- On April 1st, BNB’s trading volume reached a record high of nearly $11 billion, but it quickly dropped back to regular levels.
- In spite of the increase in volume, BNB’s price fell from $600 by more than 5%, and it is currently trading at $583.
Binance Coin (BNB) had a jump in trading volume at the start of the month, similar to 2022. Santiment’s statistics showed that this rise was short-lived, and the volume immediately returned to normal.
The Short-Term Volume Increase of Binance Coin: An Odd MarketÂ
BNB’s trading volume exceeded $11 billion on April 1, sparking crypto community conjecture about causes and effects. Traders and analysts watched the rapid activity spike to understand it. The euphoria subsided as volume stabilized at $2 billion in the following days.
Binance Coin is currently traded at $603.80, up 3.25% in 24 hours, according to CoinMarketCap. BNB has gained 3.67% in the past week, demonstrating its market stability in the face of crypto market uncertainty.
Technical analysis such as the Relative Strength Index (RSI) and Bollinger bands showed a solid bull trend and low volatility, reducing the possibility of sudden price changes.
According to Coinglass, the funding rate’s slow recovery supports traders’ caution. BNB buyers have recovered confidence, albeit with cautious optimism due to weak morale despite favorable market signs. With a funding rate of 0.02%, the market is cautiously optimistic.
According to its $600 million open interest, BNB’s market position is still strong despite little price movement and a moderate cash inflow. This scenario depicts a market waiting for clearer cues before acting.
On the other hand, as ETHNews previously reported, the BNB Chain has generated interest by holding a meme competition and offering incentives of up to $1 million USD in an effort to engage the community and promote innovation.