Binance Coin (BNB) had a strong first week of the year. The question remains whether it can continue as negative news about cryptocurrency exchanges continues.
Recently, crypto exchange tokens have been under attack following the collapse of FTX and FTT. There is nothing bigger than BNB, the fifth largest with a market cap of $42 billion.
Despite the negative situation, BNB continues to perform well. that’s all It fell 62.5% from its all-time high. Its solid performance can be attributed to trust in the company.
Additionally, Binance is rolling out stable updates and relief streams this week.
Binance: Doing the right thing by customers
On January 5th, Binance published a summary of its solvency and market position findings from market research firms. The survey paints a positive picture of the world’s leading cryptocurrency exchange, stating:
“According to the few research reports that have landed in the last days of 2022 and the first few days of 2023, Binance’s overall position is very strong.”
Binance boss Changpeng Zhao also posted an update on the range of new products and features the company will offer in 2022.
Fundamentals aside, BNB chain activity has also remained stable over the past few months. According to BscScan, the chain conducts around 2.5 million transactions daily. This is on a downward trend, but more than doubles his 1.1 million transactions per day on Ethereum.
Additionally, the number of unique addresses on the BNB chain has now reached an all-time high of 238 million as of January 5th. There are approximately 1 million of his BEP-20 addresses active daily and 3.4 million of his BEP-20 token transfers daily.
Additionally, the BNB chain is the second largest DeFi ecosystem after Ethereum. A total of $5.3 billion is locked up, 2,200% more than rival chain Solana, which has seen on-chain activity collapse. According to DeFiLlama, Binance Chain’s top DeFi protocol is TVL’s $3 billion PancakeSwap DEX.
BNB price outlook
Despite the downtrend in on-chain activity and media FUD, Binance Coin is holding up well. BNB is up 7% since Monday, reaching $260 on January 5th. BNB price has dropped slightly today and is currently at $257.
BNB is currently trading at a three-week high, gaining 4.6% over the past two weeks.
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