Binance
Why BNB Chain’s new milestone should concern you
Posted:
| Last updated: March 18th, 2024
Journalist
- BNB Chain’s daily transaction fees crossed its highest level so far this year.
- Coin accumulation remained strong amongst spot market participants.
Daily transaction fees on the BNB Chain [BNB] hit a new year-to-date (YTD) high on the 9th of March, according to the Artemis Dashboard.
Source: Artemis
According to the data provider, total fees on the Layer 1 (L1) blockchain network reached a single-day high of $1.2 million on that day. The figure represented a 134% increase compared to the $512,000 in fees observed on the chain on the 1st of January. When a network’s transaction fees grows, its revenue experiences a corresponding rally.
The same was the case with BNB Chain, whose single-day revenue totalled $124,000 on the 9th of March, its highest in 2024. As per Artemis’ data, YTD revenue on BNB Chain has gone up by over 140% since the 1st of January.
The fee and revenue surge on the network has been as a result of an uptick in user activity on the BNB Chain. In fact, according to data from Dune Analytics, the daily count of active addresses on the BNB Chain has increased by 16% since the beginning of March.
Source: Artemis
Bullish sentiment grows stronger
At press time, the network’s native coin BNB exchanged hands at $494. In the last month, the altcoin’s value has increased by 54%, according to CoinMarketCap’s data.
An assessment of the coin’s price performance on a daily chart confirmed the possibility of a continued price rally if positive sentiment holds.
Its Chaikin Money Flow (CMF), which measures the flow of money in and out of the BNB market, was spotted in an uptrend at 0.41 as of this writing. A positive CMF value is a sign of strength in the market.
When an asset’s CMF value trends in this manner, it suggests that the spot market remains flush with the liquidity needed to sustain its price hike.
Source: TradingView
How much are 1,10,100 BNBs worth today?
Additionally, AMBCrypto observed the coin’s moving average convergence/divergence (MACD) indicator and found that the MACD line was on top of the trend line and significantly above the zero line.
With a value of 35.5, BNB’s MACD showed that buying pressure exceeded coin sell-offs.
