Binance Coin (BNB) experienced a slight dip on Monday, falling 6.50% to $685 from its weekend high, as the crypto market reacted to Donald Trump’s inauguration. Despite this price drop, BNB Chain achieved a significant milestone by surpassing Ethereum (ETH) in decentralized exchange (DEX) volume.
According to data from DeFi Llama, BNB Chain’s DEX platforms processed over $5.7 billion in daily sales on Monday, outpacing Ethereum’s $5.05 billion. This achievement made BNB Chain the second-largest network in terms of DEX volume, behind Solana, which recorded a staggering $25.3 billion. The daily volume on BNB Chain marked its most substantial increase since March 2021.
PancakeSwap, the leading platform on BNB Chain, accounted for more than $5.24 billion in volume, with other platforms like THENA, Uniswap, DODO, and Woofi contributing to the overall surge.
Ethereum, facing increasing competition from layer-2 networks like Base, Arbitrum, and Optimism, has seen some of its market share erode. Base, launched by Coinbase in 2023, recorded a weekly volume of $14 billion, trailing Ethereum’s $21 billion.
The next catalyst for BNB’s price movement is expected to be its upcoming token burn, which will see 1.64 million BNB tokens valued at over $1 billion removed from circulation. This burn, scheduled for the coming weeks, is part of a broader effort to reduce BNB’s total supply from 144 million to 100 million tokens.
In terms of price analysis, BNB has demonstrated strong performance over the past year, rising from $188 in 2022 to $690. The coin is currently consolidating near the top of a cup and handle pattern, a bullish technical indicator. With BNB trading above both the 50-week and 100-week moving averages, along with upward momentum indicated by the Relative Strength Index (RSI) and MACD, the coin is poised for a potential breakout. Analysts suggest that BNB could reach key resistance levels of $1,000 and $1,135 in the coming months.
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