BNB Chain Was The Most Active Protocol In November, But Did It Help BNB Holders?

  • BNB has seen an increase in the number of daily active users on its dApp.
  • The The volume of popular dApps decreased while BNB sales pressure increased.

According to DappRadar, on activity BNB dApps Chains It has gradually increased over the past month even though the bear market has spread.

Read Binance coins [BNB] predict the price 2023-2024

dApp angle

data It revealed that Binance Chain has accumulated 651,669 unique active wallets per day on the chain. However, despite the overall success of dApps, many popular DApps did not fare well in November.

For example, one of the most successful decentralized applications on the BNB chain, PancakeSwap, has not been able to attract the interest of new users. PancakeSwap’s volume is down 17.97% in the last 30 days, and its total volume, at the time of writing, is $747 million.

However, the unique active wallets and the number of on-chain transactions have remained relatively the same.

Source: Dapp Radar

Additionally, with an entry monkey strike And the Christmas bonusesAnd the BNB has tried to make its mark in the NFT space as well. anyways, BNBThe s-series metrics indicated that the salespeople were in command.

As shown in the image below, BNB’s daily active addresses have been declining over the past month. Besides, the speed drop was a big problem. He noted that the frequency of BNB trading between exchanges has decreased significantly.

Source: feeling

Selling pressure for BNB holders is mounting

Despite the decrease in activity, the price of Binance Coin has remained in the green over the past month.

Next, the token’s MVRV ratio has been positive since last week. This indicates that if BNB Had stock holders sold their positions, they would make a profit while doing so.

The MVRV Long/Short difference was negative, which means most of the difference BNB The stakeholders who will make a profit will be the ones in the short run. Thus the incentive to make a profit can cause many short-term holders to exit their positions.

The increase in the volume of transactions in earnings indicates that many holders of short-term assets have already sold their BNB for profit. If this trend continues, the BNB price will be negatively affected in the near future.

Source: feeling

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