• Binance Chain’s daily transactions recorded a year-to-date growth of 229%.
• NFT trading volume on the network declined sharply in February.
• BNB chain’s total transactions have more than doubled since the start of 2021.
Binance Chain’s Year-To-Date Transaction Growth
Binance Chain [BNB] recorded a big jump in its daily transaction volume over the week, rising from 3.5 million to over 5 million at the time of writing. While this amounted to a nearly 47% rise, a closer look at the data revealed that the chain’s year-to-date (YTD) growth was also impressive – it had more than doubled since the start of 2023 with an increase of 229%.
Increase In Daily Active Users
The increase in network adoption could be due to some big ticket launches in its NFT vertical. On 1 March, a platform named Bicassso was unveiled by Binance, which would combine artificial intelligence (AI) and non-fungible token (NFT) technology. The number of daily active users (DAUs) on Binance chain also increased by 50%, resulting in an increase in transaction fees as well by 21%.
Falling NFT Trading Volume
However, data from Santiment narrated a different story. Barring the short term upticks at different intervals, the total NFT trading volume has plunged 67% from peak of 6 February until 2 March. The total value locked (TVL) on DeFi front also declined 12% over last three weeks dipping below $7 billion mark.
Price Movement Of BNB Coin
Binance Coin has shed more than 6% of its value in last week and was down 2.7% in last 24 hours according to CoinMarketCap data. Technical indicators such as Relative Strength Index (RSI), Moving Average Convergence Divergence(MACD), and On Balance Volume (OBV) pointed out bearish signals for the coin indicating further losses if support level of $289 breaks away.
These indicators sounded warning alarm for BNB investors indicating potential losses if support hold does not hold good and hence investor must keep track on prices movements closely before making any decisions regarding their investments.