BNB hits $677 as active addresses top 2M and daily transactions exceed 8M on BNB Chain.
TVL on BNB Chain jumps 71% to $6B amid rising DeFi and institutional activity.
VanEck files for BNB ETF as trading volume surges 34% to $2.71B in 24 hours.
BNB price experienced significant growth following record-breaking activity levels on the BNB Chain this week. User participation along with transaction volumes, reached new highs, which matched the growing institutional interest and DeFi engagement across the network. BNB touched $677, its highest point in three months, as trading volumes and investor sentiment turned positive.
BNB Chain Transactions and User Activity See Record Growth
Over the last month, BNB Chain has seen an unprecedented surge in user activity. Active wallet addresses on the network surpassed 2 million, while daily transactions climbed beyond 8 million. This surge followed the broader uptick in market momentum and attention toward ETFs. The network’s rapid acceleration comes on the heels of increasing attention from institutional players and the wider cryptocurrency community.
BNB’s market performance reflected these developments. According to recent figures, trading value reached $661.31 with a 5.36% increase during the previous 24 hours. The token gained 10.3% over seven days and experienced a 14.5% increase throughout the previous month. The 24-hour trading volume also jumped 34%, reaching $2.71 billion.
Total Value Locked on BNB Chain Rises Sharply
Institutional involvement and decentralized finance activity have significantly expanded across the BNB Chain. Capital inflows into DeFi protocols have driven the total value locked on the chain from $3.5 billion in early 2024 to over $6 billion by May 7.
This 71% rise highlights the growing trust in the platform’s infrastructure. Large investors are backing projects built on BNB Chain, giving the network added visibility and use case potential.
The network structure has also played a role in attracting interest. While BNB Chain remains more centralized compared to Ethereum and Solana, that model provides consistency and stability. Standard Chartered recently noted that the chain’s architecture might benefit investors during volatile economic conditions.
ETF Filing and Market Moves Add to BNB Momentum
The recent price rally is also supported by market speculation around a potential BNB ETF. Global asset manager VanEck has filed an S-1 form with the U.S. Securities and Exchange Commission, aiming to launch the first BNB-based ETF. This move has intensified discussions about BNB’s institutional future and price direction.
Additionally, a drop in fees on the BSC Chain has helped attract more developers and users. This cost reduction has improved user onboarding and contributed to increased token demand. Analysts now point to $700 as a possible target, depending on broader market trends and continued growth on the BNB Chain.
