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BNB struggles to hold onto $300 despite BSC’s lead over here

3min Read

Binance Chain has seen increased activity recently, but BNB has not reacted to these developments. 

BNB struggles to hold onto $300 despite BSC leading in this area

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  • Binance addresses remained over 420 million.
  • BNB has been trying to maintain its trend around the $300 price range.

Binance Smart Chain [BSC] has recently secured a prominent position in key metrics, raising questions about its Total Value Locked (TVL) and the trend of Binance Coin [BNB].

Binance ranks high in wallets and transaction numbers

Coin98 Analytics’ data showed that the Binance Smart Chain has consistently held the lead in terms of unique addresses since January.

The data showed that it was the only network that maintained a level of over 400 million unique addresses in January and February.

At the start of January, the total count was over 413.3 million, and by the beginning of February, it had further increased to over 420.3 million. 

Aside from the substantial number of addresses, Binance Smart Chain also showed strength in transaction volume, ranking fourth in the number of transactions in the past month.

Crypto Rank’s data showed that it recorded 125 million transactions in January.

Delving further into the Binance metrics

Analyzing the Binance active wallet trend on its Explorer showed a recent decline in activity. The chart showed that the network experienced its most active phase in December.

The peak occurred on the 30th of December, recording over 3.5 million active addresses, marking the highest number of daily active addresses ever recorded on the network.

At the time of this writing, the number of active addresses was over 1.3 million.

Binance active addresses

Source: Binance Explorer

AMBCrypto’s examination of the number of transactions reinforced the observation that December was the busiest period for the network.

On the 7th of December, it witnessed an impressive 32.6 million transactions, setting a record for the highest daily transaction count in its history.

At the time of this writing, the number of transactions was still notable, with over 3.5 million. These statistics suggest that the increased activity during December continues to influence the overall metrics to date.

Binance transactions

Source: Binance explorer

Binance TVL and volume yet to be impacted

AMBCrypto’s look at the Total Value Locked (TVL) on the Binance Chain showed that despite increased transaction activities and active addresses, there has been no corresponding impact on the TVL.

The TVL chart on DefiLlama showed a decline over the past year, and at the time of this writing, it was around $3.6 billion.

BNB chain volume and TVL

Source: DefiLlama

Additionally, an analysis of the trading volume showed no significant shifts thus far. At the time of this writing, the volume was around $338 million.

The highest volume recorded in the year so far was about $949 million in January. 


How much are 1,10,100 BNBs worth today?


BNB struggles to stay within range

AMBCrypto’s analysis of Binance Coin on a daily timeframe showed its ongoing challenge to maintain a position in the $300 price range.

After trading on the 6th of February, its price was  $302.7, reflecting an increase of less than 1%. At the time of this writing, BNB was trading around $302, marking a decline of less than 1%.

BNB/USD price trend

Source: TradingView

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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