BNB Chain's native token, BNB (BNB), has declined by 16.1% between Aug. 23 and Sept. 2, falling from a high of $598.80 to a low of $502.10. However, significant buying activity emerged below $510, helping BNB recover some of its losses to currently trade at $517. Investors are concerned that BNB may have entered a bearish market, particularly as the token hasn't held above $610 since mid-June.

Declining activity on BNB Chain creates sell pressure, as seen in the 24% drop in decentralized exchange (DEX) volumes over a week. Consequently, traders are questioning whether the $400 level from Aug. 5 could be retested. Some market participants suggest that BNB will only break out of its consolidation pattern once its co-founder and former CEO, Changpeng "CZ" Zhao, is released from detention in the United States.

While there is no direct link between CZ and the BNB price, his strong personality and the anticipation surrounding his release could potentially impact the market. An anonymous altcoin trader, Degen.eth, shared his views, predicting a BNB price surge, as the Binance mastermind is expected to be freed after pleading guilty to money laundering charges and serving four months in detention.

Source: https://cointelegraph.com/news/bnb-chain-dex-volumes-drop-24-in-a-week-is-bnb-in-trouble

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