The decentralized liquidity protocol Bancor saw its native BNT token surge over 70% in 24 hours this past weekend, coinciding with a notable uptick in network activity.
According to on-chain analytics firm Santiment, Bancor registered 797 active addresses on Sunday – the highest single-day level in nearly two years. This spike in usage comes on the heels of BNT’s massive price breakout.
Source: Santiment – Start using it today
Santiment suggests sustained momentum in key on-chain metrics like active addresses often precedes further upside in an asset’s valuation. If the heightened Bancor activity endures, additional gains may follow.
However, the catalyst behind the renewed interest is unclear. Bancor did not announce any significant protocol changes or partnerships around the time of the rally.
Some speculate the price and usage spike stemmed from speculators anticipating a listing of BNT on a major centralized exchange. This narrative follows a common market pattern where investors front-run anticipated announcements.
Nonetheless, for a project long overlooked as a relic of the previous bull market, Bancor’s stellar weekend performance turned heads and reinvigorated its community.
Looking ahead, BNT may struggle to sustain its parabolic run without concrete fundamental improvements. Yet the on-chain activity hints the protocol still retains a loyal following ready to react to positive developments.
If Bancor can continue attracting users through long-awaited upgrades and integrations, its revival could have legs instead of fizzling out as a temporary pump and dump.
For now, the project appears poised to capitalize on its newfound momentum after months languishing in obscurity. But converting that into durable, organic growth remains Bancor’s central challenge.
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