- Recent data indicates a decline in the popularity of Binance Smart Chain [BNB], as both Social Volume and Weighted Sentiment metrics take a dip.
- BNB network activity has also seen a significant decrease, adding to the concerns of investors.
- Despite the negative outlook, traders remain hopeful with a surge in long positions favoring BNB.
BNB’s popularity is on the decline, with falling Social Volume and Weighted Sentiment. Despite this, traders remain hopeful. Will the bulls be right in the long run?
BNB’s Waning Popularity
BNB, highly correlated with the health of the Binance exchange, has faced significant volatility. Recent data from AMBCrypto shows a significant decrease in Social Volume, indicating a waning popularity. The Weighted Sentiment, a measure of the number of negative comments surrounding BNB, has also surged significantly in the past few days. These factors could negatively impact BNB’s price movement.
Price Fluctuations and Network Activity
At press time, BNB was trading at $591.70, with a 24-hour growth of 0.78%. The price has been fluctuating between the $635 and $537 levels, showing no clear trend. The Chaikin Money Flow (CMF) has started to decline, indicating slowing money flow into BNB. The Awesome Oscillator has also turned negative, indicating bearish momentum and a potential future downtrend. These fluctuations have led to a surge in liquidations on the network, with over 20 million worth of positions liquidated in the last few days.
Traders Remain Hopeful
Despite the negative outlook, traders remain hopeful. The number of long positions taken in favor of BNB has grown significantly in the last few days. However, the overall state of the network could impact BNB. Recent data shows that DEX (Decentralized Exchange) volumes on the Solana network have outperformed the BNB network. The Total Value Locked (TVL) by the network has also seen a decline, indicating a declining interest in BNB’s ecosystem. Additionally, the network has seen a 21.9% decrease in daily active users.
Conclusion
BNB’s popularity seems to be on the decline, with falling Social Volume and Weighted Sentiment. The network activity has also decreased significantly. However, traders remain hopeful, with a surge in long positions favoring BNB. The future of BNB will depend on various factors, including the overall state of the network and the market sentiment.
