BNB is seeing bullish sentiment from investors and traders as Binance Smart Chain’s decentralized exchange volume surpasses Solana and Ethereum.
By Wahid Pessarlay
Updated
2 mins read
BSC is the leading chain in terms of DEX volume after an impressive surge on March 16, surpassing both Ethereum and Solana.
BSC’s DEX volume increased by 13% over the past week, reaching $1.63 billion on March 16 and a total of $9.68 billion in the last seven days, according to data from DefiLlama. BCS’s DEX total value locked is currently sitting at $1.7 billion.
While BSC recorded notable gains, the Solana and Ethereum DEX volumes decreased by 28.8% and 12.1% over the past week, reaching $1.07 billion and $1.01 billion, respectively.
The BSC-based DEX protocol PancakeSwap brought most of the trading volume, roughly $1.47 billion, to the network. DefiLlama data shows.
Thanks to the strong trading volume, PancakeSwap accumulated nearly $3.5 million in fees on March 16, securing the third spot right behind Tether and Circle’s $18.3 million and $6.1 million collected fees.
Four.meme, a memecoin launch protocol on the BSC network, has also been recording a rising trading volume over the past week, skyrocketing from $580,000 on March 11 to $24.8 million at the reporting time.
Thanks to the rising interest in the BSC-based decentralized finance protocols, investors and traders have helped trigger bullish momentum for BNB BNB $586.7 24h volatility: 1.6% Market cap: $85.59 B Vol. 24h: $419.47 M .
BNB rose 4% in the past 24 hours and is trading at $630 at the time of writing, touching this price point for the first time in three weeks. Its daily trading volume increased by 26%, reaching $1.8 billion with a market cap of $89.4 billion.
The rising trading volume shows strong interest in the asset, but could potentially lead to high price volatility due to the overall bearish sentiment in the market.
Another bullish driver for BNB price could be the record-breaking $2 billion investment from Abu Dhabi’s MGX in Binance on March 13. The token’s value increased by 11% since the announcement.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.