BNB Chain Sees Mixed Performance: Daily Usage Drops, Monthly Transactions Rise

Share on Facebook Share on Twitter

Decrease in daily unique addresses on BNB Chain

The number of daily unique addresses on BNB Chain is declining. But it’s not all bad. Since the beginning of the year, demand for BNB Chain has dropped. However, the monthly number of transactions on the network has increased. According to data from DappRadar, the daily number of active addresses on the BNB Chain [BNB] has fallen to a month low.

Decline in active wallets

Data from DappRadar shows that since December 31, 2023, BNB Chain has seen a decrease in the daily number of active wallets on the decentralized applications (dApps) within the network. On January 24, the number of active wallets on the BNB Chain was 119,400 in total. This represents a decrease of 88% compared to the 1.01 million active addresses the network recorded on January 1.

Transaction decline

Due to the decline in the number of users on the network, the number of daily completed transactions has also decreased accordingly since the beginning of the year. On January 24, the number of transactions on the BNB Chain was a total of 209,170, which is a decrease of 87% compared to the New Year’s high of 1.68 million transactions.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

Not all news is bad

Although the BNB Chain has seen a decline in daily user and transaction numbers since the beginning of the year, the number of transactions completed on the chain in a month has surpassed that of any other blockchain network. In the last 30 days, a total of 45.36 million transactions were completed on the BNB Chain, overshadowing the 2.07 million transactions of Ethereum [ETH].

BNB price development

At the time of reporting, the network’s native coin was trading at a price of $290, which represents a price increase of 8% in the last month. Despite recent market turbulence leading to a decline in the values of many leading assets, BNB continues to enjoy sustained accumulation. Its key momentum indicators on a weekly chart were above their respective neutral lines, suggesting that traders continue to prefer coin accumulation.

Future market expectations

On the other hand, participants in the futures market have taken a bearish approach. According to data from Coinglass, the coin’s open interest has fallen by 21% since the beginning of the year. Also, the funding rates across all exchanges have been negative since January 15, showing that traders have since placed bets in favor of a decline in the BNB price.

Sources: DappRadar, Coinglass, Token Terminal

Share on Facebook Share on Twitter

Latest News

Created by

I have enjoyed following the international iGaming industry since my first encounter at the age of 23. Fascinated by its diversity and complexity, I was hooked and have never left the industry since. Here at KC, I am a proud member of the founding team as well as the content team. We use everyone's knowledge to find every possible flaw in a casino so you can relax and play.
Reviewed by
Nerd of Numbers

Last update: 19. February 2024

🍪
We use cookies. By using this site, you accept them.