Binance Smart Chain (BSC) Ecosystem Faces Pullback, BNB Falls Almost 4%

The Binance Smart Chain (BSC) ecosystem saw corrections on Thursday, with flagship token BNB and several newly-popular meme coins retreating after a burst of speculative activity earlier this ￰0￱ from GMGN showed BNB fell 3.4% to $1,270, reversing gains from a recent rally above $1,300. “Binance Life,” a meme coin that became the focus of retail speculation, dropped about 9.5% to $0.3181 in the past 24 hours. PALU, another meme token tied to Binance’s Chinese community, posted the steepest losses, tumbling over 35% to a market value of $61.5m. Capital Rush Into BSC Tokens Ends With Sharp Corrections Across Key Assets The declines follow an explosive run-up that began two days ago when capital poured into thinly traded tokens across the BSC ￰1￱ indicators suggested overbought conditions, prompting profit-taking among traders who had fuelled the surge.

BNB’s fall comes after the chain reported record monthly activity with more than 60m active addresses and a $1b Builder Fund announcement that added to optimism earlier this month. Image) Ecosystem Faces Pullback, BNB Falls Almost 4% appeared first on Cryptonews .