Notcoin

Value

PancakeSwap

Launchpool

<div class="finbold"> 
 <p class="paragraph">Bitcoin’s (BTC) recent <a rel="dofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> past the $71,000 threshold has invigorated the cryptocurrency market, with BNB Chain (BNB) leading the charge.</p> 
 <p class="paragraph">On June 5, BNB soared to $711.56, a significant jump from $625.26 just a day earlier, marking its first breach of the $700 level in three years.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
    <p lang="en" dir="ltr">BNB reached over $700, hitting a new ATH! pic.twitter.com/11LJonDR9U</p>— Binance (@binance) June 5, 2024 
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 <p class="paragraph">Amid ongoing market volatility and increased selling pressures, BNB Chain stands out with its robust performance, recording a 2% increase in just one day and a 16% gain over the past week, reflecting increased interest among investors.</p> 
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"> <path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <h2 class="wp-block-heading" id="h-key-factors-driving-bnb-s-<a rel=" dofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge"&gt;Key factors driving BNB’s <a rel="dofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a></h2> 
 <p class="paragraph">Several potential factors have driven the recent <a rel="dofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> in BNB Chain, though the exact reasons remain uncertain.</p> 
 <p class="paragraph">One significant contributor is the increased activity on Binance’s Launchpad and Launchpool platforms. These platforms require investors to buy and lock up BNB to receive a portion of newly released tokens.&nbsp;</p> 
 <p class="paragraph">The latest release, a gaming token on Telegram named Notcoin (NOT), <a rel="dofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a>d by 140% last week, attracting considerable interest and investment.</p> 
 <p class="paragraph">Additionally, the trading volume of BNB has increased dramatically, skyrocketing to over $4 billion in the past 24 hours, making it the sixth most-traded digital asset.&nbsp;</p> 
 <p class="paragraph">Options traders have also likely influenced BNB price dynamics, with many securing put options with strike prices ranging from $550 to $650 as a hedging strategy against potential price drops.</p> 
 <p class="paragraph">Projects across the BNB Chain ecosystem have also recorded a jump in activity, token prices, and trading volume. According to <em>CoinGecko </em>data, trading volumes of BNB Chain-based tokens <a rel="dofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a>d 124% in the past 24 hours.&nbsp;</p> 
 <p class="paragraph">Dog-themed meme coin Floki (FLOKI), active on both Ethereum (ETH) and BNB Chain, led gains with an increase of more than 17%, while decentralized exchange PancakeSwap’s CAKE saw a 15% increase.</p> 
 <p class="paragraph">The value locked in BNB ecosystem projects grew nearly 8%, led by PancakeSwap and lending application Venus, according to data tracked by <em>DefiLlama</em>.</p> 
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  <img decoding="async" width="1024" height="432" src="https://cdn.thebittimes.com/images/2024/06/05/f2a29c28ad39719cbd019699ca762baa.webp" alt="" class="wp-image-181128" srcset="https://cdn.thebittimes.com/images/2024/06/05/f2a29c28ad39719cbd019699ca762baa.webp 1024w, https://cdn.thebittimes.com/images/2024/06/05/f2a29c28ad39719cbd019699ca762baa.webp 300w, https://cdn.thebittimes.com/images/2024/06/05/f2a29c28ad39719cbd019699ca762baa.webp 768w, https://cdn.thebittimes.com/images/2024/06/05/f2a29c28ad39719cbd019699ca762baa.webp 1522w" sizes="(max-width: 1024px) 100vw, 1024px">
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   <em>Total Value Locked BSC. Source :DefiLlamma</em>
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 <p class="paragraph">However, some market indicators suggest caution. Data from<em> Coinglass</em> shows that the BNB funding rate dropped from 0.02% to 0.01% in the past 24 hours, indicating an increase in traders betting on a BNB price drop.</p> 
 <p class="paragraph">Additionally, the BNB Relative Strength Index (RSI) is currently at 74, indicating that BNB is overbought at this price point, which could prompt some investors to shift to short-term gains.</p> 
 <p class="paragraph">At the press time, BNB is trading at $701, a 1.63% decrease from its all-time high of $711.56.</p> 
 <p class="paragraph">BNB’s impressive performance amid a broader market recovery and heightened ecosystem activity underscores its strong potential and robust fundamentals.&nbsp;</p> 
 <p class="paragraph">However, investors should remain cautious due to the potential for high volatility in the asset’s value.</p> 
 <p class="paragraph"><strong><em>Disclaimer: </em></strong><em>The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bnb-chain-rockets-to-new-heights-what-s-fueling-the-surge-tbt91546.html">https://thebittimes.com/bnb-chain-rockets-to-new-heights-what-s-fueling-the-surge-tbt91546.html</a></p>

BNB Chain rockets to new heights: What’s fueling the surge?

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