Planning to go long on BNB Chain [BNB]? Read this to get a grip on the situation
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.
The road to mass adoption relies on a dedicated and active community.#BNB pic.twitter.com/1pISQkukbz
— BNB Chain (@BNBCHAIN) November 5, 2022
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Here’s AMBCrypto’s Price Prediction for BNB Chain [BNB] for 2022-2023
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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.
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.
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.
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.
