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BNB Surges to 2-Year High Amid Strong Momentum: What's Behind the Rise?
As reported by Cointelegraph, Binance Coin (BNB) has seen a remarkable 62% increase in price over the past 30 days, reaching a 2-year high of $489.50 on March 8th. Despite regulatory challenges faced by Binance, this surge has propelled BNB to its highest level since 2022, solidifying its position as the third-largest cryptocurrency by market capitalization, excluding stablecoins.
The surge in BNB's value can be attributed to the growth of the BNB Chain and its associated network activity. Despite a 7% decrease in the total value locked (TVL) in BNB terms over the past month, data shows that 12.8 million BNB has been deposited in the BNB Chain's decentralized applications (DApps). While this is lower than the 19.4 million BNB recorded in early 2023, it is still a significant amount.
In comparison, Ethereum's network TVL increased by 3% in ETH terms, while Solana recorded a 20% TVL increase during the same period. This indicates that the bullish momentum supporting BNB may not solely be driven by deposit sums in DApps such as NFT marketplaces and DeFi aggregators.
Analyzing volume activity provides a more accurate measure of network utilization. The recent rally in BNB's price is supported by a 41% increase in DApp volume on the BNB Chain over the past month, securing its third-place ranking overall.
Additionally, the number of active addresses interacting with BNB Chain's DApps has reached an impressive 5.6 million. This level of engagement highlights the growing utility and efficiency of the BNB Chain, suggesting potential for further growth for BNB.
As excitement builds for BNB to surpass the $500 mark, this analysis offers insights into the sustainability of the BNB rally.#TrendingTopic #poloniex #BTC #AltMania $BNB
As reported by Cointelegraph, Binance Coin (BNB) has seen a remarkable 62% increase in price over the past 30 days, reaching a 2-year high of $489.50 on March 8th. Despite regulatory challenges faced by Binance, this surge has propelled BNB to its highest level since 2022, solidifying its position as the third-largest cryptocurrency by market capitalization, excluding stablecoins.
The surge in BNB's value can be attributed to the growth of the BNB Chain and its associated network activity. Despite a 7% decrease in the total value locked (TVL) in BNB terms over the past month, data shows that 12.8 million BNB has been deposited in the BNB Chain's decentralized applications (DApps). While this is lower than the 19.4 million BNB recorded in early 2023, it is still a significant amount.
In comparison, Ethereum's network TVL increased by 3% in ETH terms, while Solana recorded a 20% TVL increase during the same period. This indicates that the bullish momentum supporting BNB may not solely be driven by deposit sums in DApps such as NFT marketplaces and DeFi aggregators.
Analyzing volume activity provides a more accurate measure of network utilization. The recent rally in BNB's price is supported by a 41% increase in DApp volume on the BNB Chain over the past month, securing its third-place ranking overall.
Additionally, the number of active addresses interacting with BNB Chain's DApps has reached an impressive 5.6 million. This level of engagement highlights the growing utility and efficiency of the BNB Chain, suggesting potential for further growth for BNB.
As excitement builds for BNB to surpass the $500 mark, this analysis offers insights into the sustainability of the BNB rally.#TrendingTopic #poloniex #BTC #AltMania $BNB
⭐ According to Lookonchain statistics, there have been 5 major hacking incidents since November, involving more than 290 million US dollars:
- Kronos Research: $25.65 million;
- KyberSwap: $46.5 million;
- Poloniex: $118 million;
- HECO Bridge: $86.6 million;
- HTX Exchange: $13.6 million.
#hack #defi #kyberswap #poloniex #htx
- Kronos Research: $25.65 million;
- KyberSwap: $46.5 million;
- Poloniex: $118 million;
- HECO Bridge: $86.6 million;
- HTX Exchange: $13.6 million.
#hack #defi #kyberswap #poloniex #htx
Updates rn:-
-Poloniex gets hacked for 47m$
Tx- https://etherscan.io/address/0xa910f92acdaf488fa6ef02174fb86208ad7722ba
-$Trx pumps by 15% after exploit as hacker starts to buy trx and has bought 22m$ worth of trx
Wallet Adress - TXs71PNcHmxgptA3wQ4g398qbToMPhnEoG
- Hacker losses 2.5m$ By sending it to Contract adress of token!
https://etherscan.io/tx/0xc9700e4f072878c4e4066d1c9cd160692468f2d1c4c47795d28635772abc18db
$TRX #poloniex
-Poloniex gets hacked for 47m$
Tx- https://etherscan.io/address/0xa910f92acdaf488fa6ef02174fb86208ad7722ba
-$Trx pumps by 15% after exploit as hacker starts to buy trx and has bought 22m$ worth of trx
Wallet Adress - TXs71PNcHmxgptA3wQ4g398qbToMPhnEoG
- Hacker losses 2.5m$ By sending it to Contract adress of token!
https://etherscan.io/tx/0xc9700e4f072878c4e4066d1c9cd160692468f2d1c4c47795d28635772abc18db
$TRX #poloniex
