- The newly launched dapps fall under multiple categories, such as gaming, social, and DeFi.
- BNB’s social engagement increased, but price action remained bearish.
Over the last few days, BNB Chain’s [BNB] network activity has dropped drastically. It was interesting to see that despite a drop in activity, the blockchain’s captured value spiked sharply on 18 August. However, BNB Chain recently onboarded multiple new dApps, which can help increase both its value and network activity over the following months.
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BNB Chain’s usage is dropping
Artemis’ data revealed that BNB Chain’s daily transactions have been dropping for quite a few weeks now. A major reason behind the drop was the decline in the blockchain’s daily active addresses, which went below the 1 million mark.
It was interesting to see that BNB was not the only blockchain that has been witnessing such a decline. As per Token Terminal, Tron [TRX], the blockchain with the most active addresses was also experiencing a similar decline since June 2023.
Source: Token Terminal
Despite a drop in network activity, BNB Chain’s captured value surprisingly went up. The blockchain fees and revenue both registered a spike on 18 August, which was encouraging.
A possible reason behind this uptick could be the onboarding of multiple new dapps from several categories, such as DeFi, gaming, etc.
Source: Artemis
BNB recently posted a blog highlighting the names of the new dapps that were launched on the chain from 11 to 18 August 2023. As web3 gaming gained more popularity, BNB onboarded two new dapps in that category: Degen Youki and Wonderverse.
Apart from these, other newly introduced dapps include DogeWalk, Cielo, and Lumishare. The recently launched dapps can help stir up user interest in the blockchain and, in turn, increase network activity over the weeks to follow.
Latest projects on BNB Chain ?https://t.co/NacyIAgOaU
— BNB Chain (@BNBCHAIN) August 20, 2023
BNB is slow to move
While the blockchain’s network activity plummeted, its popularity went the other way. LunatrCrush’s data revealed that BNB’s social engagement surged by more than 40% last week. Bullish sentiment around the token also increased by double digits.
Source: LunarCrush
However, this was not reflected on the token’s price chart, as it continued to remain red. As per CoinMarketCap, BNB’s price had declined by more than 10% in the last seven days. At press time, it was trading at $214.72 with a market capitalization of $33 billion.
Read BNB Chain’s [BNB] Price Prediction 2023-24
But things can get better as BNB’s Relative Strength Index (RSI) was in the oversold zone. The Money Flow Index (MFI) was also in the same zone, which can increase buying pressure in the days to come.
However, the Exponential Moving Average (EMA) Ribbon remained bearish as the 20-day EMA was well below the 55-day EMA.
Source: TradingView
