BNB completes 6 years; a look back and what to expect

• In a recent tweet, BNB Chain mentioned potential projects that could contribute to its growth in the coming days.
• Although the weekly chart for BNB was green, several market indicators were bearish.

Binance [BNB] it turned 6 years old on July 14 and on that occasion, the blockchain mentioned all the promising potential projects on the chain. The journey has been quite an interesting one for the blockchain. Overall, the growth trajectory remained upbeat.

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Not only in terms of the price of the native blockchain token, but also in terms of network activity, which has been growing for quite some time.

Today #BinanceTurns6

To celebrate, we’re taking this opportunity to highlight some high-potential projects to watch that have been building on #BNB Chain for the past year.

Thank you to the entire community for your continued efforts!

A thread of our chosen projects 🧵 pic.twitter.com/Fwx9y81MhG

— BNB Chain (@BNBCHAIN) July 14, 2023

BNB Chain Performance Retrospective

The BNB Chain tweet also mentioned that after completing several years, there were some potential projects on the blockchain that could contribute to further growth. Projects include ApolloX, NFP, AltLayer, Maverick Protocol, and more.

It has been several months since the blockchain has maintained its second place on the blockchain list in terms of daily active addresses. Not only that, but Token Terminal data It also revealed that BNB ranked sixth on the blockchain list for fees, reflecting high network usage.

Source: Token Terminal

Mentioning the previous performance of the token, BNB reached its all-time high in terms of price in 2021. During that time, the token was able to touch $671 on May 12, 2021. Thanks to back-to-back setbacks witnessed by the crypto market. , the price of the token has since fallen.

The same remained true for BNB’s TVL, which also hit an ATH of around $19 billion in May 2021, as revealed by Artemis’ data. Another piece of good news was that last year, the blockchain witnessed a surge in network activity.

This was evident on the chart, as its daily active addresses and daily trades gained upward momentum.

Source: Artemis

Will the BNB price reach its ATH again soon?

While BNB’s growth trajectory has been promising, the idea of ​​BNB touching its ATH price anytime soon could be a long shot. Thanks to the bull market, the BNB price registered almost 6.5% in the last seven days.

At press time, BNB was trade at $252.47 with a market capitalization of more than $39 billion.

Read Binance Coins [BNB] Price prediction 2023-24

Although the growth seemed upbeat, the positive sentiment around the token has plummeted in recent weeks. BNB’s 4-week price volatility has also dipped, reducing the chances of an unprecedented northward price move.

However, it was interesting to note that BNB MVRV registered a slight recovery, which can be attributed to the latest price increase.

Source: Feeling

source: ambcrypto.com