Biswap (BSW), the native token of the Biswap decentralized exchange on Binance Smart Chain, has seen a remarkable 40% price surge over the last 24 hours. BSW is currently trading at $0.1421 after reaching a 24-hour high of $0.175.
This strong upside move has come on significantly expanded trading volumes, with BSW seeing $249 million traded in the past day—a massive 1737% increase over its average daily volume.
For some background, Biswap is a DEX built on Binance Smart Chain that distinguishes itself by offering the lowest transaction fees of just 0.1% on trades. It aims to bring innovation to DeFi through its quality products and services.
The BSW token serves utility purposes on the platform, including fee discounts, staking rewards, and governance rights. The exact trigger behind this latest price pump is unclear; however, BSW has been trending heavily on the Binance exchange, where it is currently the top gainer.
Increased visibility on Binance likely sparked FOMO trading activity, causing a virtuous cycle of rising prices and volumes. Overall cryptocurrency sentiment has been bullish in recent weeks, lifting most altcoins higher. But BSW’s gains have outpaced the broader market by a wide margin.
BSW remains in a clear short-term uptrend, but some consolidation or profit-taking may occur after such a vertical move. The sustainability of this pump will depend on whether the surge in trading activity remains elevated. But for now, Biswap appears to be benefiting from its growing profile in the crowded DEX space.
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