BNB Falls 2% Amid Trading Volume Spike and Memecoin Unwind
- BNB token experienced a 2% decline in the past 24 hours, dropping from $1,308 to $1,255 before stabilizing at $1,270.
- The selloff was accompanied by high-volume buying between $1,255-$1,280, indicating potential institutional interest.
- BNB Chain reached a record of 5 trillion gas used in one day, driven by 24 million swap transactions, making up 77% of network activity.
- A new standard gas fee of 0.05 Gwei has been adopted, reducing costs and increasing transaction speed.
- Max Rabinovitch highlighted the importance of community support in driving blockchain participation.
- BNB's recent decline followed a 45% surge over the month, positioning it as the third-largest cryptocurrency by market cap.
- Corporate accumulation, such as CEA Industries holding 480,000 BNB tokens, has contributed to its rally.
