BNB Chain: Some massive gains for BNB on this front despite…

BNB Chain, via its Weekly Ecosystem Report, informed community members of the network’s performance between 17 June and 23 June. And according to the report, the key metrics used to track the growth of the chain showed stability “amid volatile market” within the period under review.

 However, a comparison with the performance of BNBChain between 10 to 16 of June showed a decline in some of these metrics. Between 17 to 23 June, the index for weekly active users recorded on the chain was pegged at 2.88 million. This was a 6% decline from the 3.08 million recorded between 10 to 16 of June. Also, the average daily transactions between 17 to 23 June saw a 25% drop from the 4.26 million recorded between 10 to 16 of June. In addition, weekly transactions on the network between 17 to 23 June saw a 19% decline from the 29.9 million registered in weekly transactions between 10 to 16 of June.

The performance of the BNB coin between 17 to 23 June however offered a silver lining. The coin grew by 8% within this window period. Let’s look closely at the coin’s performance within this time frame.

A sign of relief for BNB 

According to data from Santiment, on 17 June, the price per BNB token marked a spot at $210. On a steady growth, the BNB token marked a high of $218 on 18 June after which the bears forced a retracement. On the same day, the token saw a price low of $184. The bulls reacted almost immediately and initiated an upward rally. By 23 June, the price per BNB token had touched a high of $228.41.

Within the same window period, the market capitalization grew from $34.92 billion to $37.29 billion. 

Source: Santiment

The Relative Strength Index (RSI) of the BNB coin indicated that the coin was significantly oversold prior to 17 June. As of 13 June, the RSI touched a low of 23. However, as the price of the coin started to rally on 17 June, the RSI took on an upward curve. By 23 June, the RSI was pegged at 40. Still showing bearish signals at press time, the RSI was at 44, standing just below the 50 neutral region. 

The Money Flow Index (MFI) also began an upward rally on 17 June and marked a spot at 34 on 23 June. At at the time of writing, the MFI was 43.36.

Source: TradingView

Significant growth spotted on the chain

According to data from Santiment, the BNB coin saw significant on-chain growth between 17 to 23 June. For example, it grew greatly on a social front within that period. The social dominance of the token grew by 320%. Its social volume also shot up by 335%.

Source: Santiment

Furthermore, considering the period under review, the transaction volume for the BNB token saw steady growth in value. The transaction volume grew by 70% from 17 June to 23 June.

Source: Santiment

Additionally, that period was marked by an uptick in whale transactions. The count for whale transactions above $100 thousand saw a gradual growth from 14 on 17 June to 41 by 23 June. Similarly, for whale transactions above $1 million, this rallied by 1000%.

Source: Santiment