Coinmarketcap ranked BNB #5 in market capitalization as of October 23. Though the alternative token experienced stunted growth within the last few months, things might shift for the better for BNB. That might be due to the multiple enhancements within the decentralized application (Dapp) market.
DappRadar data showed the leading decentralized apps on the BNB chain performed tremendously well. Platforms like Hooked, Gameta, and PancakeSwap presented substantial performance over the past seven days. The Hooked network presented impressive growth, recording a staggering 995% uptick in new users.
Moreover, Gameta and PancakeSwap saw surges of 18.42% and 5.92%, respectively, in the new active user index. A surge in unique users for the Dapps could positively affect the BNB network, increasing market participants. Nevertheless, it wasn’t only Dapps that dominated the BNB platform. The protocol’s stakers also noted some profits.
Data from Staking Rewards shows that BNB stakers saw a 7.07% increase in revenue within the last seven days. Continued growth in generated revenue through staking might incentivize more users to stake their coins. Nevertheless, despite the positive developments, BNB recorded declines in velocity and volume.
A Challenging Path to the Top
Santiment’s chart shows BNB’s volume declined from 840M to 514M within seven days. Moreover, the asset’s velocity recorded sharp plunges during that timeframe. That confirmed declines in the number of periods Binance Coin changed addresses per day.
The MVRV (Market Value-to Realized Value) also quite its positivity to record declines. That might mean a bearish sign for prospective investors. Also, market players should consider dropping the fee before investing in BNB. For instance, Token Terminal indicated that the costs that Binance Coin generated lost 8.2% over the past 30 days.
However, BNB price retained massive positivity, regardless of the pessimistic indicators. While writing this news, BNB traded at $270.45, following a 0.56% upsurge within the previous day. Nevertheless, the alt’s volume plunged by 30% in that timeframe.
Also, enthusiasts should consider the lately launched BAB token to understand developments by the BNB team and their future strategies.
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