Connect with us

Altcoins

Planning to go long on BNB Chain [BNB]? Read this to get a grip on the situation

Published

on

Source: StockAI


The number of active addresses on the BNB chain continued to grow over the past 90 days, according to a tweet by BNB chain’s tweet of 6 November. This development could be attributed to BNB’s significant improvement on the social front.

____________________________________________________________________________________________

Here’s AMBCrypto’s Price Prediction for BNB Chain [BNB] for 2022-2023

____________________________________________________________________________________________

Dominating the competition

The number of active addresses on BNB witnessed massive growth, and the token outperformed other crypto currencies, such as Ethereum and Polygon. If the above-mentioned tweet was to be considered, the growing activity could lead to mass adoption of BNB in the future.

Source: Dune Analytics

One reason for the same could be the spike in BNB’s social mentions and social engagements. 

BNB witnessing some growth

Based on the data provided by LunarCrush, BNB’s social mentions grew by an astonishing 118% over the last week. Furthermore, its social engagements increased by 92.55%. However, despite BNB’s growth on the social front, its weighted sentiment declined in the past few days.

The overall weighted sentiment of BNB saw spikes of positivity over the last month, as seen below. However, it declined into the negative space recently, indicating that the crypto community was not in favor of BNB at press time.

Source: Santiment

Additionally, BNB’s velocity also declined over the past few days. This indicated that the number of times BNB was being moved across addresses had decreased drastically.

However, its volume continued to grow, increasing from 731 million to 1.09 billion in the past week. The development activity, on the other hand, declined sharply, showing that not much activity was observed on BNB’s GitHub.

Source: Santiment

Coming to the NFT front, popular NFT collections such as MOBOX and PancakeSwap Squad did not have a good week. The volumes of both NFT collections depreciated by 16% and 43% respectively, according to data provided by Dapp Radar.

At the time of writing, BNB was trading at $352.02, its price had appreciated by 7% in the last week. Its market cap had decreased by 1.18% in the last 24 hours and it had captured 4.7% of the total crypto market at press time.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.