When new crypto tokens come to market, they face several uphill challenges. The first battle is gaining traction and achieving a fair distribution. The second is to retain an audience, which seems to go well for specific tokens on the Binance Smart Chain.
As one of the more popular tokens to be launched in the past few years, Safemoon has successfully captured an audience. The Binance Smart Chain token currently has over 2.4 million hodlers. An impressive feat for an asset that has PancakeSwap as its primary trading platform. Moreover, the SAFEMOON value has decreased by around 32.5% in the past month, which usually scares off holders. There are certainly some strong hands in the SafeMoon community.
Binance Coin (BNB)
As the premier asset on the Binance Smart Chain, Binance Coin has undergone an interesting evolution. Many people saw it as the go-to asset to reduce trading fees on Binance. However, it has many other use cases today, including DeFi-related opportunities. With over 513,000 holders, the community is strong, yet perhaps a tad smaller than one would expect at this time. The recent 17% loss in value isn’t helping matters whatsoever.
It’s not entirely surprising to see the top Binance Smart Chain DEX’s token note a strong growth in holders. Even though CAKE has lost 18.6% in value over the past month, there are still over 450,000 token holders today. An impressive development, although one has to wonder if PancakeSwap can become the Uniswap of BSC and push its overall volume higher. So far, that seems unlikely, yet nothing is impossible.
What is rather surprising is how many Binance Smart Chain users hold Ethereum. More specifically, this is a wrapped version of Ethereum for BSC-oriented use cases, such as trading and decentralized finance. With nearly 400,000 token holders, this version of Ether gains a lot of momentum at this time. However, sustaining the growth will prove a lot more challenging, depending on which use cases come to market.
FREE Coin (FREE)
With a name like FREE Coin, one wouldn’t necessarily attribute any value to this asset. Even so, it has a price that is very difficult to measure. Its 365,000 token holders do not seem to mind the recent 64% decrease in value, however. Although one that will not see its all-time high ever again, a remarkable asset on the Binance Smart Chain, by the look of things. It has nearly no trading volume either, which doesn’t bode well for the future.
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