Based on data from Artemis, user activity on BNB Chain [BNB] has decreased to a 30-day low. The Layer 1 (L1) blockchain's daily count of addresses that completed at least one transaction was merely 1.1 million as of 17 April, according to the on-chain data source. This represents a 21% decline from the 1-month high of 1.4 million recorded on 19 March.
Daily transactions on the BNB Chain dropped in tandem with the drop in active addresses. It had 3.8 million unique interactions as of April 17—a 21% decrease from the 5 million transactions it recorded on March 19, according to Artemis.
A blockchain network experiences a sharp decline in average transaction fee if user activity declines. This has been the situation with BNB Chain over the last month, according to on-chain data.
The total amount of transaction fees that users of the chain paid on April 17 was $659,000. This was a 56% decrease from the total transaction fees recorded on March 15th, which was the year-to-date high (YTD) of $1.6 million.
Consequently, network income has been steadily declining over the last few weeks.
In actuality, BNB Chain's income on April 6th was $57,000, its lowest since February, according to Artemis. Its daily revenue as of April 17 was only $66,000, a 22% decrease from the start of the month.
A rising trend on the charts for BNB
BNB was worth $560 at the time of publication. The altcoin's value increased by 3% during that time, according to CoinMarketCap, mirroring the modest upswing in the cryptocurrency market during the previous 24 hours.
When seen as a 12-hour chart, BNB's price performance demonstrated a consistent increase in the altcoin's demand.
As an illustration, the asset's Chaikin Money Flow (CMF) indicator, which tracks the movement of money into and out of the asset, was rising and yielded a positive result.
A CMF value above zero indicates that the market is strong because it indicates that liquidity inflows are necessary to support price growth in the near future.
On the other hand, a review of the coin's performance in the derivatives market indicated a sharp increase in adverse sentiment. In fact, Coinglass data shows that the coin's open interest has decreased by 7% just in the last day. Put simply, BNB may find this to be a challenging time to traverse.
April 2024, Cryptoniteuae