🌎 BNB Chain Surpasses Ethereum in Daily Volume

Binance Coin Price: BNB Chain Surpasses Ethereum in Daily Volume

Binance Coin (BNB) price traded within a tight range on Monday, despite the network achieving a significant milestone by surpassing Ethereum in daily volume on Decentralized Exchanges (DEX).

According to recent data, BNB Chain’s daily volume exceeded that of Ethereum, with DEX networks processing over $5.7 billion in sales, compared to Ethereum’s $5.05 billion. This development marks BNB Chain as the second-largest network in DEX volume, following Solana, which handled $25.3 billion in daily volume.

BNB Chain’s Daily Volume Hits Highest Increase Since March 2021

The surge in BNB Chain’s daily volume was largely driven by PancakeSwap, which recorded over $5.24 billion in volume, followed by platforms like THENA, Uniswap, DODO, and Woofi.

Ethereum’s network has faced challenges in recent months, with more traders migrating to layer-2 networks like Base, Arbitrum, and Optimism. For instance, Base, launched by Coinbase in 2023, recorded a weekly volume of $14 billion, trailing Ethereum’s $21 billion.

BNB Token Burn: A Key Catalyst for Price Movement

The next key catalyst for BNB’s price will be its token burn, scheduled for the coming weeks. According to BNB Burn, the 30th autoburn will incinerate 1.64 million tokens valued at over $1 billion. The network burns over 1.5 million tokens quarterly, with the burn amount determined by BNB’s price and the number of blocks produced.

The ultimate goal is to reduce the total BNB supply from 144 million to 100 million tokens, which could potentially drive up the price.

BNB Price Analysis

A weekly chart analysis shows that Binance Coin’s price has performed well over the past few years, rising from $188 in 2022 to $690. The price has consolidated near the upper side of the cup and handle pattern, a popular bullish indicator.

BNB has also moved above the 50-week and 100-week moving averages, both of which are bullish signals. Additionally, the Relative Strength Index and MACD indicators have shown upward momentum.

Based on the cup and handle pattern, BNB could rise to cross the crucial resistance levels of $1,000 and $1,135, potentially leading to a strong bullish breakout in the coming months.

Tips for BNB investors:

Monitor the upcoming token burn and its potential impact on BNB’s price.
Keep an eye on the network’s daily volume and its position in the market.
Consider the cup and handle pattern and its implications for BNB’s price movement.