Binance's BNB Skyrockets While BSC Dominates the DEX Market

After the “Black Monday” where Binance’s crypto was traded at 409 dollars, BNB is starting to recover. The rise has been smooth but sure, signaling the return of confidence in Binance’s currency. The main topic lies in the recent breakthrough of the BNB Smart Chain, surpassing Solana in terms of trading volume on decentralized exchanges (DEX). 

BNB: A crypto rally that defies expectations

Of course, there is bad news like Binance and CZ facing a money laundering complaint. But it should also be noted that Binance Coin (BNB) recorded an impressive performance, reaching its highest level since late July at 583.90 dollars. This rally was fueled by a marked increase in open interest on futures contracts, which reached over 607 million dollars. 

This surge was primarily supported by the Binance, Bybit, and BingX platforms.

To crown it all, BNB Smart Chain has surpassed Solana in trading volume on decentralized platforms (DEX). The daily volume of BSC jumped by 15% to 921 million dollars, against a 21% decrease in volume for Solana. 

It is interesting to note that most of this growth comes from popular DEX like PancakeSwap, Dodo, Woofi, and Wombat Exchange.

Binance: When BNB Smart Chain outpaces Solana

BNB Smart Chain has taken a lead over Solana, a remarkable achievement in the crypto world. On August 22, BNB recorded a 3% increase in the number of active wallets, reaching 414,000 unique users, while transactions on the chain jumped by 8% to 725,000. 

Despite BNB’s strong performance, Solana still remains the second largest DEX player after Ethereum, with a weekly volume of 6.3 billion dollars, against 4.2 billion for BSC. 

Another key element to watch will be the possible release of Changpeng Zhao in September, which could generate an influx of investors due to the excitement around the event. 

A detail to remember: for BNB crypto to continue its ascent, it will need to surpass the key resistance at 603.63 dollars.

In June, BNB reached a new ATH, displaying a historical record of over 700 dollars, a performance that highlights the resilience of Binance’s crypto.