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The native token of Binance Chain, BNB, has seen a drop in value over the last 24 hours, alongside negative on-chain indicators. Nevertheless, BNB’s network activity has remained strong, bolstered by recent updates. The latest weekly report from the blockchain showcased the successful rollout of updates for the Beacon chain and layer-2 opBNB, which likely played a role in its sustained high utilization.
Robust Network Activity and TVL Growth:
In spite of the recent price drop, BNB Chain has shown resilience with consistently elevated network activity. The weekly report indicated that the blockchain sustained an average of over 4 million users weekly and executed more than 22 million transactions. The average number of daily active users exceeded 1 million, while daily transactions reached 3.82 million. Importantly, BNB’s transaction fees remained low, reflecting broad adoption of the blockchain.
Updates Fueling Usage:
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The impressive network activity can be linked to the updates introduced by BNB Chain for its Beacon chain and layer-2 opBNB. The blockchain announced the forthcoming BNB Beacon Chain Mainnet ZhangHeng Upgrade, slated for July 19, 2023. Furthermore, BNB Chain has collaborated with NodeReal, a prominent blockchain solutions provider, to improve visibility and transparency within the opBNB ecosystem via NodeReal’s explorer platform.
Price Variations and On-Chain Indicators:
While BNB saw a price increase of 4% over the previous week, it faced a decline of over 2% in the last 24 hours. Currently, BNB is trading at $242.62, with a market capitalization surpassing $37.8 billion. On-chain indicators suggested a possible continuation of the downward trend, as negative sentiment surrounding BNB has risen in recent days. Additionally, the coin’s 1-week price volatility has decreased, indicating a bearish outlook. However, BNB’s MVRV Ratio has remained relatively stable, offering a slight sense of optimism for investors.
Despite the price drop in the last 24 hours, BNB’s strong network activity and the successful execution of updates for the Beacon chain and opBNB highlight its ongoing significance and growth. Although the bearish sentiment reflected by on-chain indicators persists, BNB’s stability in terms of MVRV Ratio implies that the cryptocurrency may withstand current market conditions with resilience. Investors will be keenly observing upcoming developments and the effects of the impending ZhangHeng Upgrade, which is expected to further solidify BNB Chain’s standing in the blockchain sector.
The post BNB Chain Lures in Users with These New Updates appeared first on BitcoinWorld.
