Following last week's bullish price action, the BNB Chain ecosystem cooled off this week with many assets giving back a chunk of their recent gains.
TL;DR…
- Bitcoin gains weigh on altcoins as its dominance climbs.
- BNB Chain ecosystem mcap down 1.4% but up 15.7% monthly.
- Mixed token performance: top losers down ~24%, but a handful show their strength
With Bitcoin (BTC) nearing its all-time high and climbing in dominance, the altcoin sector has suffered somewhat.
Greed has returned to the market while trading volumes remain muted. Many altcoins are hovering around recent support levels, but momentum appears to be growing.
BNB Chain Market Recap
Following last week's bullish price action, the BNB Chain ecosystem cooled off this week with many assets giving back a chunk of their recent gains.
Source: BNB Chain Ecosystem Tokens Page
Overall, the sector shed 1.4% from its market capitalization (mcap) over the last seven days, but remains up 15.7% over the last month.
BNB (BNB) remains by far the largest asset in the ecosystem with a $91.8 billion mcap, though it did shrink 0.6% week-on-week.
A handful of assets in the top 100 were hit particularly hard, erasing more than 20% of their value this week. These include:
- Bio Protocol (BIO): -24.5%
- Merlin Chain (MERL): -24.3%
- SKYAI (SKYAI): -23.9%
- Velo (VELO): -22.7%
- Simon's Cat (CAT): -22.4%
But it’s not all doom and gloom. Several tokens tacked on impressive gains this week, including:
- APX (APX): +36%
- NEXPACE (NXPC): +23%
- Mask Network (MASK): +20.3%
- Frax (FRAX): +18.4%
Search trends for “BNB” indicate slightly increased interest over the last year, whereas searches for “BNB Chain” have fallen considerably over the same period. This trend is also observed for other popular L1s, including Ethereum and Solana.
Source: DefiLlama
The platform saw a 2.4% decline in TVL over the last week, but it is maintaining its position confidently as the third-largest L1 by TVL. The platform currently has an average transaction fee of $0.06, making it cheaper than most Ethereum L2s.
BNB Chain News Roundup
This week, the BNB Chain ecosystem saw a resurgence in on-chain activity and bullish ecosystem growth.
Here’s the lowdown:
Wello Launches Global Payments App: Today, Wello launches its global payments app, enabling instant, low-cost transfers using Apple Pay, Visa, and 120+ fiat onramps, bringing PayFi to BNB Chain. It integrates decentralized security with centralized efficiency for cross-border remittances.
Standard Chartered Forecasts BNB Price Surge: Standard Chartered projects BNB's price could reach $1,275 by the end of 2025, citing strong ecosystem development and adoption as key growth drivers.
PancakeSwap V3 Sees 152% Volume Increase: PancakeSwap V3 experienced a 152% surge in weekly trading volume, contributing to a broader 81% rise in decentralized exchange activity on BNB Chain. (source)
>> That’s a wrap. Join us next week for more BNB Chain news and developments.
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