BNB Coin Surges to Record Highs Amid Network Growth
BNB Coin has been on a remarkable bull run this week, hitting its highest price ever. Teh token reached $1,190, a 478% increase from its lowest point in 2023. This surge has pushed its market cap over $162 billion, making it the fifth-largest crypto.
The Binance Smart Chain (BSC) has seen critically important growth in activity. Nansen data reveals a 6.1% rise in active addresses to 36 million. Transactions on the network have also spiked by 65% in the past month, totaling 413.7 million.
DeFi Llama data shows the total value locked in the BSC ecosystem has risen to $12.52 billion, up from under $5 billion earlier this year. Major players include PancakeSwap, Lista DAO, Venus, and Aster.
Network fees have surged 117% in the past 30 days, reaching $24.5 million. This growth is partly due to BNBâs deflationary nature. The network plans to burn 1.4 million tokens, valued at over $2 billion, to reduce circulation from 139 million to 100 million.
Technical analysis shows a strong upward trend. The BNB price has broken key resistance levels at $1,000 and $791. With all major moving averages in favor, the token coudl target $1,500. Though, a drop below $1,000 would signal a bearish shift.
