3 Reasons Why Binance Coin (BNB) Price is Soaring

Binance Coin price edged upwards on Thursday as cryptocurrencies rebounded and Binance inflows rose. The BNB coin surged to a high of $280, the highest point since December 12. It has surged by more than 28% from the lowest point in 2023.

Binance inflows rise

Binance Coin is the main cryptocurrency for the company’s ecosystem. It powers both the main Binance website and its DeFi and NFT ecosystem. Its DeFi ecosystem is the second-biggest one after Ethereum. Some of the most notable dApps in Binance’s ecosystem are PancakeSwap, Venus, Wombat Exchange, and Ankr among others. The BNB Chain also powers the Binance USD, which is one of the biggest stablecoins in the world.

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Binance Coin is also used in the BNB Chain gaming platforms. Some of the most important games in the ecosystem are MOBOX, Meta Apes, World Games, IguVerse, and Tiny World among others. According to DappRadar, some games in the ecosystem like IguVerse and Outer Ring MMO have done well in the past 30 days.

There are two main reasons why the Binance Coin is rising on Thursday. First, activity in the blockchain has increased in the past few days. The total value locked (TVL) in the ecosystem has increased to almost $5 billion. This is important because Binance has been going through a rough patch in the past few weeks.

Second, it rose in sync with the prices of other cryptocurrencies. Bitcoin rose above $18,000 while Ethereum is approaching $1,500. This rally happened as investors waited for the latest American inflation data. These numbers are important because they tend to have an impact on the Federal Reserve.

Finally, a closer look at data shows that investors are adding funds to Binance. According to DeFi Llama, they have added over $885 million in the past 24 hours and over $1.7 billion in the past 7 days. This is a positive sign for Binance and the BNB coin.

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Binance Coin price prediction

The daily chart shows that the BNB price has done well in the past few days. It is nearing the important level at $300, which is much higher than last year’s low of $191. The coin has managed to move above the 50-day moving average and the important resistance point at $257. This was an important level since it was the lowest point on October 13.

Therefore, the BNB price will likely retreat in the coming days as investors reflect on the US inflation data. If this happens, the next key level to watch will be at $257.


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