BNB Chain saw a significant improvement in daily active addresses this week, with a 19% gain.
TL;DR:
- Crypto strength returns: BTC >$107K, neutral fear-greed, altcoins poised.
- BNB Chain rebounds unevenly; meme tokens surge, infrastructure tokens lag.
- Big BNB news: $1B treasury bids, Sahara AI airdrop, Baanx spending card.
With geopolitical tensions now cooling in the Middle East, Bitcoin (BTC) back at almost $108,000, and rate cuts seemingly on the horizon, the crypto industry is on strong footing.
The CMC Fear and Greed Index is back on neutral at 48, but BTC dominance remains close to its yearly high, indicating significant room for altcoin growth.
>> Click here to read last week’s update, or keep scrolling for this week’s recap.
BNB Chain Market Recap
Following two weeks of decline, the BNB Chain ecosystem is now beginning to show signs of strength.
Source: BNB Chain Ecosystem Tokens
The sector has fully recovered from a major sell-off that began over the weekend and is back exactly where it started a week ago.
But the recovery was not uniform. Stronger tokens more than recovered from their weekly lows, whereas a large fraction of the top 100 are still steeped in red this week.
Memes currently dominate this week’s top performers list:
- Banana For Scale (BANANAS31): +170.5% (new ATH following exchange listing)
- Tutorial (TUT): +73.8% (following Forbes coverage)
- Aergo (AERGO): +35.2% (due to HPP testnet launch)
- 48 Club Token: +33.7% (unknown catalyst)
Source: BNB Chain Ecosystem Tokens
Low float infrastructure tokens instead dominate the biggest losers list:
- Humanity Protocol (H): -60.2%
- Subsquid (SQD): -36.2%
- AB (AB): -30.7%
- Altlayer (ALT): -27.8%
BNB Chain saw a significant improvement in daily active addresses this week, with a 19% gain. Meanwhile, several on-chain metrics slipped; DEX volumes fell 54.7%, and stablecoin transfer volume dropped 12.8%.
Taken together, these data points suggest that risk appetite is improving, but the chain is yet to experience the dramatic surge in activity typically associated with market tops.
BNB Chain News Roundup
Despite the market trading roughly flat, the BNB Chain ecosystem saw several major bullish stories unfold over the last week.
Some of the most significant include:
Nano Labs Targets $1 Billion BNB Treasury: Hong Kong chipmaker Nano Labs will issue $500M in zero-coupon convertibles to buy up to $1B in BNB, seeking to acquire 5-10% of supply and elevating the token to its primary treasury reserve asset.
Nasdaq Shell Plans $100 Million BNB Reserve Bid: Former Coral Capital partners will rename a Nasdaq shell Build & Build Corp and raise $100M to accumulate BNB, establishing the first public company whose sole treasury asset is the BNB token. (source)
Binance Picks Sahara AI for 25th HODLer Airdrop: Binance will distribute 125 million SAHARA tokens to BNB holders and list the AI-focused project on June 26, broadening BNB Chain’s Web3-AI push with five trading pairs at launch.
Baanx Card Enables Global BNB Spending: Payments firm Baanx added native BNB top-ups to its Crypto Life card, letting users spend the token at over 100 million Visa/Mastercard merchants across the UK, EU and LATAM; U.S. rollout is still to come. (source)
>>That’s a wrap for this week’s BNB Chain update. Hungry for more? Check out the latest BNB Chain research!
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