- Unique addresses on the Binance Smart Chain have hit a new all-time high of 83.152 million
- However, the daily transaction count on the Binance Smart chain has dropped by 66.38% since its peak value in mid-May
- Total value locked on the Binance Smart Chain now stands at $25.933 Billion and has dropped by 51.4% since its peak value of $57.374 Billion in mid-May
- The drop in daily transactions and total value locked on the Binance Smart Chain coincides with BNB’s struggles in the crypto markets despite a pending coin-burn
The number of unique addresses on the Binance Smart Chain has hit a new peak value of 83.152 million. The growth of new unique addresses is impressive given the fact that the Binance Smart Chain was launched less than 10 months ago, in September 2020. The chart below, courtesy of BSCScan.org, further highlights the impressive growth of unique addresses on the network.
Daily Transaction Count on the Binance Smart Chain Drops by 66% Since ATH of 11.838M
From the chart above, it can be observed that the unique address count on the Binance Smart Chain has entered a plateau phase that started around the second half of June.
The plateauing of new addresses being created on the Binance Smart Chain seems to correlate with the 66.38% drop in daily transactions on the network since the mid-May peak value of 11.838 million. The chart below further provides a visual cue of the drop in daily transactions on the Binance Smart Chain since its all-time high.
Total Value Locked on the Binance Smart Chain Drops by 51.4%
In terms of total value locked, the Binance Smart Chain has also experienced a 51.4% drop from its peak value of $53.374 Billion set in mid-May. At the time of writing, a total of $25.933 Billion is currently locked on the Binance Smart Chain as highlighted in the following chart courtesy of DeFiStation.io.
Binance Coin (BNB) Struggles in the Markets Despite Pending Coin Burn
Despite the Binance Smart Chain hitting a new all-time high in unique addresses, the decline in daily transactions and total value locked is affecting the value of Binance Coin in the markets. At the time of writing, Binance Coin (BNB) is trading at $308 after Wednesday’s rejection at the $340 price area.
Furthermore, Binance Coin is facing a possible death cross in the days to follow as traders watch the BNB charts for any bullish activity due to the pending coin-burn mid this month.
Therefore, caution is advised when trading Binance Coin due to the conflicting events of a bearish death cross, and a potentially bullish coin burn estimated to occur between the 15th and 18th of this month.