- BNB’s The average weekly users were over 2.8 million and the daily number of transactions exceeded 2.9 million.
- The performance of the chain was decent, but the market indicators were bearish.
Binance coin [BNB] recently released its weekly ecosystem report, highlighting all notable developments on the network and also updating key statistics.
According to the report, BNB once again managed to maintain its track record with more than 2 million transactions and active users.
Another whirlwind week at BNB Chain, let’s update you on the Weekly Ecosystem Report! 😤
🔸BNB chain reveals 2023 technology roadmap
🔸Zero to Hero: BNB Chain Builder Series
🔸Empowerment of women on Web3
🔸New Web3 Mastery Workshops https://t.co/FKL9byS7dI
— BNB Chain (@BNBCHAIN) February 19, 2023
Last week, the weekly average of users was over 2.8 million, while daily active users reached 831 thousand. BNB Chain’s daily transaction count also remained high, surpassing 2.9 million, bringing the total to over 17 million over the past seven days.
Reading Binance Coins [BNB] Price Prediction 2023-24
BNB’s health seems good
In addition to the statistics, BNB also reported several important announcements made in the past seven days.
The most significant development was the release of BNB Chain’s technology roadmap for 2023. According to the technology roadmap, BNB chain will work with the Ethereum community to build the best performing EVM compatible client for BSC.
In addition, BNB Chain will also continue to improve the user experience, such as by introducing better cross-chain solutions and strengthening security through AvengerDAO 2.0.
BNB also launched their new Web3WonderWomen program last week, which is a new mentoring program for women on the Web3.
All updates had a positive impact on on-chain performance. For example, BNB’s MVRV has risen in recent days, which was bullish.
BNBHis velocity remained relatively high throughout the week, but recorded a dip later.
In addition, the volume of on-chain transactions in earnings increased last week, which was a development to the benefit of investors.
LunarCrush’s though data revealed that BNB’s market dominance fell last week by over 1.2%.
Realistic or not, there you go BNB buy cap in BTC terms
The price performance was subpar
While performance on the chain was positive, nothing seemed to be reflected on the BNB chart as it failed to make gains last week.
According CoinMarketCap, the price of BNB has only managed to rise 1.9% over the past seven days, despite bullish market conditions. At the time of publication, BNB was trading at $315.34 with a market capitalization of over $49.7 billion.
BNBIts daily chart revealed several reasons behind this performance. On Balance Volume (OBV) recorded a decline, which was bearish.
The exponential moving average (EMA) ribbon suggested that bulls may soon lose the upper hand in the market as the distance between the 20-day EMA and 55-day EMA narrows.
BNB’s Chaikin Money Flow (CMF) was also low, again bearish. The Relative Strength Index (RSI) registered a slight rise, but remained close to the neutral point.