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Midday Mover: BNB, SOL Outperform as Bitcoin Clings to $30K
PLUS: Mantle Network is mulling a $200 million ecosystem fund for its new layer-2 blockchain.
Updated Jul 11, 2023, 9:11 a.m. Published Jul 11, 2023, 9:11 a.m.
Tokens powering the BNB Chain and Solana blockchains rose as much as 10% in the past 24 hours to post the largest gains among major tokens.
BNB, up 6.7% as of 08:50 UTC, reversed all weekly losses after crypto exchange Binance yesterday announced a token sale for on-chain analytics tool Arkham and said investors must hold BNB to participate. The ARKM token sale has a hard cap of $2.5 million with a maximum of $15,000 contribution limit per user.
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Trading volume in BNB surged to $1.2 billion in 24 hours, four times the day-earlier level, CoinGecko data show, with some large holders depositing millions worth of the tokens to Binance in advance of the ARKM sale.
A giant whale deposited 141,835 $BNB ($35M) to #Binance 3 hrs ago through 4 Binance deposit addresses.
— Lookonchain (@lookonchain) July 11, 2023
The whale may participate in the Arkham (ARKM) token sale.
Due to the purchase cap of 300K $ARKM, the whale deposited $BNB to 4 Binance accounts in order to buy more $ARKM. pic.twitter.com/9hlSCPLlKj
An uptick in SOL prices follows on the back of growth in the Solana-based DeFi ecosystem, which added some $25 million in locked value since the start of July.
Ethereum layer-2 project Mantle Network is voting to create a $200 million ecosystem fund. A recent proposal seeks to allocate $100 million from its treasury and raise an additional $100 million to support the development of the network for the next three years.
Over 99.5% of the community is in favor of the proposal, giving crypto developers and investors yet another heavily funded blockchain to play with in the next bull market.
Bitcoin , meantime, remains steady above $30,000 even as overall market liquidity and trading volumes show poor signs of growth. Glassnode data indicates that the number of wallets holding at least one bitcoin reached an all-time high of 1,008,737 last week, suggesting decentralization of the network.
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- Beefy Finance is holding a vote for migrating the BIFI token away from Multichain, which recently underwent an estimated $130 million attack.
- An Abracadabra Finance vote to deploy on the Kava blockchain is nearing completion, with 100% of the community in favor. Kava network will distribute nearly $1 million worth of its KAVA tokens to the DeFi lending, staking and borrowing application in the next 10 months as part of the move.
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