The BIO token, native to the Bio Protocol platform, reached new heights amid the staking launch on the Ethereum mainnet. The project has attracted attention from users and investors, which reflected in a significant increase in trading volume.
Reasons Behind BIO's Surge
The BIO token surged by 71.6%, reaching a five-month high of $0.103 on August 7, before slight pullback to $0.084. The market cap of the token increased to $164 million, up from $124 million the day before. The launch of staking for BIO and BioDAO tokens on the Ethereum mainnet was a catalyst for this rise, with over 100 million BIO tokens staked on Ethereum.
Network Activity and Market Sentiment
On-chain activity on Bio Protocol has seen a notable uptick, with data from Santiment showing that daily active addresses jumped by over 370% in the past 24 hours to 859. This indicates growing user engagement, generally a bullish sign suggestive of increased adoption or speculative interest. The social sentiment around the token has also improved, indicating a shift in retail investor perception.
BIO Price Analysis
The BIO token is forming a classic double-bottom reversal pattern on the daily chart. The first low was established near $0.041 in April, followed by a rally to $0.103, forming the neckline of the pattern. A decisive breakout above this neckline could lead to a move towards $0.164.
In conclusion, the rise of the BIO token is driven by new opportunities for investors through staking, improved market sentiment, and increasing network activity. With the continued rise in demand, the Bio Protocol project may attract even more attention.
