BNB Chain DEX Volume Skyrockets: Implications for BNB Coin’s Market Value

  • The BNB Chain is witnessing a surge in DEX trading volume, indicating a shift in attention back to the blockchain.
  • Despite the rise in Total Value Locked (TVL), BNB’s price might fall to $580.
  • Increased network participation suggests a rise in BNB’s demand, but the coin has not experienced significant buying pressure recently.

BNB Chain’s DEX trading volume surges, but the price of BNB might not follow suit. The coin’s price could fall to $580 despite the rise in TVL.

BNB Chain’s DEX Trading Volume Surges

For the first time since May 2nd, BNB Chain’s DEX trading volume has climbed higher than $700 million, according to data from Artemis, a crypto metrics analytics platform. This surge suggests a growing user activity on BNB Chain, indicating an increase in BNB’s demand. However, the coin has not experienced significant buying pressure recently. If it does, then a return to $620 might be possible.

BNB’s Price Might Not Follow Suit

Despite the surge in DEX trading volume, BNB’s price might fall to $580. The recent price rise, accompanied by the decreasing volume, suggests weakness in the uptrend. Thus, BNB might have witnessed a false breakout. If this is the case, a downward move to the $580 support could be next for the cryptocurrency.

TVL on Binance Smart Chain

The Total Value Locked (TVL) on Binance Smart Chain was $61.2 billion, according to DeFiLlama. An increase in TVL suggests that participants are confident in the chain’s health and security. However, the metric remains far below the peak it hit in 2021. Should the TVL continue to increase, BNB’s price might also follow. However, the possible prediction of $1,000 might only happen if the metric rises past $10 billion for a start.

Conclusion

While the BNB Chain is experiencing a surge in DEX trading volume, the price of BNB might not follow suit. Despite the rise in TVL, the coin’s price could fall to $580. However, if the TVL continues to increase and surpasses $10 billion, the price of BNB might follow suit and reach $1,000.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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