Altcoin
Binance [BNB] registers an uptick in this metric; will the token’s price follow suit
BNB Chain’s WAU crossed the 4 million mark last week. However, despite low gas fees, the chains’ number of transactions declined.
- BNB Chain’s revenue went down marginally over the last few days.
- The token’s price, on the other hand, increased by more than 3%.
BNB Chain [BNB] posted its weekly Twitter update on 30 April, which mentioned updated statistics for the week. As per the tweet, BNB Chain’s weekly active users surpassed the 4 million mark.
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This looked optimistic, as the figure had hovered around 3 million for quite some time. A major reason behind the increased user activity on the network could be the recent gas fee decline announcement.
Here's a look at the leading performance of BNB Chain from last week ⚡️
As always, keeping those fees super lower and processing millions of transactions.
Let's keep building the strongest ecosystem in Web3! pic.twitter.com/RNx26eX7bS
— BNB Chain (@BNBCHAIN) April 30, 2023
Not everything was perfect for BNB Chain
However, despite the increase in users, the network’s weekly transactions declined. As per the tweet, BNB Chain’s weekly transactions crossed 24 million while its average daily transactions remained at 1.17 million, which was lower than previous weeks.
The decline in transactions also caused a slight decline in the chain’s revenue, which was negative.
Source: Token Terminal
Not only that, but decline was also noted on other fronts, such as the GameFi and NFT ecosystems. According to Dune’s data, BNB Chain’s gaming WAU declined over the past few days. A similar downtrend was also seen in NFT metrics. BNB’s total NFT trade count and trade volume in USD went down over the last week.
Source: Santiment
The new launches can be helpful
Nonetheless, hope for better days remains in place, as a few new Dapp launches on BNB looked encouraging.
? The Newest #Web3 Dapps on @BNBCHAIN ?
Welcome our #BNB newcomers?#DeFi @cvl_network @combfinancial @GloryFinanceio @GammaStrategies @unipilot_io #SocialFi @typeit_ @XcademyOfficial #infrastructure @swing_xyz @MantaNetwork
Read more?#BSC #WEB3 #NFT #GAMING pic.twitter.com/FAeUl9cXFL
— BSCDaily (@bsc_daily) April 30, 2023
In the recent past, web3 dApps like Ubiloan, Cheelee, Lord of Dragons, and Farmme were deployed on the BNB Chain. These dApps operate in the GameFi and NFT spaces.
Therefore, their deployment on the chain can help increase GameFi users and NFT volume in the coming weeks. Apart from these, a few other dapps were also launched in the DeFi, SocialFi, and Infra spaces.
Investors are satisfied with BNB’s performance
Similar to the number of users, BNB’s price has also gained upward momentum of late. As per CoinMarketCap, BNB’s price increased by more than 3% in the last 24 hours. At press time, it was trading at $333.99, with a market capitalization of over $52 billion.
Source: Santiment
Read Binance Coin’s [BNB] Price Prediction 2023-24
The price surge was accompanied by a rise in trading volume, which is a positive sign. Thanks to the uptick, BNB’s MVRV ratio also increased. Positive sentiments around BNB surged in the last few days, reflecting investors’ confidence in the token.
Additionally, BNB’s velocity spiked. Simply put, a higher velocity means that BNB was used in transactions more often within a set time frame.
