BNB, backed by the popular crypto exchange Binance, manages to resist the harsh and painful processes of the crypto bear market.
BNB Chain, the DEX side of Binance, stands out with its total assets locked (TVL) of $5.2 billion. Contrary to centralized exchanges called CEX, increasing interest towards the DEX side also came to the fore. Particularly, the collapse of the cryptocurrency exchange FTX benefited Binance the most. Binance, the world’s largest cryptocurrency exchange, has included new users in its volume and TVL rates. The growing and expanding BNB Chain also powers the company’s native token. In the painful crypto bear market, BNB was the most resilient among the major coins. The popular cryptocurrency suffered a lesser drop compared to Bitcoin and Ethereum.
BNB and Changpeng Zhao
Changpeng Zhao (CZ), CEO of Binance company, took important steps for BNB, the native token of the exchange and the decentralized network. Binance exchange, which has over $60 billion in assets, dominates more than half of the crypto industry. The exchange accommodates billions of dollars in trading volumes and leveraged transactions. CZ is working hard for BNB by taking the power of the stock market behind him. It’s no surprise that the world’s number one crypto exchange wants to have the number one cryptocurrency ranked by market cap.
The CEO of the exchange, CZ, provided a strong boost to the cryptocurrency with the launchpad feature. The launchpad, where the coins to be listed on Binance, started, required BNB staking for pre-participation. In this way, millions of BNBs are expected to be removed from the circulating supply.
In addition, billions of dollars in volume on BNB Chain are carried out entirely with BNB. Binance’s native token is used for events such as network fees, purchases, adding liquidity, staking systems.
As a result of all this, the strong cryptocurrency managed to survive in the bear market.
Why Did BNB Rise?
Popular cryptocurrency exchange Binance has announced that it has launched a launchpad for its Hooked Protocol (HOOK) token. HOOK, the 29th launchpad project of the stock market, only granted participation via BNB. With the news spread, the BNB price reached a 16 percent rise.
The rise of the popular cryptocurrency brought with it new question marks. Crypto investors wonder if this uptrend is healthy. Recently, with the collapse of FTX, the price of BNB had risen more than 30 percent. However, a momentary decline brought the price back to the $260 level.
BNB Chart Analysis, Will the Uptrend Continue?
The news-effective rise of Binance’s cryptocurrency BNB continues. The popular cryptocurrency, which spent the day with a 16 percent rise, may face selling pressure.
If it can survive as a result of this pressure, it can continue its uptrend. However, price volatility may experience a decline after the news effect wears off. The impact of the Launchpad news plays an important role for the price.
The opening of the launchpad, which was launched for HOOK, to participation with BNB has affected the entire price balance. Investors who want to participate in Launchpad and short-term traders who think that launchpad can bring a price increase have affected the chart.
The news, anticipation, and launchpad trilogy pushed BNB’s price up 16 percent. In this case, the continuation of the rise may depend on meeting the selling pressure. Bitcoin price also affects all cryptocurrencies.
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