BNB token is starting to lose focus in the market after another lackluster week.
The Binance governance token has seen fluctuations in the past that have recently lost their pace. The token slumped with bullish activity as top crypto assets gained in number due to the market recovery.
But due to a late sell-off on August 15, gains dried up as quickly as they came. As a result, the BNB token remained at $317.98 during press time, with no significant price swings this week.
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However, the Binance ecosystem has been active during this period with several announcements in hand.
According to a BSC News update, lending protocols are starting to gain traction over BSC DeFi. The update talks about the top-performing projects on Binance’s DeFi through social mentions.
Venus Protocol continues to lead the march by social volume, along with a TVL of $1.15 billion. In a distant second place is Valas Finance, which collected more than $43 million on August 15.
BSC News also has: updated the weekly on-chain performance of the BNB Chain in the past week. The network performed nearly 24 million transactions during this period and added more than 1.83 million wallet addresses.
Binance has also revealed that it saved more than $450K from a recent Curve Finance hack.
The first hack occurred on August 10 of more than $750,000. Binance CEO Changpeng Zhao claimed that the team was still trying to recover the remaining funds.
Binance froze/recovered $450,000 of Curve stolen funds, representing 83%+ of the hack. We work with LE to return the money to the users. The hacker kept sending the money to Binance in various ways, thinking we couldn’t catch it.#SAFU https://t.co/Ekea9moeAw
— CZ 🔶 Binance (@cz_binance) August 12, 2022
What does the data say?
Despite the consolidating prices, BNB has been able to maintain constant user activity on the network.
As we can see in the following chart, active addresses have fallen sharply in patches, but have gradually increased over the past month.
At the time of writing, there were more than 6,250 active addresses on the Binance network, according to Santiment.
The BNB token is expected to escape the headwinds of inflation. This was especially evident in the previous week as profitability was at monthly highs according to the MVRV charts.
After prices stagnated towards the weekend, we could see the declining trend in profitability for traders on the network.
A price breakout for BNB can be expected in the coming weeks as the market has experienced volatility in recent days.
Despite this, there has been a general upswing in the price movement lately, which is expected to push the BNB token up the charts.
This post BNB lost pace but reached an interesting milestone this week
was published first on https://ambcrypto.com/bnb-token-lost-pace-but-reached-an-interesting-milestone-this-week/