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These BNB metrics suggest a bullish future for the token, but only if…

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  • BNB has been declining ever since the FUD surrounding the Binance exchange
  • BNB’s utility is, however, assured as more users utilize the BNB chain

The Binance [BNB] exchange has been subject to Fear, Uncertainty, and Doubt (FUD), which has contributed to BNB’s recent price drop. However, despite this, the BNB chain has been extremely busy. 

– Read Binance Coin’s [BNB] Price Prediction 2023-24

– Are your BNB holdings flashing green? Check the Profit Calculator

This chain’s activity stood out as compared to others, and it may provide the foundation for the BNB chain’s eventual revival. When and how might this occur, and what is the relationship between the BNB chain and the BNB token?

Could the daily active users of Binance aid BNB’s rally?

Statistics from the Token Terminal showed that the number of people using the BNB chain each day rose steadily. According to the numbers, the business consistently drew in over a million customers daily. Since BNB tokens are used in all chain transactions, their value will always be supported by the underlying blockchain technology.

For this reason, the coin can now serve a purpose beyond just being a store of wealth.

Furthermore, another statistic that could be gathered was the fees these users had paid. Even though the fees appeared to have decreased due to the changes in the token’s value, it indicated embedded utility. This implied that the token will always be valued because the chain would continue to exist. This was true for both the token and its holders.

BNB users

Source: Token Terminal

– How many BNBs can you get for $1?

– A 5.97x hike on the cards IF BNB hits Bitcoin’s market cap?

BNB rallies, but still bearish

BNB’s daily time frame chart revealed that the token had started bouncing back from its initial slump. At the time of writing, it was trading at about $246, up 1% over the previous trading period, and 6% over the previous 48 hours. The token was still volatile at this time, as evidenced by a look at the Bollinger Bands (BB). Furthermore, the Relative Strength Index (RSI) line indicated that despite the rebound, the overall trend of the token was still bearish.

Binance BNB price action

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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