fxs_header_sponsor_anchor

Binance Coin price outlook improves as on-chain metrics support bulls

  • Binance Labs has recently invested in four crypto startups through its MVB Accelerator Program.
  • Artemis Analytics data shows that BNB generated $86,200 in daily revenue on Wednesday, the highest since early June.
  • On-chain data shows that BNB DEX trading volume is rising, indicating heightened user interest and engagement.
  • Investors should be cautious about BNB's decreasing development activity.

 

Binance Coin (BNB) rises 10% this week, posting a third consecutive week of gains, and further gains are likely in the upcoming days driven by Binance Labs’ recent investment in crypto startup projects, rising decentralized exchange (DEX) trading volume and increasing revenue.

 

Binance Coin on-chain data hints at positive trend 

 

Binance Labs has recently invested in four crypto startups through its MVB Accelerator Program. The news, announced on Thursday, led to a more than 2%  price jump for BNB. 

 

"This season received over 700 applications and the programs' highly selective process admitted less than 2% of the total applicant pool to welcome the 13 MVB Season 7 Accelerator teams," BNB Chain said in a Twitter post.


Another aspect bolstering the platform’s bullish outlook is a recent surge in traders’ interest and liquidity in the BNB chain. Artemis Terminal data shows that BNB Chain's decentralized exchange (DEX) trading volume rose from $484.3 million on Monday to $922.1 million on Friday, the highest since August 6. 

BNB DEX Trading Volume chart

Additionally, additional data from Artemis Terminal shows that BNB generated $86,200 in revenue on Wednesday, the highest daily revenue since early June, further bolstering the bullish outlook.

BNB Revenue chart

Despite rising DEX trading volume, increasing revenue and Binance Labs’ investment in crypto startup projects, BNB's Development Activity has remained low, indicating investors should not expect an immediate price rally.

BNB Development Activity chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.