• BNB outperformed Ethereum – BNB’s daily active users exceeded 815,000, while Ethereum and Polygon [MATIC] reached 344,000 and 277,000 respectively.
  • DAU declining – Data from Dune Analytics revealed that BNB’s DAU has been declining in recent months. Not only did the DAU decline but also the network’s NFT space witnessed a similar trend in terms of monthly NFT volume.
  • Metrics still bullish – Despite the declines in many areas, BNB’s performance on the metrics front did not seem to be affected much. For example, BNB’s MVRV Ratio went up considerably last week.

BNB Outperforming Ethereum

Binance Coin [BNB] outperformed the king of altcoins, Ethereum [ETH], by a huge margin in terms of daily active addresses. As per CoinMarketCap, BNB’s daily active users exceeded 815,000, while Ethereum and Polygon [MATIC] reached 344,000 and 277,000 respectively. This was good news for the blockchain because it reflected BNB’s increased usage and popularity.

DAU Declining

Data from Dune Analytics told a different story however as it revealed that BNB’s DAU has been declining in recent months. Not only did the DAU decline but also the network’s NFT space witnessed a similar trend in terms of monthly NFT volume. Furthermore despite its low gas fees, gas usage on the network declined over the last few weeks as well.

Metrics Still Bullish

Despite this dip in many areas however, BNB’s performance on the metrics front did not seem to be affected much. For example its MVRV ratio went up considerably last week which helped increase its price by 6% within 7 days as well as an uptick in social volume which reflects its popularity amongst traders within crypto space. Additionally there was an increase in supply held by top addresses which suggests trust amongst whales when trading with this token too.

RSI & Stochastic Overbought

CryptoQuant pointed out that both Relative Strength Index (RSI) and Stochastic were both overbought positions at press time which could lead to selling pressure in coming days due to bearish crossover shown on MACD chart as well Money Flow Index (MFI) heading downward further increasing chances of price declines ahead too. Furthermore velocity had also decreased sharply over past few days too indicating investors should be cautious when considering buying or selling this token currently .

Conclusion

In conclusion despite dips seen across various metrics for Binance Coin overall market indicators still remain bullish suggesting further uptrend may form soon , however caution is advised due to RSI & Stochastic being overbought .