In a recent tweet, BNB Chain mentioned potential projects that could contribute to growth in the coming days.
While BNB’s weekly chart was green, several market indicators were bearish.
Binance [BNB] turned 6 years old on July 14 and on that occasion the blockchain listed all the promising potential projects in the chain. The journey has been quite interesting for the blockchain. Overall, the growth trajectory remained optimistic.
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Not only in terms of the blockchain’s original token price, but also in terms of network activity, which has been growing for quite some time.
Today #BinanceTurn6
To celebrate, we’re taking the opportunity to highlight some of the promising projects we’ve built on #BNB Chain over the past year.
Thanks to the entire community for your continued efforts!
A red thread of our chosen projects 🧵 pic.twitter.com/Fwx9y81MhG
— BNB Chain (@BNBCHAIN) July 14, 2023
Review of BNB Chain’s performance
BNB Chain’s tweet also mentioned that after several years of completion, there were a few potential projects on the blockchain that could help fuel further growth. The projects include ApolloX, NFP, AltLayer, Maverick Protocol and more.
It has now been several months since the blockchain has maintained its second spot on the list of blockchains in terms of daily active addresses. Not only that, but also that of Token Terminal facts revealed that too BNB ranked sixth on the list of blockchains by fee basis, reflecting the high usage of the network.
Source: Token Terminal
Referring to the token’s past performance, BNB reached its all-time high in terms of price in 2021. During that time, the token could hit $671 on May 12, 2021. Thanks to the successive setbacks witnessed by the crypto market, the price of the token has since fallen.
The same continued to hold true for BNB’s TVL, which also hit an ATH of around $19 billion in May 2021, as revealed by Artemis’ facts. Another piece of good news was that, if we were to consider last year, the blockchain witnessed an increase in network activity.
This showed on the chart as the daily active addresses and daily trades gained upward momentum.
Source: Artemis
Will the price of BNB reach the ATH again soon?
While BNB‘s growth trajectory is promising, the thought that BNB will soon touch its ATH price may be a gamble. Thanks to the rising market, the price of BNB registered almost 6.5% in the last seven days.
At press time, BNB trade at $252.47 with a market cap of over $39 billion.
Read Binance Coins [BNB] Price prediction 2023-24
While growth looked optimistic, positive sentiment around the token has plummeted in recent weeks. BNBThe 4-week price volatility has also dropped, reducing the likelihood of an unprecedented northward price move.
However, it was interesting to note that BNB’s MVRV registered a slight recovery, which can be attributed to the latest price increase.
Source: Sentiment
This post BNB completes 6 years; a look back and what to expect
was published first on https://ambcrypto.com/bnb-completes-6-years-a-look-back-and-what-to-expect/
