Binance Smart Chain Recovers From Overload As BNB Token Surges To New High Past $600

Crypto exchange Binance’s native crypto token Binance Coin or BNB recovered a week’s worth of downtrend with a single daily candle.

What Happened: The token hit a new high of $611.94 earlier today after dropping to a low of $433 on April 18. It was trading at $578 at press time.

Crypto market participants were mostly bullish on the future prospects for the cryptocurrency, with some traders targeting “significantly higher all-time highs.”

Why It Matters: BNB is the utility token of the Binance ecosystem, used to pay for fees on the Binance Smart Chain.

Daily transactions on the Binance Smart Chain (BSC) recently witnessed a massive surge, recording over 8 million transactions in a single day. This is a significant rise from the previous day, which reported 6 million transactions and led to an overload on the network.

An announcement from Binance seemed to suggest that the network is now back up and running, however, at the time of writing there were still some reports of users facing problems with cross-chain transfers.

Although Binance stated that BSC’s overload was due to  “massive interest in projects building on it,” a newly launched DeFi project SafeMoon claimed its users' volume was the real reason the network went down.

See also: SafeMoon Acquires 1 Million Users As Crypto Influencer Warns Of Ponzi Scheme