Binance Coin price outlook improves as on-chain metrics support bulls
- Binance Labs has recently invested in four crypto startups through its MVB Accelerator Program.
- Artemis Analytics data shows that BNB generated $86,200 in daily revenue on Wednesday, the highest since early June.
- On-chain data shows that BNB DEX trading volume is rising, indicating heightened user interest and engagement.
- Investors should be cautious about BNB's decreasing development activity.
Binance Coin (BNB) rises 10% this week, posting a third consecutive week of gains, and further gains are likely in the upcoming days driven by Binance Labs’ recent investment in crypto startup projects, rising decentralized exchange (DEX) trading volume and increasing revenue.
Binance Coin on-chain data hints at positive trend
Binance Labs has recently invested in four crypto startups through its MVB Accelerator Program. The news, announced on Thursday, led to a more than 2% price jump for BNB.
"This season received over 700 applications and the programs' highly selective process admitted less than 2% of the total applicant pool to welcome the 13 MVB Season 7 Accelerator teams," BNB Chain said in a Twitter post.
We're excited to announce @BinanceLabs has invested in 4 top-performing projects from the recent season of our Most Valuable Builder program!
— BNB Chain (@BNBCHAIN) August 22, 2024
@Aggregata_xyz
@opinionlabsxyz
@Sidekick_Labs
@vooi_io
Find out more about the projects in the thread below
This season… pic.twitter.com/oZopfQBm1W
Another aspect bolstering the platform’s bullish outlook is a recent surge in traders’ interest and liquidity in the BNB chain. Artemis Terminal data shows that BNB Chain's decentralized exchange (DEX) trading volume rose from $484.3 million on Monday to $922.1 million on Friday, the highest since August 6.
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BNB DEX Trading Volume chart
Additionally, additional data from Artemis Terminal shows that BNB generated $86,200 in revenue on Wednesday, the highest daily revenue since early June, further bolstering the bullish outlook.
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BNB Revenue chart
Despite rising DEX trading volume, increasing revenue and Binance Labs’ investment in crypto startup projects, BNB's Development Activity has remained low, indicating investors should not expect an immediate price rally.
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BNB Development Activity chart
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
