• BNB’s GameFi active users registered a decline, while overall users increased.
• Binance Coin’s price action continued to support the sellers and indicators were bearish.
• Despite its recent listing, PlayZap was one of the top 10 dApps on the BNB Chain, however, GameFi and NFT ecosystems showed signs of decline.
BNB’s GameFi Active Users Register Decline
BNB’s GameFi active users registered a decline, while overall users increased. BSC Daily noted potential projects for 2023 and beyond with its innovative combination of Games & DeFi that allows for unique opportunities for users to earn, invest & participate in a thriving virtual economy. However, data from Dune suggested that the reality might be different as both GameFi and NFT ecosystems declined over time despite an increase in BNB’s overall user base.
PlayZap Becomes Top 10 dApp
DappRadar showed that PlayZap was one of the top 10 dApps on the BNB Chain despite being recently listed. Token Terminal’s data also indicated a continuous increment in BNB Chain’s revenue along with an increase in total transactions on the network which is encouraging for the coin’s growth.
On-Chain Performance Not Ideal
However, looking at BNB’s on-chain performance revealed that it wasn’t ideal as its development activity declined while velocity spiked mid February only to fall down soon enough. Additionally, demand from the derivatives market didn’t seem to pick up either as its funding rate remained negative throughout this period.
Social Volume Increases
Despite all this, social volume around Binance Coin has been increasing lately which is a positive sign for its popularity among investors as well as traders alike.
Overall, there are some concerning metrics such as active user numbers and NFT trade counts registering decreases but other metrics such as revenue generation and number of transactions have been on an upward trend which shows promise for the future of this cryptocurrency project.
• A Twitter handle by the name Technical Crypto Analyst revealed that 60% of all staked ETH was locked on-chain around the current ETH price or even higher.
• Whale „0xB79c“ accumulated 28,672 ETH, worth $48.5 million, from Binance and Coinbase over the past two months.
• Ethereum made it to the list of the top 15 cryptos in terms of the Galaxy Score, which was an optimistic sign for the token holders.
Bullish Ethereum Updates
A Twitter handle by the name Technical Crypto Analyst revealed an update that was in investors‘ favor. Reportedly, 60% of all staked ETH was locked on-chain around the current ETH price or even higher. The crypto community’s response to it was bullish as some expected that this would reduce a sell-off after Ethereum’s Shanghai upgrade, thus giving rise to a potential price uptick.
Lookonchain’s data showed increased ETH accumulation with whale „0xB79c“ accumulating 28,672 ETH, worth $48.5 million from Binance and Coinbase over the past two months. This development suggested that whales were expecting further price pumps for Ethereum. Furthermore, whale and shark addresses with 100,000 ETH still hold close to 47% of total Ether supply while exchange outflow had spiked lately as well as top address holdings increasing – indicating confidence in Ethereum amongst whales.
Santiment’s chart indicated decreased supply on exchanges over last month while LunarCrush’s data revealed Ethereum making it into list of top 15 cryptos according to their Galaxy Score – both suggesting positive metrics for Ethereum investors and token holders alike.
Ethereum’s Shanghai Upgrade
Ethereum’s much awaited Shanghai upgrade is around the corner and investors are excited because it will finally allow them to withdraw their staked Ethers. With bullish metrics surrounding accumulation and encouraging data from Santiment and LunarCrush as well as promising news from Technical Crypto Analyst – investors are feeling confident about upcoming upgrade leading to potential profits ahead!
The recent bullish updates regarding Ethereum have caused excitement amongst its investors who are hoping for a successful Shanghai upgrade leading to further profits for them! Whale accumulation along with other encouraging metrics suggest that there could be more upside potential in store for Ether in upcoming days!
• Binance Coin (BNB) is a digital currency launched by the world’s largest crypto exchange, Binance, in 2017.
• BNB has multiple use cases both within the Binance ecosystem and beyond.
• In 2021, Binance and its blockchain network gained popularity, causing the value of BNB to soar.
Introduction to BNB
Binance Coin (BNB) is a digital currency launched by the world’s largest crypto exchange, Binance, in 2017. The launch of BNB was made possible through an Initial Coin Offering (ICO), which took place from 26 June to 3 July 2017. During the ICO, the issue price for BNB was one Ethereum (ETH) for 2,700 BNB or one Bitcoin (BTC) for 20,000 BNB. It’s important to note that BNB does not provide its holders with any claim on Binance’s profits and is not considered an investment in the company.
Uses of Chian
BNB has multiple use cases both within the Binance ecosystem and beyond. One of the primary uses of BNB is to pay transaction fees on the Binance exchange, where it offers a discount. Additionally, BNB is also powering the Binane DEX which operates onthe Beacon Chain and hundreds of other applications that are running onthe Smart Chain (BSC). OwningBNBon the Chain grants users access to exclusive token sales and reduction in trading costs;it can also be used as a community token for dApps onthe Chain.
Investors who boughtBNBat start of year were rewarded with returns of over 1 200%by endof year.ThevalueofBNBhas since been maintained due to strong fundamentals backed by high-profile partnershipsand collaborationswithinstitutions like OKExand Tron Foundationamong others.
The launch ofChainalso marked a significant shift forCoinas allholders were required toparticipate ina tokenswapin ordertoexchange their ERC-20tokensforthe newChaintokensthis was completed successfully and showed commitmenttosustainabilityandlong-term growthoftheprojectandcoinoverall .
In conclusion ,Binance Coin(BNB) has emerged as oneof themost successfulcryptocurrencies duetoits wide rangeof useswithin theecosystemandon other projectsbuiltonthechain .Moreover ,the coinhas beensupported bystrongfundamentalsbackedbyhigh profilepartnershipsandcollaborations .Itis expectedthatthe coinwill continue toundergogrowthinthecomingyearsasthemarket matures .
• Binance Coin [BNB] surged above a 12-hour bearish order block near $316 after two weeks of struggle.
• The $315 zone had presented stiff resistance to BNB bulls and if Bitcoin [BTC] continues to tick upward, the rest of the altcoin market is likely to follow.
• The first two days of February saw large green candles on Binance Coin and a move into the $332-$350 resistance zone is possible.
Binance Coin has been experiencing a surge in recent days, reclaiming the $316 level after two weeks of struggle. This is a significant development, as the $315 zone had presented stiff resistance to BNB bulls in late November and since mid-January. The first two days of February saw large green candles on Binance Coin, indicating that buyers held firm in the $300 zone and that the orange trendline support was not broken.
The bullish market structure of Binance Coin is important to note, as it is closely linked to the performance of Bitcoin [BTC]. If BTC continues to tick upward, the rest of the altcoin market is likely to follow. This is why the H12 order block at $320 was a key resistance for BNB, as it had to be broken for the altcoin to continue its uptrend. Fortunately, the bulls managed to do just that, and BNB is now poised to move into the $332-$350 resistance zone.
Retracement could be a suitable opportunity for buyers to enter the market, as they could wait for a flip of $332. Nevertheless, if the altcoin catapults higher in the coming hours, buyers should be prepared to bid on a retest of the $319-$323 zone. It is also important to note that the $350-$360 region is a significant resistance for Binance Coin and should be monitored closely. All in all, the outlook for BNB remains bullish, but traders should also be mindful of potential pullbacks.