- PancakeSwap’s growth on the BNB chain offered hope amidst bearish sentiment.
- Recent upticks in BNB’s activity and attention showed potential for recovery.
In the midst of the recent SEC lawsuits faced by Binance [BNB], the network encountered a wave of negative sentiment. However, PancakeSwap [CAKE], a popular decentralized exchange (DEX) on the BNB chain, showed promising progress that could potentially improve sentiment surrounding the latter.
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Let them eat PancakeSwap
According to data from Token Terminal, PancakeSwap outperformed its competitors, emerging as the top choice for monthly active traders on its network. With a remarkable 1.7 million addresses engaged in trading, PancakeSwap surpassed Uniswap [UNI] and 0xproject, which recorded 910,000 and 410,000 traders, respectively.
⛓️?Monthly active traders for the DEX market sector
Top 5:
1. @PancakeSwap ~1.7m
2. @Uniswap ~910k
3. @0xProject ~410k
4. @MetaMask ~340k
5. @traderjoe_xyz ~303k pic.twitter.com/3VgQloymHd— Token Terminal (@tokenterminal) June 9, 2023
The substantial increase in monthly active users led to a consequent rise in revenue for PancakeSwap. However, the total value locked (TVL) on the platform has not shown significant improvement.
The growth of PancakeSwap on the BNB network thus holds the potential to attract new users and positively impact the sentiment surrounding BNB.
Source: Token Terminal
At press time, BNB garnered significant attention on social platforms. Due to SEC’s lawsuit, there has been a 110% surge in engagements and a 65% increase in the token’s mentions.
However, the attention received was not entirely positive, as Santiment’s data revealed a considerable decline in weighted sentiment towards the token, indicating a prevailing negative outlook.
Source: Santimnt
These factors have contributed to a decline in activity and revenue within the protocol. Nonetheless, in the past 24 hours, there has been a notable uptick of 2.4% in the BNB network’s activity, according to Token Terminal.
As for the token, BNB was trading at $240.69 at press time. The token has experienced significant price depreciation in recent days, accompanied by a decline in velocity. However, the trading volume has witnessed a remarkable surge during the same period.
Source: Santiment
Realistic or not, here’s BNB’s market cap in BTC’s terms
Traders have adopted a pessimistic stance towards BNB as well. According to data from Coinglass, out of all positions taken against BNB at press time, 52.9% were shorts.
While challenges persisted for the troubled BNB chain, the growth and success of PancakeSwap brought a glimmer of hope.
