- At the time of writing, BNB was up almost 10% in the past ten trading days.
- The USDT-Wrapped BNB pair was the most traded on PancakeSwap V3 in the last 24 hours.
Bulls started attacking the crypto market. Like other digital assets, Binance Coin [BNB] was also viewed with optimism.
BNB is turning red hot
The fourth-largest cryptocurrency by market capitalization exchanged hands at $247.80 at the time of writing, up nearly 10% in the past ten trading days, according to CoinMarketCap.
The price rise boosted hopes of a robust recovery for a currency that has lost 19% of its market value since the start of 2023.
As BNB pumped, data from the chain began to reveal intriguing responses from influential investors.
According to a Look at chain post dated November 6, a whale has raised a total of 22,319 BNB tokens from crypto exchange Binance in the past three days.
The investor then transferred the withdrawn amount to the liquidity pools of decentralized exchanges (DEXs), PancakeSwap [CAKE] and Biswap.
As is known, liquidity providers (LPs) deposit assets into a pool to facilitate trading on DEXs. In return, they receive a reduction in trading costs.
The whale’s intention to provide liquidity was therefore driven by the high demand for BNB tokens. The more transactions, the higher the trading fees collected from participants.
BNB demand can also be measured by examining the trading pairs on PancakeSwap V3.
According to CoinGecko, the USDT wrapped BNB pair was the most traded in the past 24 hours, accounting for more than 36% of total volumes on the DEX.
Positive talk around BNB
The spike in trading could also have been caused by a flurry of social media conversations surrounding BNB. AMBCrypto analyzed Santiment’s social volume indicator and found a sharp spike on November 6.
The metric, which tracks the number of mentions of the coin among crypto-linked social groups, can be used to determine how popular the asset is at any given time.
Source: Santiment
How much are 1,10,100 BNBs worth today?
Furthermore, the majority of commentary surrounding the coin has been positive, as implied by the sharp spike in the Weighted Sentiment indicator.
While investors were optimistic about the stock market token, it remained to be seen whether gains could be sustained in the coming days. If the latter turns out to be true, BNB can expect greater capital inflows in the coming days.
