- BNB’s ecosystem’s dApps showcased growth in terms of development activity.
- Overall activity and transactions declined, the price moved sideways.
The Binance Smart Chain [BSC] has one of the most active ecosystems in the cryptocurrency space. Due to the popularity of dApps on the ecosystem, the network has managed to attract large amounts of users.
Developers get to work
One of the reasons for the popularity of these networks was the improvements made by the dApps on their respective protocols.
Santiment’s data indicated the rising development activity on the BSC network at the time of writing.
The high development activity showcases the pace at which new updates and upgrades are being made on the BNB network.
These updates help in not only attracting new users but also help in retaining them and improving overall user experience.
Source: Santiment
Despite the popularity and developments seen on these dApps, the overall activity on the BNB network had taken a dip over the past few weeks.
Since the beginning of April, the Daily Transactions occurring on the network had fallen from 4.5 million to 3.5 million.
Additionally, the Daily Active Addresses on the network had decreased from 1.4 million to 1 million.
Source: Artemis
In terms of the DeFi sector, there were problems observed as well. DEX (Decentralized Exchange) volumes on the BNB network had significantly declined for BNB over the last few days.
However, the TVL (Total Value Locked) on the BNB network had remained consistent during this period.
Source: Artemis
Looking at the price
Coming to the state of the token, it was seen that at press time, BNB was trading at $601.34 and its price had fallen by 0.71% in the last 24 hours.
The price had been moving between the $619.7 and $537.1 levels over the past few weeks. There was no significant trend established for BNB during this period.
Even though the $632 resistance level had been tested multiple times in the past, there were no signs of BNB surpassing that level any time soon.
It would require a significant amount of bullish momentum for BNB to surpass that level in the future.
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The RSI (Relative Strength Index) showed that the bullish momentum around the token had fallen over the last few days.
However, the CMF (Chaikin Money Flow) had remained high, implying a strong flow of money going into BNB.
Source: Trading View