Binance Coin Rises 30% Weekly, Surpasses XRP in Market Value
Binance Coin (BNB) has surged, trading above $1,310, marking a 3% daily increase and a 30% weekly rise. It now ranks as the third-largest cryptocurrency by market value, surpassing XRP. BNB's market cap is approximately $182–185 billion.
- BNB broke past $1,100 and $1,200 resistance levels, with potential targets at $1,360 and $1,500 if momentum continues.
- Support lies in the $1,200–$1,240 range for possible retests.
On-Chain Activity and Memecoin Influence
- BNB Chain activity is high, with daily transactions at 10–17 million and monthly active addresses at 60 million.
- DEX turnover on BNB Chain reached $6.05 billion in 24 hours, largely driven by PancakeSwap.
- A memecoin rush saw over 100,000 traders engaging, resulting in $516M in total profits.
- Tokens like "4" and "Broccoli" have increased BNB's visibility, with some tokens moving over $300 million in a session.
- Institutional interest grows, highlighted by CEA Industries acquiring 480,000 BNB ($585M).
- Kazakhstan launched a BNB fund to boost utility across DeFi and payments.
Outlook for Binance Coin (BNB)
- If $1,200–$1,240 support holds, further gains towards $1,500 are possible.
- Key drivers include continued on-chain activity, DEX/DeFi fees, and institutional investments.
- Market remains sensitive to profit-taking and concerns over rapid gains and potential manipulation.