The native token of the DeSci platform Bio Protocol, BIO, experienced a significant surge in value recently following the expansion of staking options for BIO and other ecosystem tokens on the Ethereum mainnet. This development propelled BIO to a five-month high of $0.103 before it retraced slightly to $0.084 at the time of writing, with a market cap of $164 million.
The surge in BIO’s price was accompanied by a substantial increase in trading volume, with nearly $470 million worth of tokens traded, marking a significant uptrend in activity. The expansion of staking for BIO and BioDAO tokens on the Ethereum mainnet was a key driver behind the token’s price rally.
BIO serves as the native token of Bio Protocol, a decentralized science platform that focuses on funding and advancing biotech research in various areas such as longevity, women’s health, and synthetic biology through community-governed BioDAOs. Users who stake BIO and related ecosystem tokens earn BioXP points, which provide eligibility for the platform’s Ignition Sales, offering early access to token launches from emerging projects within the Bio Protocol network.
Over 100 million BIO tokens have been staked on Ethereum, indicating strong interest and participation in the staking process. The recent expansion of staking options on the Ethereum mainnet follows a successful launch on Base, where more than 25 million BIO tokens were locked up within days of the program’s initiation.
Staking tokens for rewards helps reduce the circulating supply available on exchanges, potentially leading to increased scarcity and upward price movements, particularly when accompanied by rising demand and positive market sentiment.
In addition to the price surge, on-chain activity on the Bio Protocol network has seen a notable increase, with daily active addresses surging over 370% in the past 24 hours. This uptick in network activity, combined with a positive shift in weighted social sentiment, suggests growing adoption and improved market perception of BIO.
From a technical analysis perspective, BIO is in the late stages of forming a double-bottom reversal pattern on the daily chart. A sustained daily close above $0.103, supported by strong volume, could confirm the bullish pattern and signal a trend reversal. Momentum signals, such as the moving averages and the Supertrend indicator, have turned bullish, indicating potential further upside for BIO.
In conclusion, the recent surge in BIO’s price, driven by the expansion of staking options and increased network activity, reflects growing interest and participation in the Bio Protocol ecosystem. With positive market sentiment and technical indicators supporting a potential bullish trend reversal, BIO may be poised for further gains in the near term.