Binance coin prices rose on Thursday as the cryptocurrency rallied and Binance inflows increased. BNB coin surged to a high of $280, its highest since December 12. It surged more than 28% from its 2023 low.
Binance Inflow Increases
Binance Coin is the leading cryptocurrency in the company’s ecosystem. Powering both Binance’s main website and its DeFi and NFT ecosystem. Its DeFi ecosystem is his second largest after Ethereum. Some of the most notable dApps in the Binance ecosystem include PancakeSwap, Venus, Wombat Exchange and Ankr. BNB Chain also powers one of the world’s largest stablecoins, Binance USD.
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Binance Coin is also used on the BNB Chain gaming platform. Some of the most important games in the ecosystem include MOBOX, Meta Apes, World Games, IguVerse and Tiny World. According to DappRadar, some games in the ecosystem, such as IguVerse and Outer Ring MMO, have performed well over the past 30 days.
There are two main reasons why Binance Coin is rising on Thursday. First, there has been an increase in activity on the blockchain in recent days. Total Value Locked (TVL) in the ecosystem increased to almost $5 billion. This is important as Binance has gone through a rough patch in the past few weeks.
Second, it rose in sync with the prices of other cryptocurrencies. Bitcoin is above $18,000 and Ethereum is approaching $1,500. The rally came as investors waited for the latest US inflation data. These numbers are important because they tend to affect the Federal Reserve.
Finally, a closer look at the data shows that investors are adding funds to Binance. According to DeFi Llama, they added over $885 million in the last 24 hours and over $1.7 billion in the last seven days. This is a positive sign for Binance and BNB coin.
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Binance Coin Price Prediction
The daily chart shows that the BNB price has performed well over the past few days. It is approaching the important $300 level, well above last year’s low of $191. The coin has broken above the 50-day moving average and the key resistance point of $257. This was an important level as he was the lowest point on October 13th.
Therefore, BNB price may retreat in the coming days as investors mirror US inflation data. If this happens, the next significant level to watch will be $257.
