BNB completes 6 years; a look back and what to expect
- In a recent tweet, BNB Chain mentioned potential projects that could contribute to its growth in the coming days.
- Though BNB’s weekly chart was green, several market indicators were bearish.
Binance [BNB] turned 6 years old on 14 July and on that occasion, the blockchain mentioned all the promising potential projects on the chain. The journey has been pretty interesting for the blockchain. Overall, the growth trajectory remained optimistic.
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Not only in terms of the blockchain’s native token’s price, but also in terms of network activity, which has been growing for quite some time.
To celebrate, we’re taking this opportunity to highlight some high potential projects to watch, that have been building on #BNB Chain over the past year.
Thanks to the entire community for your continued efforts!
A thread of our chosen projects 🧵 pic.twitter.com/Fwx9y81MhG
— BNB Chain (@BNBCHAIN) July 14, 2023
Retrospection of BNB Chain’s performance
BNB Chain’s tweet also mentioned that, after completing multiple years, there were a few potential projects on the blockchain that could contribute to further growth. The projects include ApolloX, NFP, AltLayer, Maverick Protocol, and more.
It’s been several months now since the blockchain has maintained its second spot on the list of blockchains in terms of daily active addresses. Not only that, but Token Terminal’s data also revealed that BNB was ranked sixth on the list of blockchains by fees, reflecting high usage of the network.
Source: Token Terminal
Mentioning the token’s past performance, BNB reached its all-time high in terms of price in 2021. During that time, the token was able to touch $671 on 12 May 2021. Thanks to the back-to-back setbacks that the crypto market witnessed, the token’s price has fallen since then.
The same remained true for BNB’s TVL, which also reached an ATH of around $19 billion in May 2021, as revealed by Artemis’ data. Another piece of good news was that, if last year was to be considered, the blockchain witnessed an increase in network activity.
This was evident from the chart, as its daily active addresses and daily transactions gained upward momentum.
Will BNB’s price once again reach its ATH soon?
While BNB’s growth trajectory has been promising, the thought of BNB touching its ATH price anytime soon might be a long shot. Thanks to the bullish market, BNB’s price registered nearly 6.5% in the last seven days.
At press time, BNB was trading at $252.47 with a market capitalization of over $39 billion.
Read Binance Coin’s [BNB] Price Prediction 2023-24
Though the growth looked optimistic, positive sentiment around the token has plummeted sharply over the last few weeks. BNB’s 4-week price volatility has also sunk, decreasing the chances of an unprecedented northbound price movement.
However, it was interesting to note that BNB’s MVRV registered a slight recovery, which can be attributed to the latest price uptick.