Last week, BNB Chain’s decentralized applications (dApps) grew in many different areas. A tweet from the official BNB Chain account on December 5 said that dApps like The Velvet Capital and Raca saw growth. Other popular dApps, like Galxe and 1inch network, also grew by 36% and 9%, respectively, in terms of unique active users.
This increased interest in dApps could be one reason why BNB’s price has been going up over the last week, even though the market has been going down.
PancakeSwap’s performance stood out because its volume went up by 29.23% in the last month. The number of transactions and unique active wallets also grew during this time, as the image below shows.
The football world cup, which is going on right now, could be to blame for this increase in activity. PancakeSwap took advantage of the chance and has been giving rewards based on what users say will happen.
Even though BNB Chain’s dApps were popular, its on-chain metrics showed a more negative picture.
From the picture below, you can see that BNB’s volume dropped from 1.9 billion to 734 million in the last month. Its speed also slowed down a lot, which shows that the number of addresses exchanging BNB dropped.
But in the last few days, BNB’s development activity has gone up, which shows that the team at BNB is actively adding to the network’s GitHub. This meant that BNB might be getting some new upgrades and updates soon.
Even though the crypto market is turbulent and volatile right now, BNB’s market cap dominance has continued to grow over the past month. Messari says that BNB’s share of the market grew by 2.91 percent. At the time this was written, it had 5.87% of the crypto market as a whole.
Investors who want to buy BNB should be careful because the network’s volatility has gone up by 136% in the last month, making it riskier than usual to buy the asset.
At the time this was written, the price of Binance Coin was $295.35. CoinMarketCap says that its price has gone up by 1.78% in the last 24 hours.