BNB Chain: Despite unimpressive metric data, BNB witnessed some massive gains on this front
BNB Chain, via its Weekly Ecosystem Report, informed community members of the network’s performance between 17 June and 23 June. And according to the report, the key metrics used to track the growth of the chain showed stability “amid volatile market” within the period under review.
However, a comparison with the performance of BNBChain between 10 to 16 of June showed a decline in some of these metrics. Between 17 to 23 June, the index for weekly active users recorded on the chain was pegged at 2.88 million. This was a 6% decline from the 3.08 million recorded between 10 to 16 of June. Also, the average daily transactions between 17 to 23 June saw a 25% drop from the 4.26 million recorded between 10 to 16 of June. In addition, weekly transactions on the network between 17 to 23 June saw a 19% decline from the 29.9 million registered in weekly transactions between 10 to 16 of June.
The performance of the BNB coin between 17 to 23 June however offered a silver lining. The coin grew by 8% within this window period. Let’s look closely at the coin’s performance within this time frame.
According to data from Santiment, on 17 June, the price per BNB token marked a spot at $210. On a steady growth, the BNB token marked a high of $218 on 18 June after which the bears forced a retracement. On the same day, the token saw a price low of $184. The bulls reacted almost immediately and initiated an upward rally. By 23 June, the price per BNB token had touched a high of $228.41.
Within the same window period, the market capitalization grew from $34.92 billion to $37.29 billion.
Source: Santiment
The Relative Strength Index (RSI) of the BNB coin indicated that the coin was significantly oversold prior to 17 June. As of 13 June, the RSI
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