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.

AccessTimeIconJul 11, 2023 at 9:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

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.

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 (BTC), 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.


  • 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.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.