Supported by the popular crypto currency exchange Binance, BNB manages to resist the harsh and painful processes of the crypto bear market.
BNB Chain, the DEX side of Binance, stands out with a total locked asset (TVL) ratio of $5.2 billion. In contrast to the centralized exchanges referred to as CEX, the growing interest towards the DEX side also came to the fore. In particular, the collapse of the crypto currency exchange FTX helped Binance the most. Binance, which is called the world’s largest cryptocurrency exchange, has included new users in its volume and TVL rates. The growing and expanding BNB Chain is also strengthening the company’s native token. During the painful crypto bear market, BNB was the most resistant among the major Decoys. The popular cryptocurrency has experienced a smaller decline compared to Bitcoin and Ethereum.
BNB and Changpeng Zhao
Changpeng Zhao (CZ), CEO of Binance, has taken important steps for BNB, the local token of the exchange and decentralized network. The Binance exchange, which has over $60 billion in assets, has dominated more than half of the crypto industry. The stock market accommodates movements of billions of dollars in trading volumes and leveraged transactions. CZ is spending intensive time for BNB by taking the power of the stock market behind it. It is not surprising that the number one crypto exchange in the world wants to have the number one cryptocurrency in the ranking by market capitalization.
The CEO of the exchange, CZ, provided strong support for the cryptocurrency with the launchpad feature. Launchpad, where the coins to be listed on Binance have started, has introduced a requirement to stake BNB for preliminary participation. In this way, it is expected that millions of BNB units will be removed from the circulation supply.
In addition, the volume of billions of dollars in the BNB Chain is carried out entirely with BNB. Binance’s native token is used in events such as network fees, purchase transactions, adding liquidity, staking systems.
As a result of all this, the strong cryptocurrency managed to stay afloat in the bear market.
Why Did the BNB Rise?
The popular cryptocurrency exchange Binance has announced the launch of a launchpad for the Hooked Protocol (HOOK) token. HOOK, the 29th launchpad project of the exchange, granted the right to participate only through BNB. With the spread of the news, the BNB price reached a 16 percent ris
Why Is BNB High
The rise experienced by the popular cryptocurrency has brought with it new question marks. Crypto investors are wondering if this rise is healthy. Recently, with the collapse of the FTX, the price of the BNB had risen by more than 30 percent. However, a momentary drop brought the price back to the 260 dollar levels.
BNB Chart Analysis, Will the Rise Continue?
Binance’s crypto currency BNB, the effective rise of the news continues. The popular cryptocurrency, which spent the day with a 16 percent rise, may face selling pressure.
If it can stay afloat as a result of this pressure, it can continue its upward trend. However, price mobility may experience a decline after the news effect has passed. The impact of the Launchpad news plays an important role for the price.
BNB Chart Analysis Will Yukselis Continue
The opening of the launchpad launched for HOOK to participate 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 influenced the chart.
The news, anticipation and launchpad trilogy propelled BNB’s price to a 16 percent rise. In this case, the continuation of the rise may depend on meeting the selling pressure. In addition, the price of Bitcoin also affects all cryptocurrencies.