- Binance Chain’s daily transactions have seen a 229% YTD increase.
- NFT trading volume on the network fell sharply in February.
Binance Chain [BNB] saw a big jump in its daily transaction volume during the week, growing from 3.5 million to over 5 million at the time of writing.
While this amounts to a nearly 47% increase, a closer look at the data revealed that the chain’s year-to-date (YTD) growth was also impressive. Total transactions on the BNB chain have more than doubled since the beginning of 2023.
Something is happening at BSC. Daily transactions suddenly increased from 3.5 million earlier this week to over 5 million today. pic.twitter.com/b7GVzkjD9u
— Patrick | Dynamo DeFi (@Dynamo_Patrick) March 3, 2023
In addition, the Binance chain recorded a 50% increase in its daily active users (DAU) since the beginning of the week, according to Token Terminal.
Due to the increase in the number of DAUs, the protocol’s transaction fees also increased by 21% during the same time period.
Source: Token Terminal
Read it Binance Coin’s [BNB] Price forecast 2023-24
It’s a failure in DeFi, NFT front!
The growth in adoption of the network can be attributed to some big launches in its NFT vertical. On March 1, a platform named Bikaso was introduced by Binance, which will combine artificial intelligence (AI) and non-fungible tokens (NFT) technology.
Santiment’s data, however, tells a different story. Excluding short-term spikes at various intervals, total NFT trading volume has collapsed by 67% from the February 6 peak to March 2.
Source: Santiment
BNB Chain’s performance on the DeFi front also left a lot to be desired. Total value locked (TVL) is down 12% over the past three weeks, falling well below $7 billion.
Source: DeFiLlama
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Is the BNB headed for losses?
Binance Coin has lost more than 6% of its value in the past week and is down 2.7% in the past 24 hours, according to data from CoinMarketCap.
The Relative Strength Index (RSI) has fallen sharply over the past 10 days and has fallen below 40 at the time of writing. This indicates that the BNB is facing increased selling pressure and may sink further.
The Moving Average Convergence Divergence (MACD) also suggests a bearish exit for the coin, while the Balance Sheet Volume (OBV) shows a slight decline.
These indicators have given a warning signal for BNB and the $289 support may not hold forever.
Source: Trading View BNB/USD
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