Key Takeaways:
- Market participants appear to have shifted on Binance Chain from the other platforms as the unique address mark a new high
- Despite the rise in these metrics, the price remains heavily consolidated with a drop in the user activity.
Amid the ongoing bear market, it is imperative to keep the platform active. Hence the rising number of addresses signifies the trader’s interest in the platform within the specified period of time. In a recent update, the unique address of Binance Smart Chain has surpassed the numbers of Ethereum to become the world’s largest Layer-1 blockchain.
The milestone was shared by the officials with a report that recorded the growth of the network throughout 2022. The report contained the monthly events, the achievements and the largest milestone of surpassing the top blockchain for the first time. BNB chain recorded more than 223 million unique addresses to become the leader of layer-1 chains against Ethereum’s 217 million.
Additional Read: Top Projects On Binance Smart Chain
BNB Chain has made significant strides in onboarding the next billion users into #Web3 in 2022. 🎉
We want to thank our incredible community for coming along for the ride as we lay the groundwork for an even bigger year to come. 🚀
Further details ⤵️https://t.co/9jNFdVeoZ3 pic.twitter.com/QjxL3ey759
— BNB Chain (@BNBCHAIN) December 22, 2022
However, Bitcoin continues to dominate in every way possible, with the chain recording over 1 billion unique addresses, nearly double the combined numbers of BNB and ETH. Other than this, the BNB Chain also achieved some milestones previously like hitting 9.8 million transactions per day in May and 2.2 million Daily Active Addresses in October.
Read More : Binance Proof-Of-Reserve Published
Huge Drop in User Activity
Despite the rise in the unique addresses, the user activity on the chain depleted notably. Recently, the Binance exchange has come under the radar as Mazar raised doubts over the published Proof-of-Reserve. This created a huge FUD causing over $5 billion in withdrawal from the platform. Despite the exchange managing to withstand the turbulence, the user activity dropped, adversely impacting the BNB price.
Source: Ycharts.com
According to ycharts data, the number of transactions on Binance Chain has plummeted to the lowest levels of the month in the last few days. The levels recorded 877556 transactions on 21 December 2022 which witnessed a slight uptick to 952778, the next day. Despite a minor upswing, the levels continue to remain close to the bottom which could be the core of the concern for the platform as it may impact the BNB price adversely.
Binance Coin (BNB) Price Remains Consolidated
Biannce Coin raised significantly high in the first few days of December 2022 but very soon fell into deep bearish captivity. The price was lowered heavily by slashing nearly 30% to mark the levels it traded during the July consolidation. With a huge price plunge, it may be quite difficult for the token to attempt a bullish close for the year 2022.
The bears are currently restricting the price at $250 for the past few days and hence these levels have now become pivotal to keeping up the bullish trend ahead. Meanwhile, the volume has been slashed, which may further impact the progress of the rally ahead. However, the BNB price is believed to maintain a descending consolidation until it reaches the bottom and rises high with a slight change in the market sentiments.
Source: CoinTelegraph.