$BNB Binance Coin [BNB] is the sixth largest cryptocurrency by market capitalization at $100 billion, having risen 0.98% in the last 24 hours as of the time of writing, with a trading price of $689.

These gains reflect a slight recovery across the overall market.

BNB set a historical high of $793 in early December. It then attempted to recover that level and potentially break through $800, but faced strong resistance at $722. However, the growing DeFi activity could drive this breakthrough in the short term. DeFiLlama data shows that weekly DEX trading volume on the BNB Chain has surged to $17.74 billion, the highest in three years. The two protocols driving this growth are PancakeSwap and THENA, with their weekly trading volumes increasing by 298% and 111%, respectively.

This rise could be a good sign for the blockchain's native token BNB. As more people rely on the network for DEX trading, this could increase demand for BNB and support price increases.

In addition to the optimistic outlook for BNB Chain, the token's