- BNB Chain stands second in the market in terms of developer activity events.
- BNB and Tron accounted for 72% of the total active unique stablecoin addresses.
- BNB Chain’s popularity soared following the debut of the TST and Broccoli meme tokens.
BNB Chain, the Binance exchange’s blockchain has seen a surge in developer activity events. This can have a positive effect on BNB, its native token’s price to reach new all-time highs.
Data from blockchain analysis platform Santiment shows BNB Chain ranks next to Ethereum. BNB Chain boasts a massive 463.8K developer activity events (a 9.23% increase in 24 hours). Ethereum and BNB are followed by Polygon, Arbitrum, and Optimism networks.
CryptoRank’s data further indicates that in the last 30 days, total active unique stablecoin addresses reached 37.4 million (USDT accounts for 29.7 million). Notably, 72% (21.5 million) of these active addresses are on BNB Chain and Tron. Polygon has nearly double the addresses of Ethereum.
A major reason for this activity surge is the debut of meme coins. Also contributing is the popularity surge of PancakeSwap decentralized exchange (DEX). Changpeng Zhao’s Broccoli meme coin, based on his dog, and the TST meme token debut also boosted BNB Chain’s popularity.
Related: Binance Founders Debunk Sale Rumors, BNB Price Unsettled
BNB Price Consolidating, Recovery Signs Emerging
Examining the daily chart from TradingView, BNB has been consolidating. This consolidation phase follows a recent downtrend. However, recovery signs are emerging. Currently, the price is $658.25, up 1.66% on the last day.
The Bollinger Bands (BB) show BNB trading between $560.53 (lower band) and $708.04 (upper band). The middle band, at $634.28, acts as dynamic support/resistance. BNB is attempting to stabilize above this middle band. This hints at a possible bullish breakout if momentum sustains. Still, failure to breach upper resistance at $708.04 could mean further consolidation.
Related: BNB Price Surge: Technical Setup & CZ’s Memecoin Tease Spark Rally Talk
The Relative Strength Index (RSI), a momentum indicator, is currently 51.71. This reading is near neutral 50. This suggests BNB is neither overbought nor oversold. However, the slight upward slope indicates some buying pressure.
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