September 28, 2022

Binance Coin (BNB) Lost Pace but Attained a Remarkable Milestone This Week

Binance Coin starts to lose attention within the marketplace following another dreary week. The Binance native coin has witnessed swings in the past, but they seem to have lost pace lately.

The altcoin saw bullishness as leading cryptocurrencies gained momentum in figures following the market revival. However, the August 15 late sell-off saw profits fading as swiftly as they emerged. That saw BNB plummeting to trade at $317.98 at this publication, without substantial price actions this week.

The Binance Verse

Meanwhile, the Binance marketplace has remained active during this period, with multiple announcements. Updates from BSC News show lending protocols are witnessing increasing tractions within BSC decentralized finance (DeFi). The news highlights the top performing networks on Binance’s decentralized finance by social mentions.

Venus Protocol maintains the lead in social volume, with its total value locked at $1.15 billion. Valas Finance comes at a distant 2nd, accumulating more than $43 million as of August 15. Also, BSC News revealed weekly on-chain performance by the BNB Chain within the past seven days.

The network executed nearly 24 million transactions in the timeframe while adding more than 1.83 million addresses.

Binance also highlighted salvaging more than $450K from the latest Curve Finance hack. The first attack occurred on August 10, accounting for more than $750,000. Changpeng Zhao of Binance stated they were working to retrieve the remaining cash.

What About Data?

BNB has maintained stable user activity regardless of consolidating prices. The chart shows active addresses plummeted massively in patches but increased gradually over the previous month. While publishing this blog, Santiment data showed the Binance network had more than 6250.

Markets have expected the BNB token to evade inflation challenges. That appeared visible last week as profitability hovered at monthly peaks according to the MVRV charts. Profitability maintained downside trends as prices remained stagnated into the weekend.

BNB price seems ready to break out in the upcoming week as the marketplace has witnessed volatility recently. Despite that, price movement kept upside trends lately, and analysts expect more upside for BNB.

Stay tuned for upcoming market developments.

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