The Binance Coin price has done well in the past few days as investors cheered its ecosystem growth. The BNB coin price jumped to a high of $657 on Sunday, and is a few points below its all-time high of $800. So, what next for the BNB price after it flipped Ethereum and Solana on a key metric?
BSC Chain flips Solana and Ethereum
The BNB price has surged, helped by the growing ecosystem. Recent data shows that the BSC network is beating top blockchains like Solana and Ethereum in terms of volume in the decentralized exchange (DEX) industry.
Data compiled by DeFi Llama shows that the BSC network’s DEX volume jumped by over 66% in the last seven days to $32 billion. This growth brought its total monthly volume to over $113 billion.
BSC has flipped Solana in terms of weekly volume since the latter handled over $28 billion in volume. Ethereum handled $15 billion, making it much smaller than the two networks, a big thing since it has always been the most dominant player.
BSC Chain has also flipped the Solana in terms of cumulative DEX volume. It has handled over $1.03 trillion in volume over time, while Solana handled $1.02 billion.
Most BSC protocols have seen a strong volume growth in the past few weeks. PancakeSwap handled over $3.43 billion in the last 24 hours and $28 billion in the last seven days. It has handled over $105 billion in the last 30 days.
THENA network processed $148 million in the last 24 hours and $1.5 billion in the last 7 days. The other top-performing DEX protocols in the BSC network are Uniswap, Dodo, and Woofi.
Read more: BNB price prediction as CAKE, Thena, Venus, Dodo tokens surge
CZ Brocolli meme coin triggers gains
This growth happened after Changpeng Zhao, its founder, ventured into the meme coin industry, a move that was criticized by some. He then unveiled his dog, Brocolli, which triggered a huge volume spike.
Some BNB Chain fans criticized the move, noting that meme coins would destroy the BSC network by encouraging scams. That’s because many meme coins are scams that benefit a few insiders and hurt many others.
A good example of this is the popular Solana meme coins that surged and then plunged as the hype died. The Official Trump meme coin has collapsed in the past few weeks, costing traders billions.
Instead, proponents argued that Binance should focus on building a strong ecosystem that will grow its ecosystem in the long term.
BNB price forecast
The weekly chart shows that the BNB coin price has one of the best technicals in the crypto industry. It has formed a cup and handle pattern, a popular continuation sign. The recent consolidation is part of the formation of the handle section of this pattern.
The coin remains above the 50-week and 100-week Exponential Moving Averages (EMA), a bullish sign in the market.
Therefore, the BNB price will likely continue rising as bulls target the next key target at $800, its all-time high. A move above that resistance level will point to more gains, potentially to the psychological point at $1000.
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