BNB Chain's native token, BNB, fell 16.1% between August 23 and September 2, falling from $598.80 to $502.10. The price has now recovered to $517, but investors are concerned about its future movement, especially in the context that the token has failed to hold above $610 since mid-June.
Activity on the BNB Chain has significantly decreased, with the volume of decentralized exchanges (DEXs) in particular plummeting by 24% over the past week. This compares to a drop of only 4% in activity on Ethereum. The data also revealed that the number of active addresses on the BNB Chain fell by 18%, and the number of active users of the top five DApps also decreased significantly.
Although some market participants believe that BNB may rise in anticipation following the release of CZ, the fundamental support for this rally remains insufficient considering the weak activity of BNB Chain. Overall, the challenges facing BNB include reduced trading volume and a decline in smart contract deposits.
BNB Chain DEX trading volume has plummeted by 24% in the past week.
2024-09-02 23:00:40
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