2024-04-17 05:06:24
- Daily income decreased as did the price of the currency.
- Sentiment and social data suggested that BNB might rally.
BNB Chain’s Revenue Taken Hit After It Recently Announced Impressive Quarter-Over-Quarter (QoQ) hike.
For those uninitiated, BNB Chain is the blockchain network that supports smart contracts and decentralized applications (dApps).
Not to be confused with binance currency [BNB], Binance’s cryptocurrency exchange. According to Artemis, the income Recorded on April 15 it was $62,500.
This figure was one of the lowest the chain reached since February.
Network activity drops
The network’s main source of income is merchant fees. While fees may vary depending on volume, an increase in demand for BNB causes an increase in revenue.
Therefore, the recent drop might be related to the decline in activity on the decentralized protocol. Additionally, DEX volume demonstrated the decline in activity as it was less than $1.5 billion.
For most of March, volume exceeded $2 billion at different intervals. As for the price of Binance Coin, CoinMarketCap showed that the value had decreased by 6.72% in the last 24 hours.
This price was a reflection of the bearish market condition and declining demand for the currency. If the price of BNB continues to decline, it might be difficult for the chain to record an increase in revenue.
However, if the prices bouncesBNB Chain might have the opportunity to maintain revenue at the same pace as March’s trajectory.
Meanwhile, on-chain data revealed that the weighted sentiment around the cryptocurrency was negative.
Does everyone overlook the coin?
At the time of this publication, the metric was -0.34, suggesting a broader bearish sentiment around the coin. However, one thing AMBCrypto observed was that sentiment was trending higher.
If the reading increases to the positive area, then the BNB price might take a drink in recovery. However, not crossing into the green zone might refute the bias.
In terms of social dominance, Santiment presented that reading fell. An increase in social dominance might have indicated an increase in BNB’s popularity among traders.
If this were the case, then the currency would have been close to a local high.
However, the decline suggests that discussion regarding the coin was low compared to others in the top 100. Therefore, Binance Coin was within reach of its lowest point.
Historically, this offers a call option. chance. However, the market showed a high level of volatility over the past few days.
Therefore, traders may want to ensure that there is some calm so as not to be caught off guard.
Is your wallet green? Review the BNB profit calculator
In the future, the price of BNB might increase. If this is the case, then revenue might also add to the trend. But this forecast largely depends on the overall market movement.
Therefore, participants must be attentive.
Next: The whales bet on the rise of MATIC to 1 dollar, should you do the same?
This is an automatic translation of our English version.
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