The latest update reports that the Binance Coin (BNB) has been experiencing a remarkable surge in price, and the rally is still ongoing. The surge has been accompanied by an unprecedented increase in the number of users, which has reached a record-breaking 4 million.
There are a number of components that are believed to have contributed to this upward trajectory, including its increased trading volume, the launch of DeFi protocols on Binance Smart Chain, and its numerous collaborations which have strengthened its ecosystem further.
BNB Chain Twitter Report
On April 30, BNB Chain took to Twitter to release the weekly report, which featured up-to-date figures for the prior seven days. According to the announcement, the platform had surpassed 4 million weekly active users (WAU). This was notably encouraging since WAU had hovered around 3 million for some time. The recent growth could be attributed to decreased gas fees as indicated in the report’s details.
A Look at Upcoming Launches
The BNB fanatics are anticipating brighter days ahead with the launching of optimistic Dapp solutions on the Blockchain. According to recent reports, numerous web3 decentralized applications have signed up to the BNB Chain, including Lord of Dragons, Farmer, Cheelee, and Ubiloan.
These dApps may offer a boost to both the NFT and GameFi sectors by ushering in new customers over the coming weeks. Additionally, there are multiple dApps that cater to Infra, SocialFi and DeFi users as well.
BNB’s Market Performance
The number of users for BNB has skyrocketed, and it’s increasingly evident in the token’s price. BNB experienced a surge of more than 3% within the past day. At the time this article was written, it was being traded at $323.98 with an impressive market capitalization of over $52 billion.
The recent surge in BNB’s price has been accompanied by a significant increase in trading volume, which reflects a positive sentiment toward the token. Additionally, the asset’s MVRV ratio has seen a significant increase.
These developments indicate that investors have a high level of confidence in BNB’s future prospects. Furthermore, BNB’s velocity has also experienced a significant uptick. It’s important to note that higher volatility is a sign that traders are using BNB more frequently in transactions within a given timeframe.