Despite regulatory challenges faced by Binance globally, the BNB coin is holding up relatively well. The world’s largest cryptocurrency exchange is currently under scrutiny in Nigeria, yet BNB’s performance remains stable. BNB’s price increase resumed last week after technical testing.

Since Bitcoin has stagnated over $66,000 and BNB spiked above $600, the top exchange token may retest important upper resistance levels shortly. Meanwhile, BNB Chain, driven by Binance Coin (BNB), exhibited remarkable performance during the first quarter of 2024.

In an X post, Coin98 Analytics meticulously analyzed the data, uncovering compelling insights into the achievements of BNB Chain. 

Impressive Growth in Q1

The analyst revealed that BNB Chain’s financial report for Q1 shows a staggering surge in key indicators, with all metrics experiencing growth of over 70% compared to the previous quarter. Notably, the trading volume of BNB itself witnessed an exponential surge, rising by 2.3 times, indicative of its soaring popularity among investors.

Moreover, the number of BNB token holders surpassed a remarkable milestone, exceeding 113 million, underscoring the expanding community of supporters.

Activity and Adoption

Moving ahead he analyzed network metrics, BNB Chain demonstrated a consistent uptrend in active users, with over 1.3 million addresses engaging daily. This sustained rise in activity was complemented by a significant volume of transactions, totaling nearly 378 million in Q1, and the creation of over 22 million new addresses. These figures underscored the growing traction and adoption of the BNB Chain among users.

Bolstering Total Value Locked and NFT Boom

The report also reveals a surprising surge in the TVL value of the BNB Chain. BNB Chain witnessed an impressive surge in Total Value Locked (TVL), surpassing $6.3 billion by the end of Q1. This influential boost reflects participants’ growing trust and utilization of the platform.

The Non-Fungible Token (NFT) sector has also experienced a phenomenal boom, with over 9.7 million NFTs created and a 3.4-fold surge in sales volume. This burgeoning NFT market highlights BNB Chain’s role as a hub for creative expression and digital asset trading.

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