Despite facing regulatory hurdles worldwide, Binance’s BNB coin remains steadfast, showcasing resilience in the face of adversity. Currently under the microscope in Nigeria, the world’s largest cryptocurrency exchange hasn’t faltered, with BNB’s price holding steady and even showing signs of growth lately.
While Bitcoin stays around $66,000, BNB has surged past $600, hinting at potential retests of key upper resistance levels soon. Last week saw a resurgence in BNB’s price following some technical trials.
What’s to come? Let’s do a deep dive analysis!
BNB’s Q1 Growth
A recent analysis by Coin98 Analytics zoomed in on BNB Chain, the backbone powered by Binance Coin (BNB), showcasing impressive progress in the first quarter of 2024.
Coin98 Analytics’ thorough examination revealed remarkable growth across key metrics in Q1. Each indicator surged by over 70% compared to the previous quarter. Notably, BNB’s trading volume saw a significant spike, reflecting increased investor interest and confidence.
Furthermore, the number of BNB token holders crossed the 113 million mark, indicating a growing community rallying behind the platform.
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Metrics to Know
Delving deeper into network metrics, BNB Chain showed a consistent uptrend in active users, with over 1.3 million addresses engaging daily. This was accompanied by a substantial volume of transactions, totaling nearly 378 million in Q1, and the creation of over 22 million new addresses. These figures underscore the platform’s increasing traction and adoption.
The Market is Flourishing!
The report also highlighted the Total Value Locked (TVL) of BNB Chain, which surpassed $6.3 billion by the end of Q1, reflecting growing trust and utilization.
In addition to its financial prowess, BNB Chain has emerged as a force in the Non-Fungible Token (NFT) sector. With over 9.7 million NFTs created and a 3.4-fold surge in sales volume, BNB Chain cements its status as a hub for creative expression and digital asset trading.
In summary, despite regulatory challenges, BNB’s resilience and the impressive performance of BNB Chain in Q1 2024 show us the platform’s strength.
Also Check Out: NFT Market 2024: Will It Observe Returns Like the 2021 Rally?
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