- 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
Justin Sun's Tron-based stablecoin USDD spark concerns after $732 million Bitcoin withdrawal from reserve
TRON's DAO, which oversees the USDD stablecoin reserve, sparked fears among investors on Wednesday after withdrawing 12,000 Bitcoin valued at $732 million from its reserve pool. The move fueled concerns about the decentralization of USDD.
Altcoins NEAR, IMMUTABLE, AVAX rallies amid market downturn
Avalanche (AVAX), ImmutableX (IMX) and Near Protocol (NEAR) tokens rallied on Thursday as all three networks appeared to have experienced positive investor sentiments. AVAX and IMX are currently up 4.2% and 10%, while NEAR slightly declined after rallying 4%.
Ethereum ETFs record longest outflow streak, exchange net flow indicates mounting selling pressure
Ethereum is down 1% on Thursday as its ETF and exchange net flows suggest that sellers dominate the market. Despite the selling pressure, Ethereum co-founder Vitalik Buterin shared a post depicting its growth across several metrics.
Solana meme coin Popcat surges over 20% following Binance futures and KuCoin listings
Binance exchange announced it had listed perpetual contracts for Solana meme coin POPCAT on Thursday with up to 75x leverage. The listing means Binance's wide user base can now gain leveraged exposure to the price of POPCAT.
Bitcoin: Can BTC break above $62,000 barrier?
Bitcoin (BTC) trades above $60,000 on Friday, gaining more than 4% this week so far, but fluctuating within a range between $57,000 and $62,000 for the last 15 days. On-chain data shows contradicting signs, with institutions accumulating Bitcoin while some whales are selling. Additionally, the US spot Bitcoin ETFs recorded inflows this week, and continued Mt.Gox fund movements could bring volatility in Bitcoin's price in the coming days.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.