BNB Chain ramps up efforts to grow GameFi, but what about BNB’s price?

• BNB announces new partnerships in the GameFi ecosystem.
• Metrics and market indicators favored the BNB bulls. 

Binance Coin [BNB] has maintained a handsome number of weekly users on its network for quite some time, as the figures were consistently above the 2 million mark.

In its latest weekly report, BNB mentioned that its weekly average users stood at 2.76 million and its daily average users stood at 820,000. Furthermore, the average daily transactions also exceeded the 2.8 million mark, reflecting high usage. 

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

BNB has been stepping up its game in terms of its GameFi and NFT ecosystems with new partnerships. The weekly report mentioned BNB’s latest partnership with GAIMIN.

As a result of this partnership, BNB Chain and GAIMIN will collaborate to support developers in building and launching Web3 games to accelerate the growth of blockchain-based games.

However, in spite of such efforts to boost its GameFi ecosystem, Dune’ data suggests not much growth was registered as BNB’s gaming weekly average users did not increase by any significant margin.

Source: Dune

The same trend was seen with BNB’s NFT space too, which failed to register growth. The latest data revealed that BNB’s daily NFT volume declined after spiking in December 2022. However, February 2023’s statistics gave hope for a revival as the volume went up slightly.  

Source: Dune

Accumulation is increasing

However, investors’ confidence in BNB doesn’t seem to have dwindled; rather, it increased, as was evident from looking at Santiment’s chart.

BNB’s total supply held by top addresses went up over the last 30 days, reflecting that the big players in the market had faith in the coin.

A few of the other on-chain metrics also supported BNB. For example, development activity increased in the last few weeks, which indicates higher efforts of the developers in improving the network.

Moreover, positive sentiments around BNB spiked quite a few times. BNB’s velocity was concerning though as it went south of late. 

Source: Santiment

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Bulls are here

It is worth noting that after days of bearish market sentiment, things started to change, and BNB’s daily chart turned green.

As per CoinMarketCap, BNB was up by more than 2% in the last two hours, and at press time, it was trading at $315.06 with a market capitalization of over $49.7 billion.

BNB’s market indicators also aligned with the bulls, suggesting a continued uptrend in the coming days. The Relative Strength Index (RSI) registered an uptick and was headed northward from the neutral mark.

BNB’s Chaikin Money Flow (CMF) spiked sharply and followed the RSI. However, the MACD revealed that the bears were still ahead of the bulls.

Source: TradingView