BNB CHAIN’s Financials for Q1 2024 Surge by Over 70% Compared to the Previous Quarter
In spite of the regulatory hurdles faced by Binance on a global scale, the BNB coin has managed to hold its ground quite well. While the world’s biggest cryptocurrency exchange is currently facing scrutiny in Nigeria, BNB’s performance has remained stable. Last week, BNB’s price increase resumed after undergoing technical testing.
Since Bitcoin has remained stagnant above $66,000 and BNB experienced a spike above $600, there is a possibility that the top exchange token will soon retest important upper resistance levels. Meanwhile, BNB Chain, which is driven by Binance Coin (BNB), showcased impressive performance during the first quarter of 2024.
In a recent post, Coin98 Analytics conducted a meticulous analysis of the data, revealing compelling insights into the accomplishments of BNB Chain.
Impressive Growth in Q1
The analyst unveiled that BNB Chain’s financial report for Q1 displayed a remarkable 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 increase, rising by 2.3 times, indicating its rising popularity among investors.
Furthermore, the number of BNB token holders surpassed an impressive milestone, surpassing 113 million, highlighting the expanding community of supporters.
Activity and Adoption
Upon further analysis of network metrics, BNB Chain demonstrated a consistent upward trend in active users, with over 1.3 million addresses engaging on a daily basis. This sustained rise in activity was accompanied 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.
Boosting Total Value Locked and NFT Boom
The report also revealed a surprising surge in the TVL value of the BNB Chain. By the end of Q1, BNB Chain witnessed an impressive increase in Total Value Locked (TVL), surpassing $6.3 billion. This significant boost reflects the growing trust and utilization of the platform by participants.
Additionally, the Non-Fungible Token (NFT) sector experienced a phenomenal boom, with over 9.7 million NFTs created and a 3.4-fold increase in sales volume. This thriving NFT market further highlights the role of BNB Chain as a hub for creative expression and digital asset trading.
Tags: Binance