- BNB was up by over 10% final week, whereas its Open Curiosity elevated.
- Constructive sentiment round CAKE dropped, however its worth went up by over 80%.
Over the previous few days, tokens within the BNB Chain [BNB] ecosystem have registered promising development. The tokens embrace BNB Chain’s native token, BNB, together with PancakeSwap [CAKE].
A better take a look at the blockchain’s latest developments make clear what was really happening.
BNB chain tokens are on the rise
Lookonchain’s latest tweet revealed a number of tokens within the BNB Chain ecosystem have been on a gaining spree for over per week now. Not solely standard cash like BNB and CAKE, however different cash like Belief Pockets Token, Venus, and ApolloX additionally made it to the listing.
1/ As #BinanceBlockchainWeek approaches, the worth of Binance-related tokens has surged over the previous month.$BNB 📈 18%.$TWT 📈 77%.$CAKE 📈 95%.$XVS 📈 43%.$APX 📈 178%.
What are these tokens?
Who’s shopping for these tokens? pic.twitter.com/eViRqbwDQ2
— Lookonchain (@lookonchain) November 7, 2023
The tweet additionally talked about a attainable purpose that might have performed a significant position on this episode. Notably, BNB Chain is anticipating its Binance Blockchain Week, which is scheduled to happen on 8 November, to fire up optimistic sentiment out there round BNB Chain tokens.
Nevertheless, was the hype round Binance Blockchain Week the one factor that’s inflicting this pump, or have been there different issues contributing to this worth surge?
A better take a look at BNB
To start with, let’s first check out BNB Chain’s high token, BNB. As per CoinMarketCap, the token’s worth had surged by greater than 10% during the last week, which seemed promising.
Not solely did its worth rise, however the same development was additionally famous when it comes to its quantity. On the time of writing, it was buying and selling at $251.03 with a market capitalization of $38 billion.
The truth is, bearish sentiment across the token dropped by over 3.8% final week. One other bullish sign was BNB’s AltRank, which registered an enchancment. Regardless, BNB’s Social Engagements dropped final week.
Supply: LunarCrush
Coinglass’ knowledge revealed that BNB’s Funding Price surged considerably throughout its worth hike. This clearly indicated its recognition within the derivatives market, even when it was buying and selling at the next worth. AMBCrypto’s evaluation additionally revealed that BNB’s worth may proceed to pump.
This appeared possible because the MACD displayed a bullish higher hand out there. The token’s Chaikin Cash Movement (CMF) was additionally properly above the impartial mark. Nonetheless, BNB’s worth had touched the higher restrict of the Bollinger Bands, which might be an indication of hassle.
Supply: TradingView
PancakeSwap’s development is extraordinary
Whereas BNB’s worth rose by 10%, CAKE’s worth went up by a whopping 83% final week. On the time of writing, it was buying and selling at $2.27 with a market capitalization of over $536 million.
Is your portfolio inexperienced? Try the BNB Revenue Calculator
Nevertheless, in contrast to BNB, CAKE’s buying and selling quantity plummeted considerably during the last 24 hours. Not solely that, however its MVRV ratio dropped final week, suggesting a development reversal.
Sentiment across the token additionally began to show bearish, as evident from the drop in its optimistic sentiment.
Supply: Santiment
