- Not only the price of coins, but also the daily income has decreased.
- Sentiment and social data suggested that BNB could recover.
BNB Chain’s earnings took a hit after it recently announced significant quarter-on-quarter (QoQ) price increases.
For the uninitiated, BNB Chain is a blockchain network that supports smart contracts and decentralized applications (dApps).
Do not confuse with Binance Coin [BNB], Binance’s exchange cryptocurrency.According to Artemis, the revenue is recorded The price on April 15th was $62,500.
The figure was one of the lowest the chain had recorded since February.
Decreased network activity
The network’s main source of income is transaction fees. Prices may vary depending on volume, but the surge in demand for BNB will increase your revenue.
Source: Artemis
Therefore, the recent decline may be related to a decrease in decentralized protocol activity. Additionally, the DEX’s trading volume was less than $1.5 billion, showing evidence of declining activity.
For most of March, its trading volume exceeded $2 billion at various intervals. Regarding the price of Binance Coin, CoinMarketCap showed that its value has decreased by 6.72% in the past 24 hours.
This price reflected bearish market conditions and reduced demand for the coin. If BNB’s price continues to fall, it could be difficult for the chain to record a surge in revenue.
However, if prices rebound, BNB Chain could maintain its earnings at the same pace as its March trajectory.
Meanwhile, on-chain data revealed that the weighted sentiment regarding cryptocurrencies is negative.
Isn’t everyone overlooking the coin?
At the time of writing, this indicator stands at -0.34, suggesting a broader bearish view exists regarding the coin. However, one thing that AMBCrypto has observed is that sentiment is trending upward.
If this number rises into positive territory, BNB price could start to recover. However, if it does not fall into the green area, the bias may be disproved.
From the point of view of social superiority, Santiman Indicated The reading has dropped. Increased social dominance could indicate BNB’s soaring popularity among traders.
If this were the case, the coin would have been close to the local top.
However, this decrease suggests that there was less discussion about this coin compared to other coins in the top 100. Therefore, Binance Coin was within reach of the bottom.
Source: Santiment
Historically, this presents a buying opportunity. However, the market has shown high levels of volatility in recent days.
Therefore, traders may want to ensure some level of calm to avoid being caught off guard.
Is your portfolio green? Check out the BNB Profit Calculator
The price of BNB may rise in the future. If that happens, earnings could also join the trend. However, this forecast is highly dependent on broader market movements.
Therefore, participants should be careful.
