Reasons BNB Chain's latest development could be BNB's saving grace

GMX to launch on Binance Chain to benefit both parties Dapp activity declines, along with TVL and revenue that is being generated GMX, a decentralized exchange initially deployed on the layer 2 solution Arbitrum, recently proposed its launch on the Binance Smart Chain (BNB).

Timeline of Bnb

In recent weeks, there has been a lot of fear, uncertainty, and doubt (FUD) surrounding Binance Coin [BNB] after FTX's [FTT] collapse and the downward trend of its native cryptocurrency. The collapse caused exchange tokens to be looked at with distrust.

Hackers have made off with more than $8 million worth of Ethereum (ETH), Binance Coin (BNB), Tether (USDT), and Dai (DAI) after exploiting the Web3 crypto wallet BitKeep. The blockchain security firm PeckShield reveals that the bad actors stole approximately 4,373 BNB, 5.4 million USDT, 196,000 DAI and 1,233.21 ETH.

BNB was one of the best-performing cryptos in 2022, but it may crash in 2023. The exchange did well till now despite the FTX crash and other issues. As the year ends, the coin's future seems gloomy, and many fear it may tumble lower.

Binance Coin price analysis shows bearish momentum with further consistent opportunities. The bears rule the BNB market and are likely to maintain their momentum, and BNB now expects a further devaluation in the coming days.

Binance Coin [BNB] recently released its weekly stats, pointing out how the network performed over the last seven days. BNB revealed that its weekly transactions exceeded 16 million, and its daily average transactions were more than 2.7 million.

Life comes at you fast, they say— one day you are at the spearhead of revealing misdoings. A few weeks later, you are trying to give reasons why your exchange was facing no troubles despite the words on the street.

The cryptocurrency market across 2022 has been dominated by the bears, with most digital assets losing a significant share of their value. As the year comes to an end, it is time to evaluate how select digital assets performed under different metrics.

Binance Coin price analysis remained bearish over the past 24 hours, just as it had been over the past week as price continued to struggle in breaking out past the $245 support mark. After dropping as low as $222 on December 17, the Ethereum-alternative token stabilised back up to $243.

Polygon managed to make it to the headlines yet again, as the number of daily transactions on the chain exceeded BNB's daily transactions. Delphi Digital, a crypto analytics firm, stated this via Twitter.

New concerns have emerged about Binance's BNB after the US Securities and Exchange Commission labeled FTX's FTT as a security. The post Crypto Community Fears For Binance BNB as FTT is Declared Security appeared first on BeInCrypto.