BNB Price Goes Bullish as BSC DEX Volume Surpasses Solana, Ethereum

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.

BNB Defies Market-wide Bears

Thanks to the rising interest in the BSC-based decentralized finance protocols, investors and traders have helped trigger bullish momentum for BNB BNB $589.8 24h volatility: 0.1% Market cap: $86.01 B Vol. 24h: $489.45 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.

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