Will the 70% bounce in revenue on Binance Chain drive BNB selling prices up?

• Exciting developments in the BNB network’s overall performance this previous quarter!
• Enhanced bearish sentiment on BNB, sparking conversations amid traders.

The Binance Clever Chain [BNB] has been on a rollercoaster ride these days, navigating by means of difficulties prompted by regulatory uncertainties encompassing Binance.

Positive Developments on BNB

In spite of these hurdles, the BNB network has revealed exceptional development. The initially quarter of 2024 noticed a staggering surge in revenue, achieving a total of $66.8 million, representing a outstanding 70% increase from the prior quarter’s revenue of $39.2 million.

Q1 in 2024 outpaced any quarter in 2023 in phrases of earnings generation. This increase in profits was mainly propelled by the increase in the benefit of BNB.

Generally fueled by gasoline charges from DeFi transactions, revenue noticed a 1.7% uptick from the prior quarter, contributing 76,200 BNB.

DeFi transactions constituted 46% of total revenue, with stablecoins witnessing the best quarter-on-quarter profits development, climbing from 19,500 to 25,100 BNB, a significant 29% enhance.

On the flip aspect, the Gaming and Infrastructure sectors expert significant drops in income.

Over-all exercise exhibited a 9% decrease in common each day transactions in contrast to Q4. Curiously, there was a noteworthy 26% raise in typical daily active addresses from 1. million to 1.3 million.

In addition, a number of protocols on the BNB Smart Chain witnessed a increase in ordinary day by day transactions. USDT emerged as a prominent player with 619,300 day by day transactions, marking a 22% raise from the preceding quarter.

This surpassed the transactions of the next-ranked protocol, PancakeSwap, which averaged 345,200 everyday transactions, up by 4%.

USDT and PancakeSwap jointly constituted 74% of protocol transactions, indicating a 10% enhance from the prior quarter. All round, daily common transactions involving protocols enhanced by 5%, from 1.2 million to 1.3 million.

Climbing Desire in Short Positions

Now, BNB is trading at $607.05, with a 1.41% drop in its selling price more than the past 24 several hours. In addition, the buying and selling quantity of BNB has lowered by 9% throughout this time.

Let’s delve into BNB’s current market cap in SOL’s standpoint

In spite of the optimistic functionality of the BNB network, trader sentiment surrounding the BNB token remained skeptical. A short while ago, a huge part of traders opted for quick positions on the BNB token.

The share of small positions on BNB experienced escalated to 52%. It remains to be viewed if the bears’ pessimism in the direction of BNB’s foreseeable future is justified.

Source: Coinglass