Binance’s native token, BNB finally sees some light as it rebounded and broke through $530, after a jump of over 3.5% in the past day even as Binance’s DEX volume drops by 24%. According to CoinMarketcap, BNB is trading at $530.68, after a jump of 3.32 % in the last 24 hours, at the time of writing.
The crypto token has also garnered confidence from 67% of its community, as the market sentiment shows. Also, this slight recovery follows the long dwindling performance of the token , which led to investors predicting that BNB may have entered a bearish market, especially as BNB hasn’t held above $610 since mid-June. In fact, BNB had plunged to $505.74, just yesterday.
Many factors contributed to BNB’s plunge, one of them being the BNB Chain’s low DEX volume, which dropped 24% in a week, as reported by DefiLlama.
To add to this woe, DappRadar too shows that the number of active addresses engaging with BNB Chain smart contracts has gone down by 18% over the week.
Even after the downtrend in performance, BNB still managed to recover at $530, mostly due to the community’s sentiment towards the project and Binance’s former CEO, CZ. Crypto Twitter has been predicting $BNB breaking as soon as CZ is released, or when the news around him releasing confirms, re-instilling community’s allegiance towards him.
For the uninitiated, Binance former CEO, CZ is expected to be freed after pleading guilty to money laundering charges and serving four months in detention. On August 22, it was reported that CZ remained in half house after moving from FCI Lompoc II, the development sparked speculations as the moving process is quite normal for inmates in their last days of imprisonment.
Also Read: Why CRO Could be Poised to Overtake BNB in the Crypto Race
