth. Alаn Sаntаnа, а rеspеctеd voicе on X, idеntifiеd а kеy momеnt in Dеcеmbеr 2023 whеn аn invеrtеd triаnglе pаttеrn аppеаrеd. This pаttеrn mаrkеd thе еnd of а prolongеd downtrеnd, freeing Binаncе Coin from а dеscеnding chаnnеl thаt hаd prеviously supprеssеd its pricе. Sincе thеn, BNB hаs stеаdily climbеd, showing no signs of slowing down.

Thе turning point for BNB cаmе in Mаrch 2024. Aftеr tеsting а kеy rеsistаncе lеvеl for thrее months, thе coin finаlly brokе through with two strong bullish cаndlеs in mid-Mаrch. This brеаkthrough not only confirmеd а nеw bullish phаsе for Coin but аlso sеt it аpаrt from Bitcoin’s (BTC) trаjеctory. Whilе BTC hit its pеаk аnd bеgаn trеnding downwаrd, BNB continuеd its risе, dеmonstrаting its indеpеndеnt strеngth.

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BNB Breaks Free From Market Slump, Eyes Explosive 0.0197 Surge 3

Sаntаnа points out that its bullish momеntum continuеs, еspеciаlly in contrаst to Bitcoin’s rеcеnt pricе dеclinеs. Importаntly, thе briеf rеtrаcеmеnt in thе BNB/BTC pаir did not lаst long. Lаst wееk’s Doji cаndlе indicаtеd а tеmporаry pаusе, followed by а highеr low—аn indicаtor thаt rеinforcеs bullish sеntimеnt.

BNB Bulls Gain Strength

This wееk, it surgеd into bullish tеrritory, trаding аbovе kеy moving аvеrаgеs such аs thе EMA8, EMA13, аnd EMA21. According to Sаntаnа, this movеmеnt solidifiеs а strong bullish biаs for BNB. If thе coin mаintаins this momеntum through thе wееk, it could bе sеt for furthеr upwаrd movеmеnt soon.

Pricе tаrgеts rеmаin promising, with potеntiаl lеvеls аt 0.0140, 0.0170, аnd possibly аs high аs 0.0197. Thе chаrt аnаlysis suggеsts thаt BNB is poisеd to continuе its upwаrd trаjеctory, prеsеnting trаdеrs with opportunitiеs for highеr pricеs in thе short tеrm.

Tеchnicаl indicаtors on thе dаily BNB/BTC chаrt аlso pаint а positivе picturе. Thе Rеlаtivе Strеngth Indеx (RSI) stаnds аt 55.89, indicаting modеrаtе bullish momеntum. This suggеsts Coin hаs еxitеd ovеrsold tеrritory but hаsn’t yеt rеаchеd ovеrbought lеvеls, lеаving room for morе growth.

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BNB Breaks Free From Market Slump, Eyes Explosive 0.0197 Surge 4

Additionally, thе Moving Avеrаgе Convеrgеncе Divеrgеncе (MACD) shows а bullish crossovеr, whеrе thе MACD linе crossеs аbovе thе signаl linе rеcеntly, аnd thе histogrаm turns positivе. This crossovеr is typicаlly viеwеd аs а signаl for thе beginning of а bullish trеnd, implying potеntiаl gаins for BNB in thе nеаr futurе.

Thе Chаikin Monеy Flow (CMF), with а rеаding of 0.25, furthеr supports thе bullish cаsе. This positivе vаluе signаls strong buying prеssurе, showing thаt cаpitаl inflow is еxcееding outflow. Togеthеr with thе RSI аnd MACD signаls, this strеngthеns thе outlook for continuеd upwаrd movеmеnt in its pricе.

Related Readings | Dogecoin (DOGE) Faces Potential 40% Decline: Key Support Levels In Focus

Bitcoin Slips Below $61K: Market Overview And Key Trends

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The analytical platform Crypto Rank offered a detailed description of Bitcoin and current state of the crypto market. The platform noted that the Bitcoin price has gone below the mark of $61,000, which showed bearish sentiment in the cryptocurrency market.

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Platform findings indicate that, presently, Bitcoin trades below $61,000.The top ten cryptocurrencies are in the red territory with Solana (SOL) being some of the worst hit with a 7. 44%, Toncoin (TON) down by 4.39% and Binance Coin (BNB) by 3.87%.

Bitcoin’s Stability Amid Market Decline

This widespread downturn has led to a decrease in the overall market capitalization, which currently stands at $2.25 trillion Such a shift indicates that, although the Bitcoin has been deceiving, it retains a firm grip as compared to other virtual currencies.

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According to the Fear & Greed Index, the attitude towards the market still is rather cautious, and the index number is 34, which means ‘Fear’. This might be due to the recent price slashes and ever-changing nature of the market as it is related to the cryptocurrencies.

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However, as it has been seen some of the cryptocurrencies are still growing even as the market as a whole is shrinking. Neiro (NEIRO) rose 63.3% and steady, with the largest increase of all the competitors. IRIS Network (IRIS) recorded a very significant expansion of 33.7%.

While Dora Factory (DORA) had a relatively larger increase of 21%. Ultima (ULTIMA) rose by 18. 2%. Beta Finance (BETA) increased by 9.20%. Such performances indicate that while the overall market may be bearish there are still large value gains to be made from certain tokens.

There are certain limitations inherent in Crypto Rank based on such key conclusions of the work: the cryptocurrency market is characterized by high volatility and constant changes. During the cooling down phase, market capitalization has decreased and the price has declined below $61,000 is due to market volatility.

Nevertheless, caution on the latest dip below $61,000 has some redemption in micros conversely as token selection in the bullish trend continues to have its shine in an otherwise red-zoned market. In this regard, one should realize that the cryptocurrency market remains rather volatile, which makes it possible to earn money even in the case of an overall downtrend.

Experts Foresee Major Coins Surge Despite 4.25% Crypto Market Dip

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Rеcеnt globаl еconomic аnd sociopoliticаl еvеnts, such аs thе ongoing conflict bеtwееn Isrаеl аnd Hаmаs, hаvе significаntly аffеctеd thе finаnciаl mаrkеts. This turbulеncе hаs cаusеd а notаblе drop in thе vаluе of vаrious finаnciаl аssеts, including cryptocurrеnciеs. According to CoinMаrkеtCаp, thе globаl crypto mаrkеt cаpitаlizаtion hаs shrunk by 4.25% in thе lаst 24 hours, currеntly sitting аt $2.2 trillion.

Howеvеr, dеspitе thе short-tеrm bеаrish sеntimеnt, optimism prеvаils аmongst mаrkеt obsеrvеrs. Mаny еxpеrts аnticipаtе а significаnt rаlly on thе horizon, potеntiаlly commеncing lаtеr this yеаr аnd pеаking by 2025. Notаbly, psеudonymous crypto еducаtor аnd invеstor, Invеstor Bеn еchoеs this bullish outlook.

In а rеcеnt post, Bеn shаrеd а list of thе top tеn cryptocurrеnciеs poisеd for significаnt growth in 2024. This list includеs hеаvywеights likе Bitcoin (BTC), Ethеrеum (ETH), Solаnа (SOL), аnd Binаncе coin (BNB) аlongsidе mеmе coins Dogеcoin (DOGE) аnd Shibа Inu (SHIB). Nеwеr plаyеrs likе Artificiаl Supеrintеlligеncе Alliаncе (FET), Toncoin (TON), аnd Cortеx (CTXC) аlso find а plаcе on his wаtchlist.

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Bеn bеliеvеs thаt BTC could sее а surgе to bеtwееn $80,000 аnd $100,000 by thе еnd of thе yеаr. This would rеprеsеnt а significаnt incrеаsе of nеаrly 30% from its currеnt pricе of аround $61,692. Whilе Bеn did not offеr spеcific tаrgеts for Ethеrеum (ETH), thе world’s sеcond-lаrgеst cryptocurrеncy, his projеctions for othеr аltcoins pаint а rosy picturе.

Solаnа (SOL) is prеdictеd to lаnd somеwhеrе bеtwееn $600 аnd $1,000. Avаlаnchе (AVAX) is еxpеctеd to trаdе at $63, with Binаncе Coin (BNB) potеntiаlly rеаching $1,000 to $1,500.

Ben’s Meme Coin Forecast

Bеn’s prеdictions for DOGE аnd SHIB аrе pаrticulаrly notеworthy. Hе аnticipаtеs DOGE to rаngе from $0.67 to $1.45 аnd SHIB to rеаch а pricе point bеtwееn $0.05 аnd $0.09. Notаbly, for SHIB to touch thе lowеr еnd of this rаngе, it would rеquirе а stаggеring incrеаsе of 338,653% from its currеnt pricе of $0.00001476.

Additionаlly, Bеn аnticipаtеs thаt TON will trаdе bеtwееn $10 аnd $26, whilе CTXC is projеctеd to rаngе bеtwееn $0.64 аnd $1. Although hе finds thеsе cryptos intriguing, аnd аcknowlеdgеs thаt thеy rеmаin lаrgеly unchаrtеd tеrritory.

Whilе еxpеrts likе Bеn offеr vаluаblе insights, it’s importаnt to rеmеmbеr thаt thе cryptocurrеncy mаrkеt rеmаins highly dynаmic. Rеgulаtory chаngеs, invеstor sеntimеnt, аnd tеchnologicаl аdvаncеmеnts cаn аll plаy а significаnt rolе in pricе fluctuаtions.

Related Readings | Solana Tests All-Time High Against Ethereum Amid ETHE Outflows: Report

BNB’s Trading Volume Skyrockets 6000% Amidst Binance’s Big Win

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Binance’s BNB has posted an unprecedented surge in trading volume, skyrocketing by a whopping 6000% since June. This comes amidst encouraging developments in the Binance’s ecosystem. Experts believe these events might trigger a wave of transformation in the BNB blockchain.

One of the crucial developments was the recent closure of an investigation by the SEC against Binance’s stablecoin issuer. Adding to that, the exchange’s former CEO Changpeng Zhao a.k.a CZ would be soon released from house arrest next month. The top exec has already teased his next venture, promising a 100x return on investment, igniting anticipation within the community.

On July 11, the SEC officially concluded its investigation into Binance stablecoin issuer; A few weeks ago, a US judge dismissed charges against CZ and he’s expected to return in the upcoming months; The SEC’s decision alone is already a pivotal moment for the crypto industry and Binance in particular. Considering the combination of these 3 factors, it’s safe to say that Binance and the entire BNB ecosystem will experience rapid growth after CZ’s return in Q3-Q4 2024.

With legal hurdles cleared and the BNB chain thriving, Binance is poised for exponential growth, further adding to the bullish sentiment. Industry experts predict that the Binance ecosystem will experience rapid expansion in the third and fourth quarters of 2024, driven by these combined factors.

BNB Adoption: Will Binance Step Up?

The Binance-backed chain has come under intense scrutiny from market observers for its lack of adoption despite being associated with the leading crypto exchange This disconnect between BNB Chain’s marketing strategies and Binance’s actual support may hinder the chain’s growth and user adoption.

Market observers believe that if the two crypto platforms can resolve these issues and provide genuine support for meme coins and other projects, it could greatly enhance the Binance-backed chain’s appeal and utility.

Without the real support of Binance, the future of BNB Chain’s adoption and its role in the broader crypto ecosystem remains uncertain. Addressing these issues could unlock significant opportunities for the chain and its user base.

BNB Chain’s Struggle: Where’s Binance’s Support?

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Binance-backed BNB chain has come under intense scrutiny from market observers for its lack of adoption despite being associated with the leading crypto exchange. In comparison to Ethereum, the BNB chain lacks real hodlers. One of the key issues plaguing the chain is centralization, the reason why meme coins in the network are struggling to attract users.

Its competitive advantage of being a low-cost chain has been unsuccessful in driving adoption. In contrast, other chains with relatively higher transaction fees have successfully onboarded many meme projects to target major exchanges. At present, market analysts believe that BNB Chain has been unable to chart similar success.

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BNB Chain's Struggle: Where's Binance's Support? 10

Amidst the criticism, market analysts have suggested that BNB Chain’s association with Binance should be leveraged more effectively to boost the adoption of meme coins. Memecoins offer a significant opportunity for any blockchain to attract more users, and Solana has capitalized on this potential. Despite Binance’s substantial influence, experts slammed the exchange for not actively supporting BNB projects.

Others speculate a conflict of interest between the two key platforms. This disconnect between BNB Chain’s marketing strategies and Binance’s actual support may hinder the chain’s growth and user adoption. The analyst believes that if the two crypto platforms can resolve these issues and provide genuine support for meme coins and other projects, it could greatly enhance the Binance-backed chain’s appeal and utility.

Without the real support of Binance, the future of BNB Chain’s adoption and its role in the broader crypto ecosystem remains uncertain. Addressing these issues could unlock significant opportunities for the chain and its user base.

BNB Hard Fork

The other day, the highly-anticipated Haber hard fork went live, touted to bring a massive 90% reduction in gas fees. Inspired by Ethereum’s EIP 4844, the major update introduced BEP 336, which optimizes data storage and processing on the blockchain, significantly slashing transaction costs and enhancing network performance. 

Additionally, the upgrade is set to transform its decentralized storage and data platform within the Binance-backed ecosystem. It is also supposed to optimize large-scale data storage for Layer 2 blockchains and decentralized applications [Dapps].

Bitcoin Falls Below $65K: Market Declines, Lesser-Known Cryptos Surge: Report

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CryptoRank, one of the leading sources of analysis of the market for cryptocurrencies, shared his insights in a recent X post. The emphasis is made on Bitcoin, which has recently implemented a downward trend and is trading below $65,000. This decline goes in accordance with the general downward movement observed in all the top 10 cryptocurrencies, all of which are currently red.

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The data provided by CryptoRank show that the value of Bitcoin has declined and therefore the market capitalization amounts to $2.47 trillion, a 2.10% fall that points towards a strong market valuation shrink. Still, the dominance of Bitcoin has gone on to slightly rise by 0.16% to 51.62% meaning that although the market is on the decline, Bitcoin continues to carry much influence.

Bitcoin’s Fall Reflects Broader Altcoin Declines

Other leading altcoins are also still reeling from this period of decline. Solana has fallen by 4.21%, however, Binance Coin (BNB) has lowered by 3.44%. These decreases are responsible for the formation of the red zone with the top ten cryptocurrencies are located at present denoting a bearish phase.

According to CoinMarketCap data, Bitcoin Price in the current trading session, the BTC/USD pair stands at $63,945 after a failure to hold above $65K. However, SOL is now at a price of $132 which has massively decreased in price. BNB as of now, is $585, which continues to decline. At the same time, ETH is still at $3,505, which can be explained by a generally bearish trend in the context of cryptocurrencies.

Despite the bearish trend within the market, the Fear & Greed Index is currently sitting at 63 in what is ‘Greed’ territory This means that even with the declines in the market, there are still many people holding optimistic views on the stock market, which could be expecting a rebound at this point.

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While many of the more established players are experiencing losses, several obscure tokens are up sharply. LandWolf (WOLF) has the most astonishing increase with 82.3% of the leading positions. While LimeWire (LMWR) next has a 35.2% , while Metal (MTL) has risen by 19.7%. Other rising tokens include CAW which has risen by 19% and KENDU by 15.9%.

The current market situation shows that these markets include deep uncertainty which is inherent in the cryptocurrencies. While Bitcoin and other large coins are under pressure, the situation with these altcoins is demonstrating the opposite, which once again proves that there are numerous opportunities within the crypto space.

BNB Slashes Gas Fees by 90% with Haber Hard Fork

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The highly-anticipated Haber hard fork went live on the BNB chain, slated to bring a massive 90% reduction in gas fees. Inspired by Ethereum’s EIP 4844, the major update introduces BEP 336, which optimizes data storage and processing on the blockchain, significantly slashing transaction costs and enhancing network performance. 

BEP 336’s “Blob-Carrying Transactions” [BlobTx] streamline the network’s transaction verification process by capturing large data chunks in a temporary, cost-effective memory segment. Similar to Ethereum’s EIP 4844, this temporary data storage can pack up to 128 KB individually. The network’s job becomes comparatively less tedious as it is required to verify the data within the attached blob instead of verifying each transaction within a block individually.

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BNB Slashes Gas Fees by 90% with Haber Hard Fork 14

A blob is a temporary and cost-effective memory segment capable of capturing large data chunks, each up to 128 KB. Instead of verifying each transaction within a block individually, the network only needs to verify the data within the attached blob. With BEP 336, BNB Smart Chain is poised to deliver unprecedented cost savings and efficiency, by addressing the dual challenges of data management and transaction costs. 

Apart from that, the BEP 336 update is touted to overhaul the BNB Greenfield, a decentralized storage and data platform within the BNB ecosystem. It is supposed to optimize large-scale data storage for Layer 2 blockchains and decentralized applications [Dapps].

Additionally, the hard fork also integrates opBNB, a new layer that optimizes transaction processes, making sure they run faster and more reliably.

BNB & Binance New Initiative

Recently, BNB Chain and Binance Labs partnered to launch the BNB Incubation Alliance (BIA), a new initiative to accelerate the growth of early-stage blockchain projects. This incubator program will provide participants with opportunities for potential investment from the grants, alongside fast-tracking successful projects into the Most Valuable Builder [MVB] program.

As reported by TronWeekly, the BIA is designed to nurture early-stage projects through a series of global events hosted in collaboration with prominent venture capitalists, incubators, and developer communities. This collective effort aims to provide comprehensive support and strategic partnerships essential for growth and innovation within the ecosystem.

BNB Dips: Is $610 the Magic Number?

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Binance coin [BNB], the cryptocurrency that powers the Binance exchange has recently hit a new all-time high, but has since retraced and is currently trading near ascending support levels. However, market analyst Jonathan Carter believes this pullback presents a good opportunity to buy more BNB, citing continued bullishness in the overall cryptocurrency market. At the time of writing this article, the token’s value stood at $605, down by 3% in the past 24 hours.

Binance Coin recently broke through its previous all-time high and now declined towards the ascending support. Good opportunity to buy more $BNB as the overall market remains bullish

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BNB Dips: Is $610 the Magic Number? 17

Despite the recent dip, analysts remain bullish on the token as many eye a potential entry point at a key support level. “BNB is currently experiencing a temporary dip,” wrote Crypto Jack on X. “However, I’m keeping a close eye on the $610 support level. If the price bounces back from there, I might consider entering a long position.”

A long position is a bet that the price of BNB will go up. If the price does rise after the analyst enters their long position, they could see a profit. However, if the price continues to fall below $610, they could experience losses.

Others have drawn comparisons between current market trends and past altcoin performance. “This is the final dip before the real bull run starts. Look at ADA, ATOM & BNB before the 2021 bull run. They dipped between 50% & 80% from their local tops. We’re experiencing something similar right now.”

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BNB Dips: Is $610 the Magic Number? 18

It’s important to note that cryptocurrency markets are volatile and analysts’ predictions can be wrong. Investors should always do their own research before making any investment decisions.

BNB: Altseason Uprising

As reported by TronWeekly, the Binance token smashed a new ATH. Often regarded as an underdog to ETH DeFi dominance, BNB’s price action indicated that the market’s sentiment towards the token might be shifting. Market experts doubled down on the token’s potential to play a key role in the Altseason uprising

The overall cryptocurrency market is showing positive signs, and BNB is a well-established token with a wide range of uses. Investors who believe in the long-term potential of the token may see this pullback as a buying opportunity.

Bitcoin Surges Above $71K: Crypto Market Sees Green With Major Gains

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Cryptocurrency analytic service CryptoRank has shared his insights regarding the growth of the cryptocurrency market. In a recent X post, the platform highlighted that Bitcoin has surpassed $71,000, thus, steering the sector of the top 10 cryptocurrencies in a positive direction. This significant rise in the value of Bitcoin is a clear testament to the fact that the cryptocurrency still remains to be a good investment even after the passing of time. 

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Other cryptocurrencies also appreciated in line with Bitcoin in the overall market, which painted a positive picture. Binance coin (BNB) also had a considerable rise of 12.2%, which is a sign of high confidence in the market on the token. Consequently, Toncoin (TON) appreciated by 10.3%, while Solana (SOL) gained 5.16%, which strengthens their places in the digital asset market even more. This increase in the top cryptocurrencies indicates that the market has a good and positive outlook. 

Bitcoin Boosts Market Cap To $2.77T

The total market capitalization of cryptocurrencies also went through a sharp increased by 3.14%, which brought the total to a rather impressive $2.77 trillion. This rise clearly shows that investors are keen and there is much activity within the market. Also, the market share of Bitcoin dominance rose to 0.02% slightly. This shows the percentage share of the market that is still under the control of Bitcoin which is at 50.57% as of now.  

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Another vital market sentiment gauge, the Fear & Greed Index, was at 75, which means that the investors are in the greed zone. This high level of greed normally implies that the investors are more confident and willing to put in more money, which may push up the prices. However, it also has a warning function that tells investors to be on the alert and expect changes in the market trend. 

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Top Performers In Crypto Market

Some currencies performed better than the market and posted significant returns and attracted the attention of investors. Efforce (WOZX) was the biggest bull, surging by 170%. It is evident from the table that there has been a sharp rise in the number of investors and there could be potential big things happening in the Efforce project.

Beercoin (BEER) also surged by 81.1%, which shows that the technology is gaining more popularity and market acceptance. MaidSafeCoin (EMAID) surged by 49.1%, Catboy (CATBOY) increased by 48.4%, and BitMart Token (BMX) rose by 44.6%, which underlines the vast number of possibilities in the sphere of cryptocurrencies. 

 This spike shows that the cryptocurrency market is not stagnant and is always growing with Bitcoin at the forefront and setting a precedent for other cryptocurrencies. The investors are still observing the market conditions and waiting for the right time to seize these great opportunities. Thus, as the market develops, the information that can be obtained from such a service as CryptoRank will always be helpful for those who want to work in the sphere of cryptocurrencies.

Ethereum Who? BNB Steals the Spotlight with Record Highs

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Binance’s token BNB has smashed a new ATH. This is crucial amid recent price surges in Ethereum and Solana, driven by renewed interest in the DeFi and NFT ecosystems these platforms pioneered. While ETH maintains its dominance as the leading smart contract platform, Solana, on the other hand, has gained traction as an alternative L1 due to its high throughput and low fees. However, the more intriguing narrative is that the Binance token smashing past ATH.

Often regarded as an underdog to ETH DeFi dominance, BNB’s price action indicates that the market’s sentiment towards the token might be shifting. Market experts doubled down on the token’s potential to play a key role in the Altseason uprising. Despite being less popular than ETH or SOL, BNB’s ecosystem has integrated notable dapps and recorded a high user activity or so in the previous cycle. Some of these are PancakeSwap, Venus, Trust Wallet, Alpaca Finance, etc.

Sustaining high velocity and revenue accrual to key dapps would further validate the BNB investment thesis. Ultimately, while speculative, the confluence of ETH/SOL DeFi pumps combined with the token’s breakout sets the stage for a potential alt season centered around the ecosystem.

Bybit’s BNB Perpetual Contact Drama

If the token continues the momentum, experts feel that it could lead to a “BNB-Beta” run, and people might start investing in other projects on the Binance Smart Chain. Examples of notable projects include coins like the FLOKI, CAKE, AI, ID, TWT, XVS, BEL, and WHY. From an on-chain perspective, experts recommend monitoring the coin’s transaction volumes, DEX activity, lending/borrowing rates, and protocol revenue to gain insights into whether this narrative is materializing.

While BNB is on the price discovery path, the price of the coin on Bybit Perpetual Contact unexpectedly lost -5% in just a few minutes. On-chain sleuths cited the drop to a wave of liquidations of long traders, especially those who used large leverage. “Such a sharp drop was not observed on any other exchange, as well as on the BNB/USDT spot pair on Bybit itself”, he wrote.

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