- BNB’s metrics have shown growth in the past quarter.
- Short positions on BNB increased as the bearish sentiment grew.
Binance Smart Chain [BNB] Binance’s regulatory problems have caused the network to experience a series of ups-and-downs in the past few months.
BNB is a good B&B
BNB has shown growth despite all of these challenges. BNB’s network revenue grew by 70% during the first three months of 2024.
In terms of revenue, the Q1 2024 was better than any other quarter of 2023. This surge was driven primarily by BNB’s appreciation.
DeFi gas charges remained the main source of revenue. source Revenue 76.200 BNB. A 1.7% growth from the last quarter.
DeFi transactions made up 46% of the total revenue. The stablecoins grew the most in QoQ, from 19,500 BNB up to 25,100. This is a 29 percent increase.
In contrast, revenue in the gaming and infrastructure categories declined significantly.
Overall, there was a decrease of 9% in the average number of transactions per day from Q4. A 26% rise in the number of average daily active addresses was also seen, going from 1.0million to 1.3million.
The BNB Smart Chain also saw an increase in the average daily transaction for several protocols. USDT was one of the stablecoins, with daily transactions increasing by 22% to 619 300 USDT.
This protocol nearly doubled transactions as compared to the next-ranked protocol PancakeSwap. It averaged 345.200 transactions per day and was up 4%.
USDT, PancakeSwap and other protocol-based transactions accounted for 74%. That’s a 10 percent increase over the last quarter. The daily average of protocol transactions increased by 5%, from 1.2 to 1.3 millions.
The appetite for short positions is growing
BNB traded at $607.05, and the price of its stock had dropped by 1.41% within 24 hours. BNB’s volume had fallen by 9% in the same time period.
Here’s a list of realistic and not-so-realistic images. BNB’s market cap in SOL’s terms
Even though the BNB Network has shown positive results, traders’ sentiments towards the BNB Token remain cynical. In the last few days, a large majority of traders have decided to sell the BNB token.
BNB has seen a 52% increase in short positions. We’ll have to wait and see if the bears are right or not about BNB.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com