BNB Struggles Amid Declining Market Share and On-Chain Activity to Face Potential Price Drop

The decline in BNB's price today is concerning, driven by recent data indicating a shrinking market share at the exchange.

Source: coins.ph

Following a three-day uptrend that peaked at $590 on July 1st, BNB has since retreated, hitting an intraday low of $552 on July 3rd, marking a 3.75% drop in the past 24 hours. Over the last month, BNB has demonstrated a bearish trend, plummeting by 12%, suggesting potential for further declines.

Activity On The BNB Chain Is Showing A Decline

Activity on the BNB Chain has seen a decline recently. Despite BNB Chain maintaining a strong position among layer1 blockchains, data reveals a 25% decrease in DApp volume over the past seven days. DApps, which are decentralized applications powered by smart contracts, have recorded a seven-day volume of $3.13 billion on the BNB Chain. This figure is considerably lower compared to Ethereum's $71.78 billion and Tron's $5.02 billion. The decline is also evident in DApp transaction volume, which dropped by 3.52%, and NFT volume, down by 42% during the same period. This downturn reflects reduced activity in NFT trading and staking, impacting overall transaction volumes on the blockchain.

Moreover, token trading activity on the platform has shown a downward trend over the past week. The network's unique active wallets (UAWs), a key metric indicating user engagement, have decreased by more than 18.6% to 1.16 million UAWs over the last seven days.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.