BNB Unique Users Surges Past to Ethereum, Might Surge the Price

The number of unique addresses on the BNB Chain has surpassed 230 million, making it the "biggest layer 1 blockchain in the world," according to a company release.

Meanwhile, transactional traffic on the network reached "record-breaking highs" in May, surpassing 9.8 million transactions.

According to the creator, this makes BNB Chain "the largest layer 1 blockchain in the world." However, blockchain data reveals that the Bitcoin network continues to be larger than both the BNB Chain and the Ethereum networks.

Ethereum presently has over 217 million unique addresses, according to Etherscan. According to BscScan, BNB Chain has over 233 million unique addresses. As measured by this statistic, BNB Chain is bigger than Ethereum.

 

Source: Ycharts

The Bitcoin network, on the other hand, has over 1 billion unique addresses, making it larger than both of these networks combined.

The comment was given as part of the "Year in Review" for the BNB Chain. The post also highlighted other key milestones achieved by the BNB network in the last year. The network achieved 2.2 million daily active users (DAUs) in October, after peaking at 9.8 million transactions per day in May. DAUs are defined as the number of unique addresses that engage with a smart contract every day.

The engineers attribute the network's success in 2022 to several efforts launched this year. The BNB Sidechain protocol enabled decentralized application (DApp) developers to operate their DApps on different network shards, decreasing congestion and transaction costs.

Despite these advances, many in the blockchain community criticize BNB Chain for being excessively centralized. The network did add 23 validators this year and aims to add 60 more in the future months, which should assist to make the network less centralized than it was previously. Ethereum, on the other hand, has over 400,000 validators.

Related: From Acquiring Voyager Assets to Falling Net Activity, BNB Still in FUD

BNB Price Analysis

At the time of writing, the price of BNB is USD 244.89, with a 24-hour trading volume of USD 333,179,766. In the last 24 hours, BNB has down 0.29%. BNB is currently ranked #5 on CoinMarketCap, with a market cap of USD 39,174,545,446. It has a maximum quantity of 200,000,000 BNB coins and a circulating circulation of 159,966,023 BNB coins.

Source: CoinMarketCap

ALSO READ: A Brief History of Binance Coin (BNB)

After falling to a low of $222 on December 17, the price of Binance Coin can be seen creating a sideways trend around the $246 line on the 24-hour candlestick chart for Binance Coin price research. Since then, BNB has failed to break through the present support zone of $245, and it may fall below $240 in the next 24 hours. Trading volume increased by 15%, indicating some market interest, which might point to a resurgence of the $250 threshold, propelling BNB up to $255 on the daily chart.

However, pricing on the daily chart has dropped below the 9 and 21-day moving averages, as well as the critical 50-day exponential, moving average (EMA) at $252. The 24-hour relative strength index (RSI) is at 38.37, indicating an oversold reading, while the moving average convergence divergence (MACD) curve reveals a bearish divergence below the signal line.

 

Source: TradingView

On the big picture, BNB fell drastically from the monthly trading level of roughly $280, the exchange currency has been trading around the breakdown level of $250. BNB coin dropped dramatically in response to a recent Binance exchange announcement. Binance coin is now trading at $245.05 and attempting to break over the previous support level of $250.0. The bears were successful in breaking through a crucial support level that the bulls had been protecting.

However, the MACD indicator is increasing close to 0 levels, so the bulls may still have some chance. The RSI (Relative Strength Index) is trading sideways and is very near the 50-level mark. 

Additionally, the buyers are seeking to push past the moving average resistance. If they are successful, BNB/USDT may rise to or above its recent high of (SMA 50) $280. On the other side, if the bears are successful in driving prices below $235, we may witness a sell-off that may drive BNB/USDT as low as $220, a crucial support level.

 

Source: TradingView

BNB FAQs

 What is BNB Coin?

BNB is the cryptocurrency coin that powers the BNB Chain ecosystem. BNB coin is the native token of Binance. 

What is BNB Dust in Wallet?

Dust in the cryptocurrency realm refers to any number of coins or tokens that are so few that they are typically overlooked. They're simply the leftovers from transactions.

Binance allows traders to exchange their dust for BNB.

What is the distribution of BNB tokens at the time of ICO?

BNB coins were allocated as part of the ICO to different parties, including angel investors and the Binance founding team.

Here's a quick rundown of how BNB tokens were first distributed:

• 40% of the founding crew (80 million BNB)

• 10% for angel investors (20 million BNB)

• 50% for public sale (100 million BNB)

What BNB Coin could be used for?

Binance Coin has various applications outside of the Binance exchange, including the ability to:

• Make credit card payments.

• Pay for travel arrangements (on select websites)

• Buy virtual gifts.

• Process payments.

• Make investments.

• Make loans and transfers.

• Donate to charity.

What is the BEP2 version of BNB?

Ans: In 2019, the BNB Beacon Chain (BEP2) was released. This blockchain was designed to enable users to transmit or exchange BNB at a quicker and more cost-effective rate. BEP2 BNB coins are BNB tokens that may be found on the BNB Beacon Chain.