As part of the transition to Web3, developers and innovators can create decentralized applications. The apps are created on the distributed blockchain network called Build N Build Chain.
Understanding BNB Chain
BNB Chain is the largest smart-contract blockchain in the world. This is according to the number of transactions and active users daily. Due to the network’s decentralized structure, anyone can launch a product on BNB Chain. They can do so without needing authorization and possibly reach a huge market.
Additionally, BNB is a cryptocurrency of the next-generation blockchain. Experts created it at the exchange called Binance Smart Chain. BSC is gaining popularity because it is, in many ways, an improvement over Ethereum.
The price of BNB is quite erratic. This is because it is influenced by the performance and the level of acceptance of cryptocurrencies.
Controlling The Competition
A tweet from the BNB Chain on November 6 indicated that the number of active connections on the network had increased during the previous 90 days. This progression may be linked to BNB’s notable social improvement.
BNB’s active addresses increased dramatically. Also, the token outpaced rival cryptocurrencies like Ethereum and Polygon. The increasing activity may eventually result in the widespread use of BNB.
there can also be another explanation. That is the rise in BNB’s social engagements and mentions on other platforms. This allows many people to have knowledge of its existence and develop a deeper interest.
BNB Is Seeing Some Expansion
According to data from LunarCrush, BNB’s social mentions increased by an astounding 118% in the previous week. Additionally, its social interactions went up by 92.55%. BNB did improve on the social front, but its weighted sentiment decreased over the past four days.
Positive peaks were noticed in the weighted sentiment of BNB in the past month. Recently, it started to slide into the negative area. The negative slide shows that the cryptocurrency community did not support BNB.
BNB’s velocity has decreased over the last few days. This shows that there had been a reduction in the number of times BNB moved between addresses.
But in the preceding week, its volume increased from 731 million to 1.09 billion, and it is rising. On the other hand, development activity drastically decreased. This indicates that there is little activity being seen on BNB’s GitHub.
BNB Chain NFT Market Place
In terms of NFT, well-known NFT collections had a bad week. Examples of these NFTs are like PancakeSwap Squad and MOBOX. Data from Dapp Radar show the quantities of the two NFT collections declined by 16% and 43%, respectively.
BNB’s price had increased by 7% over the previous week when it was trading at $352.02. It controlled 4.7% of the entire cryptocurrency market, despite its market cap declining by 1.18%.