- BNB saw a rise in daily active users of its dApp.
- The Volume on popular dApps fell while BNB sales pressure rose.
DappRadar reports that Activity BNB Chain’s dApps Despite the bear markets, it has been increasing slowly in the last month.
🔹 @BNBCHAIN It was the most active protocol.
🔹 #DeFi The Total Value Locked fell by 22% with Solana suffering the largest drop.
🔹 #Ethereum Its dominance in DeFi has not been questioned.
🔹 #NFT trading volume & sales decreased by 17.4% and 22.24%, respectively.To go into details ⬇
(2/3)— DappRadar (@DappRadar) December 8, 2022
Read Binance Coin’s [BNB] Price Prediction 2023-2024
The dApp angle
The data It was revealed that Binance Chain had 651,669 unique active wallets per day. Despite the overall success, not all popular decentralized applications fared well in November.
PancakeSwap was one of the most popular dApps on BNB. However, it could not attract new users. PancakeSwap’s volume decreased by 17.97% over the past 30 days. Its total volume was $747 million at press time.
However, the unique active wallets and transactions on the chain remained relatively constant.
Source: Dapp Radar
Moreover, the introduction APE staking Christmas rewards, BNB also tried to be a player in the NFT space. However, BNB‘The on-chain metrics showed that sellers were in charge.
The image below shows how daily active addresses have declined for BNB over the past month. The decline in velocity was also a concern. This indicated that BNB trading between exchanges was becoming less frequent.
Source: Santiment
Selling pressure grows for BNB holders
Despite the declining activity, Binance Coin’s price remained in the green zone over the last month.
Subsequently, the token’s MVRV ratio remained positive since last week. This indicates that if BNB Holders could make a profit by selling their positions.
The MVRV Short/Long difference was negative. This indicates that most BNB Holders who could make profits would be short term holders. A profit incentive could lead to short-term holders leaving their positions.
This suggests that short-term BNB holders may have sold their BNBs for profit due to the increase in profit transaction volume. If this trend continued, BNB’s prices would be affected negatively in the coming future.
Source: Santiment