BNB weekly average users exceeded 2.8 million, and the daily transaction count exceeded 2.9 million. On-chain performance was decent, but market indicators were bearish.
Binance Coin [BNB] recently published its weekly ecosystem report, highlighting all the notable developments in the network and also updating key statistics.
According to the report, BNB once again managed to maintain its track record of having more than 2 million transactions and active users.
Last week, weekly average users exceeded 2.8 million, while daily active users reached 831k. BNB Chain’s daily transaction count also remained high as it surpassed 2.9 million, which in total exceeded 17 million in the past seven days.
BNB Health Looks Good
Apart from the statistics, BNB also mentioned some important announcements that were made in the last seven days.
The most significant development was the release of BNB Chain’s technology roadmap for 2023. According to the technology roadmap, BNB Chain will work with the Ethereum community to build the best-performing EVM-compliant client for BSC.
On top of that, BNB Chain will also continue to improve the user experience, for example by introducing better cross-chain solutions and strengthening security through AvengerDAO 2.0.
BNB also launched its new Web3WonderWomen program last week, which is a new mentoring program for women on Web3.
All the updates had a positive impact on the on-chain performance of the network. For example, BNB’s MVRV ratio increased in the past few days, which was bullish.
BNB speed remained relatively high throughout the week, but recorded a decline later on. In addition, its on-chain trading volume in profit skyrocketed last week, which was a development in favor of investors. However, LunarCrush data revealed that BNB market dominance decreased last week by more than 1.2%.
Price Performance Has Been Mediocre
Although the on-chain performance was positive, nothing seemed to have reflected on the BNB chart as it posted no gains last week.
According to CoinMarketCap, the BNB price only managed to rise 1.9% over the past seven days, despite bullish market conditions. BNB was trading at $315.34 with a market capitalization of over $49.7 billion.
The BNB daily chart revealed quite a few reasons behind this performance. The On Balance Volume (OBV) registered a fall, which was bearish.
The exponential moving average (EMA) ribbon suggested that the bulls could soon lose their advantage in the market as the distance between the 20 day EMA and the 55 day EMA narrowed.
BNB’s Chaikin Money Flow (CMF) was also resting lower, which was again bearish. The Relative Strength Index (RSI) registered a slight rebound, but was still close to the neutral mark.
By Audy Castaneda