- In terms of user activity, BNB Chain has surpassed Ethereum in the past month.
- Demand continues to drive the BNB rally on the weekly chart.
BNB chain [BNB] has surpassed Ethereum [ETH] in terms of user activity in the past month, data from blockchain analytics company DappRadar has shown.
Across all decentralized applications (dApps) listed on BNB Chain, a total of 4.18 million unique active wallets completed at least one transaction in the last 30 days, marking a 29% increase in the number of users.
During the same period, only 1.28 million active addresses were traded on Ethereum, witnessing a 13% decline in user activity.
Reflecting the double-digit increase in users, the number of completed transactions on BNB Chain during the reporting period reached 22 million.
On the other hand, Ethereum saw a 44% decline in transactions, to just 3.34 million transactions in the past 30 days.
In terms of network fees and resulting revenue, BNB Chain has received $18.35 million in fees from its users over the past 30 days. This represented a 50% growth in the month-on-month (MoM) fees that users paid to use the network.
The chain generated $2 million in revenue from these fees.
Due to lower user activity, Ethereum costs and revenues increased by just 10% over the past month, according to data from Token terminal
BNB on a weekly chart
At the time of writing, BNB was trading at $305.80, representing a 31% increase in the past month, according to data from CoinMarketCap.
The coin’s price, assessed within a broader time frame (weekly), showed that despite the 3% price correction recorded over the past week, accumulation continued.
Source: BNB/USDT on TradingView
The coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) rested above their midlines, indicating buying activity exceeded the distribution. At the time of writing, the RSI was 67.22, while the Money Flow Index (MFI) was 71.69.
Read Binance Coin’s [BNB] Price forecast 2023-24
Showing that the bulls were in control of the market, BNB’s positive directional index (green) was significantly above the negative directional index (red). This also confirmed the strength of the buying trend in the market.
The coin’s 50-day simple moving average (blue), above the 200-day simple moving average (yellow), lent credibility to the above position. When these averages are positioned this way, it is generally considered an indication of an uptrend.