Despite facing regulatory hurdles around the world, Binance’s BNB coin has remained solid and shown resilience in the face of adversity. Currently under Nigeria’s microscope, the world’s largest cryptocurrency exchange remains unfazed, with BNB’s price holding steady and even showing signs of growth recently.
While Bitcoin is hovering around $66,000, BNB has soared above $600, suggesting a retest of the key upside resistance in the near future. Last week, BNB price was revived following some technical trials.
What happens next? Let’s analyze it thoroughly!
BNB Q1 Growth
A recent analysis by Coin98 Analytics focused on the backbone powered by Binance Coin (BNB), the BNB Chain, showing impressive progress in the first quarter of 2024.
Coin98 Analytics’ thorough research reveals significant growth across key metrics in the first quarter. Each index soared more than 70% compared to the previous quarter. In particular, BNB’s trading volume has increased significantly, reflecting increased investor interest and confidence.
Moreover, the number of BNB token holders has surpassed the 113 million mark, indicating a growing community rallying behind the platform.
Read more: Top 8 altcoins aim for 50x returns after Binance and Coinbase listing
Metrics you should know
Digging deeper into network metrics, we found that the BNB chain has a consistently increasing trend in the number of active users, with over 1.3 million addresses engaging daily. This resulted in a high volume of transactions totaling approximately 378 million transactions and over 22 million new addresses created in the first quarter. These numbers confirm that the platform is gaining traction and adoption.
The market is booming!
The report also highlighted that BNB Chain’s Total Value Locked (TVL) exceeded $6.3 billion by the end of the first quarter, reflecting growing trust and usage.
In addition to its financial strength, BNB Chain has emerged as a powerhouse in the non-fungible token (NFT) space. With over 9.7 million NFTs created and sales volume soaring 3.4x, the BNB Chain is solidifying its position as a hub for creative expression and digital asset trading.
In summary, despite regulatory challenges, BNB’s resilience and BNB Chain’s impressive performance in Q1 2024 demonstrate the strength of the platform.
Also check out: NFT market in 2024: Will we see returns like the bull market in 2021?
