Binance Wallet Dominates 95% Swap BNB Holds $814

Key Insights:

• Binance Wallet controls 95% of total swap volume, boosted by over 100 successful airdrops.
• BNB holds firm at $814 support, maintaining strength despite recent market volatility.
• Binance’s 61% growth in trading volume cements its 40% market share in centralized exchanges.

Binance (BNB) Wallet’s control over the majority of swap volume has raised questions about its dominance in the market. This has led to increased user engagement and market movement. As the exchange continues to outperform others, BNB’s price shows resilience, maintaining strong support levels.

Binance Wallet’s 95% Share in Swap Volume

Binance Wallet has captured a substantial portion of the crypto market, with recent reports showing that it handles 95% of the total swap volume across wallets. This growth comes after Binance Alpha completed over 100 airdrops, distributing more than 140 million tokens, worth an average of $6,696 per user.

According to market data, this airdrop initiative has significantly increased trading activity. Many of these projects continue to deliver, referring to tokens like $SHELL (+27x), $HYPER (+18x), and $PARTI (+14x), which have moved from Alpha to Spot listings. The massive engagement with Binance’s offerings has made it a preferred platform for large-scale traders.

BNB Holds Strong Despite Market Volatility

Despite recent market fluctuations, Binance Coin (BNB) has continued to show resilience. According to Lennaert Snyder, BNB has managed to hold steady around the $814 level, a significant support price point for the coin. 

However, the coin recently printed a new all-time high (ATH) and has shown consistent strength. Lennaert Snyder pointed out that BNB is holding very strong despite the recent dump, suggesting that the coin’s bullish trend remains intact.

With strong support at the $814 level, BNB could see further gains if momentum returns. Even if there are pullbacks, analysts believe levels like $806 or $770 could offer a perfect entry point for long positions. BNB’s sustained strength has solidified its position as one of the top cryptocurrencies by market value.

Binance’s Market Share and Spot Volume Surge

Meanwhile, the recent surge in trading volume at Binance is another indicator of its market dominance. In July, the exchange reported $698 billion in spot trading volume, a 61% increase from the previous month. 

Binance now controls almost 40% of the centralized exchange (CEX) market share, a position far ahead of its closest competitors. It is currently trading at $857.74, with a 24-hour trading volume of $3.46B, up 2.92% in the last 24 hours.

The large trading volume and market share have enabled Binance to offer better liquidity and reduce slippage, making it more attractive to large traders. The exchange’s scale, with deeper order books, continues to be a key factor for its increasing user base and liquidity.