Altcoin
Reasons BNB’s behind-the-curtain plot foreshadows its ongoing developments
BNB’s unique addresses on the chain witnessed significant growth. However, will the increasing number of addresses be enough to sustain long-term growth? Despite an uptick in the number of addresses, daily activity on the network declined along with the declining velocity. While improvements are being made on the DeFi and the gaming sector, what does the future look like for BNB?
BNB chain’s native cryptocurrency BNB stood at the #4 rank in terms of market cap according to CoinMarketCap. Additionally, the chain also posted a new development stating its growth in terms of unique addresses.
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Here’s AMBCrypto’s Price Prediction for BNB Chain [BNB] for 2022-2023
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Things are looking up
According to a recent tweet made by the official BNB Chain twitter account on 29 October, BNB‘s number of unique addresses witnessed significant growth. According to the tweet, the BNB Chain had the highest number of unique addresses outside of Bitcoin [BTC].
BNB Chain now has the highest number of unique addresses outside of #BTC.
This is a testament to the incredible community that is growing by the day.
We are on the road to 1 billion, and we are grateful to have you along with us for the ride.
[1/4] ? pic.twitter.com/FvuJBrtGi3
— BNB Chain (@BNBCHAIN) October 29, 2022
Despite the surge in the number of addresses, the activity levels of those addresses continued to decline. As evident by the image below, the number of daily active addresses on the BNB chain declined over the last three months.
Another indicator of declining activity was BNB’s declining velocity over the past few weeks. A decreasing velocity implied that the frequency at which BNB was being exchanged among addresses had declined.
Source: Santiment
Another area where the chain observed depreciation in terms of growth was the NFT market. As can be seen from the image below, BNB’s total NFT marketplace volume had declined considerably.
Source: Dune Analytics
A ray of hope
Despite the decline in NFT volume, BNB performed strongly in the gaming space. As can be witnessed from the image below, the weekly active gaming users on the BNB chain grew immensely over the past month.
At the time of writing, weekly active users on gaming platforms for BNB had grown all the way from 670,000 to 1.1 million over the past 30 days.
Source: Dune Analytics
But BNB had more to offer other than improvements in the gaming sector. BNB also performed well in the DeFi sector over the past few days. Additionally, it can be observed that the BNB’s total value locked (TVL) grew over the past month and witnessed a sharp spike in the last few days.
Multiple DeFi protocols on the BNB chain also showed progress during this period. At press time, BNB’s TVL by BNB stood at 5.78 billion and had appreciated 3.05% in the last 24 hours.
Source: DeFiLlama
The price witnessed similar growth over the past week as well. At press time, BNB was trading at $306.07 and had appreciated by 10.58% in the past seven days. Its market cap had increased by 0.58% and its volume had also grown by 8.19% in the last 24 hours according to CoinMarketCap.
