BNB Chain impresses in daily active users, but…

By AMBCrypto July 16, 2023 In BNB, Trading
  • BNB Chain’s press time DAU was close to 2 million.
  • Binance Coin surged by over 5% to enter a bull trend.

Per recent rankings, the number of daily active users on the BNB Chain has experienced a notable increase, surpassing its contemporaries. Moreover, the token recently witnessed a significant surge in its value.

Read Binance Coin’s [BNB] Price Prediction 2023-24

However, examining whether other important metrics have managed to keep pace with this upward trend is crucial.

BNB Chain sees increased DAUs

According to Token Terminal’s latest ranking of chains based on daily user activity, BNB Chain secured the second position on 13 July. With a remarkable count of over 1 million daily active users, it surpassed chains like Ethereum [ETH] and Bitcoin [BTC], but remained behind Tron [TRX].

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This metric served as an indicator of the level of engagement and overall activity observed on the chain.

Top protocols by DAUs pic.twitter.com/J3eR2lHFVy

— Token Terminal (@tokenterminal) July 13, 2023

The state of BNB DAUs

Based on data from DefiLlama, at press time, BNB Chain held the third position when considering key metrics beyond daily active users. As of this writing, the number of daily active users remained significant, nearing the 2 million mark.

Over the past 24 hours, there has been a notable increase of almost 3%, while in the last seven days, the growth exceeded 4%.

However, when evaluating the Total Value Locked (TVL) metric, it fell behind Ethereum and Tron, which occupied first and second positions. As of this writing, the TVL was approximately $3.4 billion.

Similarly, the stablecoin market cap on the BNB Chain exceeded $5 billion, but both charts showed no upward trend. These metrics suggested that while the chain boasted more active users, the TVL and market cap were yet to reflect this growth.

Binance Coin sees fewer active addresses

Despite the overall enthusiasm surrounding the chain, the daily active addresses of BNB demonstrated a different level of excitement, per Santiment. The chart displayed a consistent pattern of regular activities without any significant spikes.

As of this writing, the number of daily active addresses exceeded 3,500. Also, a notable observation on the chart was the entry into the 3,000 range for the first time on 14 June.

Source: Santiment

Slight bullish BNB trend

After enduring a bearish trend for several weeks, BNB experienced a notable boost. By the end of trading on 13 July, BNB had gained over 5% in value, reaching a trading price of approximately $256.

Realistic or not, here’s BNB’s market cap in BTC’s terms

However, as of this writing, it had experienced a slight decline and was trading at around $255.

Source: TradingView

Despite the minor price decrease, the previous trading session’s upward momentum propelled the coin into a weak bullish trend. While the strength of the bullish trend may be modest, the recent uptrend signifies a positive shift for the coin.

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