BNB Chain Ecosystem Heats Up as Token Hits All-Time High Above $710
Projects across the BNB chain ecosystem saw a surge 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 increased by 124% in the last 24 hours, CoinGecko data shows. Dog-themed meme coin floki (FLOKI), based on both Ethereum and BNB Chain, where it is the largest meme token, led the gains with a gain of more than 25%. CAKE on decentralized exchange PancakeSwap jumped 15%.
Among projects with a market cap below $200 million, the price of Sensi's SENSI trading service soared 900%, with trading volumes increasing from $14,000 on Monday to $100,000 on Wednesday morning.
Value locked in BNB ecosystem projects increased by almost 8%, data tracked by DefiLlama, led by PancakeSwap and lending app Venus, shows. Net inflows to the ecosystem exceeded $2.4 million as of Wednesday morning, breaking a trend of net outflows since May 30.
While there was no immediate catalyst for BNB's price rise, some market observers suggested that several existing activities had boosted the token's fundamentals.
âBNB price is benefiting from years of token burning initiatives and token locking initiatives for its launchpad program,â wrote Nick Ruck, head of growth at bitcoin yield project BitU, in a message Telegram. âBNB protocols have also stepped up campaigns and activities due to cheaper gas fees and cultivated a large and energetic user base.â
