Binance Coin (BNB) climbed over the last 24 hours, even when geopolitical tensions rattled the markets, driven by increasing use of the BNB chain, which recorded more than 16 million transactions a day earlier this month.
This transaction number marks a massive leap when they are treated almost 4 million transactions a day earlier this year, according to Nansen Data.
Pandakewap, the network’s most important decentralized exchange, played a key role of $ 2.7 billion in daily volume. Overall, BSC handled over $ 104 billion in DEX volume over the past month and surpassed both Solana and Ethereum, according to Defillama data.
This growth helped BNB push through the volatility caused by the clashes between Israel and Iran, which temporarily pulled Bitcoin below $ 104,000.
BNB saw a strong buying interest all day, holding on to the $ 646 level and peaking to $ 658. This strength was supported by unusually large volume, and what seemed to be institutional interest.
Technically, BNB benefits from a number of higher low low, a sign of a building, according to Coindesk Research’s technical analysis data model. Analysts also pointed to consistent amounts above average, which suggested more than just detailedail enthusiasm.
Open interest in BNB derivatives has dropped 6.9% week-over-week to $ 750 million, signaling caution among traders. Still, the wider fear and greed index sits at a neutral 51, suggesting that the mood has not tilted bearish despite geopolitical jitters.
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