Surging Beyond $400: What’s Driving BNB’s Momentum?

Surging Beyond $400: What's Driving BNB's Momentum?

Binance’s Total Value Locked (TVL) and User Base

Binance’s TVL is approaching $5 billion, driven in part by the recent surge in BNB’s price. The platform has emerged as a leading Layer 1 network, surpassing 400 million users.

The TVL is gradually returning to previous highs, marking significant growth for the Binance Smart Chain, which now boasts the highest user count among Layer 1 platforms.

Trend Analysis for BNB

With these advancements, let’s explore the recent trends for BNB:

  • Binance claims the top spot in unique users among the top 15 networks, with 425 million users.
  • Polygon (MATIC) is the only other network surpassing the 400 million user mark.
  • Other networks lag behind with lower user numbers.

At the time of analysis, over 425.9 million unique users are recorded on the BNB chain.

Record Volume and Total Value Locked (TVL)

Examining the BNB chain’s volume, it’s evident that there has been a consistent trend of surpassing $1 billion, reaching almost $1.4 billion on February 28th, the highest in 2024.

Simultaneously, there’s a notable increase in the Total Value Locked (TVL), nearing $5 billion, a level not seen in almost a year.

BNB Price Surge

The recent surge in BNB’s price is particularly noteworthy, reaching levels unseen since April 2022. BNB concluded trading at $415 with a gain of over 5%, currently maintaining a trading level around $414.

Since entering the overbought zone around February 20th, BNB has sustained its position there, with the Relative Strength Index (RSI) just below 80, indicating a strong bull trend and overbought conditions.

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