BNB has dropped by %2 in the last 24 hours, falling to $1,270. This decline is associated with an increase in trading volume and the contraction of memecoin trading on the BNB Chain. However, high volume buying was observed in the $1,255-$1,280 range.
The token's price movement occurred despite the BNB Chain reaching 5 trillion gas usage recorded in a single day. This increase was achieved with 24 million swap transactions, accounting for %77 of the total network activity.
BNB has shown a %45 increase in the last 30 days, becoming the third largest cryptocurrency by market capitalization. However, after declining from $1,308 to $1,255, it has recovered to $1,270. Yet, due to struggling to surpass the key resistance level at $1,320, short-term negative pressure continues.
According to Dune Analytics data, the new standard gas fee has been set at 0.05 Gwei, which has been accepted by significant ecosystem partners such as Binance and Trust Wallet. This has made trading on-chain cheaper and faster.
Max Rabinovitch, Head of Strategy at Chiliz, stated in an interview with CoinDesk, "It's hard to ignore the magnitude of this increase. However, the most important thing is that it is one of the strongest forces driving community participation in blockchain." Rabinovitch emphasized that this situation reflects the existence of an active trading community for BNB.
Notably, the recent drop in BNB’s price occurred shortly after CEA Industries announced earlier this year that it had reached 480,000 tokens.
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BNB, memecoin, BNB Chain, cryptocurrency, trading volume
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