The value of BNB (BNB) rose 7% between Sept. 11 and Sept. 13, buying and selling above $550 for the primary time in over two weeks. This motion considerably outperformed the two% features seen within the broader altcoin market capitalization throughout the identical interval, indicating particular drivers associated to BNB Chain and Binance alternate.
BNB/USD (proper) vs. altcoin market cap (left). Supply: TradingView
From a broader perspective, BNB has struggled to take care of ranges above $600 over the previous three months. Nevertheless, this has been ample to solidify its place because the third-largest cryptocurrency, excluding stablecoins. The final time Solana (SOL) overtook BNB was on Aug. 8, and the present hole stays a cushty $17.7 billion.
CZ’s launch from US custody and Binance Launchpad developments
Based on X consumer MJ, the BNB value surge is partly pushed by Binance’s founder and former CEO, Changpeng “CZ” Zhao, being launched from custody on Sept. 29.
Supply: peach_1340
A US federal decide sentenced the previous Binance CEO to 4 months in jail after he pleaded responsible to failing to take care of an efficient Anti-Cash Laundering program whereas overseeing the crypto alternate. CZ was taken into custody on Could 31 however was not too long ago transferred to a residential reentry facility in California.
Moreover, MJ cites the upcoming BNB restaking program and two new Binance launchpad swimming pools are contributing elements to the rise.
The Hamster Kombat (HMSTR) launchpool will run for 3 days, permitting customers to stake each BNB and FDUSD. The Telegram mini-app recreation reportedly has over 100 million gamers, and Binance will distribute 3 billion HMSTR tokens to depositors.
In Hamster Kombat, gamers assume the function of a cryptocurrency alternate CEO, aiming to develop the corporate by strategic investments, upgrades, and participation in each day challenges. The purpose is to earn HMSTR tokens, and no downloads past the Telegram app are required.
Equally, the Catizen (CATI) Binance Launchpad will run for 4 days. This cat-themed gaming platform, additionally on Telegram, will distribute 90 million CATI tokens to BNB and FDUSD depositors. As for the BNB restaking program, there is no such thing as a official affirmation from Binance right now, with solely rumors circulating.
Rising BNB Chain exercise contains tasks past DeFi
Attributing the BNB rally solely to launchpads and anticipation of an official BNB restaking program overlooks a key facet of the token’s worth—its demand inside BNB Chain functions. Past decentralized finance (DeFi) circumstances, a BNB fee processing charge is required for each sensible contract executed on the community.
Some profitable BNB Chain functions embrace Cellula, an immersive metaverse recreation the place customers create and evolve digital property within the type of non-fungible tokens (NFTs); StarryNift, a multiplayer metaverse with gaming and social networking options; QORPO World, a gaming platform with an built-in NFT market and Web3 pockets; and ApeBond, an on-chain launchpad for upcoming tasks.
Within the week ending Sept. 13, quantity on BNB Chain decentralized functions (DApps) rose 12% to $5.45 billion, based on DappRadar. By comparability, Ethereum noticed a 23% decline in quantity throughout the identical interval, whereas Ton Community remained flat at $645 million.
Associated: SEC expands Binance lawsuit: AXS, FIL, ATOM now securities
BNB chain high Dapps ranked by 7-day volumes, USD. Supply: DappRadar
BNB Chain highlights embrace a 26% improve in PancakeSwap’s transacted quantity and an 88% achieve in Avalon Finance. However, 0x Protocol noticed the steepest drop, with an 86% decline in quantity in comparison with the earlier week. By way of energetic addresses interacting with BNB Chain DApps, the quantity grew by 20%, based on DappRadar.
Notable highlights embrace Steadiness, a Web3 gaming platform, which reached 87,350 energetic addresses, and GombleGames, an app remodeling Web2 classics into immersive Web3 adventures, which amassed 19,170 energetic addresses inside 7 days.
The latest improve in BNB Chain exercise, together with use circumstances past DeFi, has been a vital think about supporting the latest BNB value surge. With sturdy expectations surrounding CZ’s launch and the rumored BNB restaking program, the probabilities of BNB reaching $600 within the close to time period seem promising.
This text is for basic info functions and isn’t supposed to be and shouldn’t be taken as authorized or funding recommendation. The views, ideas, and opinions expressed listed here are the writer’s alone and don’t essentially replicate or characterize the views and opinions of Cointelegraph.