Binance on Climb: 4.3 Million Users Join BNB Wallet in a Week!
Binance Coin's Potential for Bull Run: These Statistics Indicate A Possibility
Y'all better buckle up! Binance Coin [BNB] just scooped up a staggering 4.3 million new users on its wallet, rocket-boosting its share of the weekly crypto swap market to a whopping 90%!
If this momentum carries on, BNB could be in for a long-term rally that'll make you wish you got in earlier!
Dive in to see why the hype is real and what's fueling this growth.
The BNB Flywheel: Meme-Farming Frenzy and Airdrop Mania
Dovey Wan, founder of Primitive Ventures, spills the tea on why the Binance Wallet's growth is going beyond other centralized wallets like OKX and MetaMask. She stresses out the meme farming craze and air drop hunts as key drivers behind BNB's whopping market share.
Wan highlights that Binance's alpha and airdrop programs have transformed the wallet into a meme-farming powerhouse, token-gated airdrop club, and a revenue-generating yield shovel. Don't know what a yield shovel is? It's like a huge gold scoop you get when you mine crypto – only here, the gold is BNB!
So, the more people participate in BNB's alpha and airdrop programs, the more BNB they need – and boom! The flywheel for BNB token is spinning, baby, and funneling growth to the wallet faster than you can say "meme farming."
Interestingly, Wan also thinks that the OKX wallet's temporary halt in late 2024 could have turbocharged the Binance Wallet's growth.
Breakdown of the Binance Wallet's Growth
Guess how much the Binance Wallet handled in weekly swapped volume? Over $3 billion!
Zoom out, and BNB Chain/BSC stands as the second most dominant in weekly DEX volumes at 19%, trailing behind Solana's [SOL] 28%.
Last week alone, DEX volumes across the BNB chain ecosystem skyrocketed a whopping 128% (that's nearly $19 billion, folks!), highlighting the chain's grip during risk-on sentiment.
If the positive market sentiment sustains, the best way to profit from this trend is simple: exposure to BNB.
Remember how SOL surged to a cycle high of $295 in January due to the hype around Trump memecoin? A similar scenario could play out if the Binance Wallet and the BNB chain growth continue their explosion.
Bouncing between $600-$720: Is BNB bound for $900?
On the three-day price chart, BNB faced some sell pressure after brushing shoulders with the $690-$720 supply zone (red). But look on the bright side: the $640-$645 price zone served as a solid short-term support, positions itself firmly above the mid-range of a multi-month channel.
In the short term, BNB could stay range-bound between $600-$720. However, a bullish breakout from the 2-year channel might shoot BNB up to $900!
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- The meme-farming craze and air drop hunts have reportedly contributed to the extraordinary growth of the Binance Wallet, making it a meme-farming powerhouse and a revenue-generating yield shovel for BNB.
- In the previous week, the Binance Wallet handled over $3 billion in weekly swapped volume, making it the second most dominant in weekly DEX volumes at 19%.
- If the positive market sentiment continues, the best way to profit from this trend is through exposure to BNB, as DEX volumes across the BNB chain ecosystem skyrocketed by 128% last week alone.
- In the short term, BNB could remain range-bound between $600-$720, but a bullish breakout from the 2-year channel could potentially propel BNB up to $900.
- Besides keeping tab on the growth of Binance Wallet and BNB token, it's also essential to stay informed about Ethereum's game-changing catalysts that could drive ETH prices to $5,000 in 2025 and evaluate whether the price dip of PEPE presents a lucrative buying opportunity.
