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Is BNB losing its spark? What data tells us about the altcoin’s popularity

  • BNB’s popularity has declined as social volume and weighted sentiment have fallen.
  • Activity on the BNB network has also dropped significantly.

Binance Smart Chain (BNB) has been one of the few coins to face massive volatility due to its high correlation with the health of the Binance exchange.

BNB social volume

Things could get worse due to the waning popularity of the altcoin. Data from AMBCrypto indicates that over the past few days, social volume has decreased significantly.

Along with this, the overall weighted sentiment has also fallen, implying that the number of negative comments regarding BNB has increased significantly over the past few days.

These factors can have a negative impact on the price action of BNB.

Source: Santiment

At press time, BNB was trading at $591.70 and its price increased by 0.78% in the last 24 hours. The price was fluctuating violently between the $635 and $537 levels and showed no signs of a clear trend.

The CMF (Chaikin Money Flow) had started to decline in recent days, indicating that money flowing into BNB was slowing down.

The Awesome Oscillator also turned negative, indicating bearish momentum and a high probability of a downtrend in the future.

Source: Commercial View

Due to the massive fluctuations exhibited by BNB’s price action, the total number of liquidations occurring on the network has increased significantly.

In recent days, more than 20 million positions have been liquidated.

Source: Coinglass

Even though traders lost money, they remained optimistic. In recent days, the number of long positions taken in favor of BNB has increased significantly.

It remains to be seen whether the bulls will be right in the long term.

bnb coin glass

Source: Coinglass

Another factor that could impact BNB would be the general condition of the network.

According to recent data, DEX (Decentralized Exchange) volumes on the Solana network have significantly outperformed the BNB network.


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Additionally, the network’s TVL (Total Value Locked) has also seen a decline, which could indicate a decline in interest in the BNB ecosystem.

Source:

The network also saw a drop in activity, which resulted in a 21.9% drop in the number of daily active users on the network.

bnb token terminal

Source: Token Terminal

News Source : ambcrypto.com
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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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