- 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.
We're excited to announce @BinanceLabs has invested in 4 top-performing projects from the recent season of our Most Valuable Builder program!
— BNB Chain (@BNBCHAIN) August 22, 2024
@Aggregata_xyz
@opinionlabsxyz
@Sidekick_Labs
@vooi_io
Find out more about the projects in the thread below
This season… pic.twitter.com/oZopfQBm1W
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.
-638599959697609014.jpg)
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.
-638599960081957550.jpg)
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.
%20[10.59.06,%2023%20Aug,%202024]-638599960467526296.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.