- On its dApp, BNB noticed an increase in daily active users.
- Popular dApps’ volume dropped as selling pressure for BNB increased.
Despite the prevailing bear market, DappRadar reports that activity on BNB Chain’s dApps gradually increased over the past month.
The information showed that there were 651,669 daily unique active wallets on the Binance Chain. Nevertheless, despite the dApps’ overall success, many well-known decentralised applications struggled in November.
For instance, PancakeSwap, one of the most popular dApps on the BNB network, struggled to attract new users. At the time of publication, PancakeSwap had a total volume of $747 million after seeing a volume decrease of 17.97% over the previous 30 days.
However, the number of transactions on the chain and the distinct active wallets stayed largely the same.
Furthermore, BNB made an effort to establish itself in the NFT market with the introduction of APE staking and Christmas rewards. BNB’s on-chain metrics, however, suggested that sellers were in charge.
The daily active addresses for BNB decreased over the past month, as shown in the image below. The decline in velocity was also a significant concern. According to this, BNB trades between exchanges had drastically decreased in frequency.
For BNB holders, selling pressure is increasing
Despite the dwindling activity, Binance Coin’s price over the past month has remained positive.
So, since last week, the token’s MVRV ratio has been positive. This suggested that BNB owners would make money if they decided to sell their shares.
The MVRV Long/Short difference was negative, suggesting that short-term investors would make up the majority of BNB holders who would profit. Thus, a desire to profit could prompt many short-term holders to sell their shares.
A large number of short-term holders may have already sold their BNB for profit, according to the surge in transaction volume in profit. The prices of BNB would suffer in the near future if this trend persisted.