Is BNB losing its spark? What data tells us about the popularity of altcoins?

  • BNB’s popularity has diminished as social volume and sentiment weighted down.
  • Activity on the BNB network also decreased significantly.

Binance Smart Chain [BNB] It was one of the few coins that faced massive volatility due to its high correlation to the health of the Binance exchange.

Social BNB Volume

Things could take a turn for the worse due to the altcoin’s declining popularity, with AMBCrypto data indicating that over the past few days, social volume has dropped significantly.

Besides, overall weighted sentiment has also declined, meaning that the number of negative comments surrounding BNB has risen significantly in the past few days.

These factors can negatively impact BNB’s price movement.

Source: Santiment

At press time, BNB was trading at $591.70 and its price was up 0.78% over the past 24 hours. The price has been fluctuating violently between the $635 and $537 levels and is not showing any signs of a clear trend.

CMF (Chaikin Money Flow) has started to decline in the past few days, indicating that money flowing into BNB was slowing down.

The impressive oscillator has also turned negative, indicating bearish momentum and a high probability of a downtrend in the future.

Source: Trading Offer

Due to the massive volatility shown by BNB’s price movement, the overall liquidations occurring on the network have increased dramatically.

Over the past few days, more than 20 million positions have been liquidated.

Source: Coinglas

Even though traders lost money, they remained very optimistic. In the past few days, the number of long positions taken in BNB has increased significantly.

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It remains to be seen whether the bulls are right in the long run.

Glass coin bnb

Source: Coinglas

Another factor that can affect BNB is the overall health of the network.

According to recent data, DEX (decentralized exchange) trading volumes on the Solana network outperformed the BNB network by a significant margin.

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Furthermore, the TVL (total value locked) of the network also saw a decline, which could indicate a decline in interest in the BNB ecosystem.

Source: X

The network also witnessed a decline in activity, which was reflected in a decrease in the number of daily active users on the network by 21.9%.

bnb code terminal

Source: Token Station

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