BNB Surges 50% as DEX Volume Hits $191 Billion

Binance Coin (BNB) has experienced a significant surge, reaching a high of $765, which marks over a 50% increase from its lowest point this year. This rally is driven by a substantial increase in decentralized exchange (DEX) volume, which has reached $191 billion, and an increase in the number of addresses to 14.8 million. The token's ecosystem, particularly in decentralized exchanges, has thrived, pushing it past critical resistance levels. This surge in DEX volume has led to a shift in trading behavior, with more traders moving towards decentralized platforms. PancakeSwap, for instance, has seen a remarkable 539.2% increase in its trading volume, making it the largest DEX and accounting for 45% of all DEX transactions. This shift is indicative of a broader transformation in the way cryptocurrency trading is conducted, with decentralized exchanges becoming increasingly popular. The surge in DEX volume has also led to a historical high in the ratio of DEX to centralized exchange (CEX) spot trading volumes, further emphasizing the growing importance of decentralized platforms in the cryptocurrency market. The increase in the number of addresses to 14.8 million suggests that more users are adopting BNB, which could further drive its price upwards. However, the token is currently at a make-or-break point, and its future performance will depend on whether it can sustain this momentum.

BNB Chain’s weekly DEX volume jumped to over $45 billion. It has remained above $40 billion in the past five consecutive weeks. The BNB price surged after the U.S. Congress passed the stablecoin GENIUS Act, which Trump signed into law on Friday. This bill matters to BNB because its network is one of the biggest processors of stablecoins. Data shows that its stablecoin supply increased by 5% over the last 30 days to exceed $11.1 billion. It has over 14.8 million stablecoin addresses, higher than Tron’s 10 million. It processed over 513 million stablecoin transactions worth more than $295 billion. BNB price has also jumped because of its high deflation characteristic as it incinerates tokens worth over $1 billion a month. Its goal is to reduce the circulating BNB tokens from 130 million to 100 million over time.

The daily chart shows that the BNB token price has been in a strong bull run in the past few days. This surge pushed it above the key resistance level at $692, the upper side of the ascending triangle pattern. BNB price has remained above the 50-day and 100-day Exponential Moving Averages. Its ADX indicator has jumped to 31, and is pointing upwards. An ADX figure of 25 or above indicates that a trend is strengthening. Therefore, the token will likely continue rising as bulls target the make-or-break point at $792, its highest point in November last year. Moving above that level will likely lead to further gains, potentially reaching $1,000.