BNB was a Binance native token that made it to September without any losses.
- BNB trades currently at $285.40, and has increased by 3.4% over the last two weeks.
- The altcoin’s MVRV declines, indicating possible price drop
- BNB social volume drops as interest is fading
It is home to the largest market capitalization of $45.8 billion, making it one of the top 5ThTether is the largest digital currency after Bitcoin, Ethereum and Tether.
As of press time: According to CoingeckoThe coin, which was first launched via ICO in 2017, is currently trading at $281.40. This price increase has been 3.4% over the past 14 days.
BNB’s October start is bright, too. The network has seen a lot of positive developments which could be helpful in their attempt to grow even more in the coming days.
But experts are now giving words of caution for the asset’s holders as metrics and other indicators might be hinting at a possible trading price drop for the Binance Coin.
BNB Metrics to Pay Attention To
Amid BNB’s fine run, those who own the digital asset should keep a vigilant eye to some of its significant metrics.
One, Binance Coin’s MVRV fell last week. This was a bullish sign for cryptocurrency.
The MVRV is the ratio of an asset’s market capitalization versus its realized capitalization.
BNB’s trading volume has also declined over the last seven days. As of this writing, the coin’s 24-hour volume stood at $924.5 million.
BNB owners should pay close attention to the Relative Strength Index, which placed digital assets in an oversold condition.
In the coming days, this could cause price movements to move in a down direction.
It is also possible that the crypto community’s interest for BNB is fading, as its social volume also fell.
🎉 #BNBCHAINThese Key Metrics Are Valid for 7 Days
Even in market volatility, #BNBEveryday, chain moves forward💪
• $BNB Burned: 1495 (~ $443K)
• Unique Address Growth: 1.73M New Addresses
• Total Value Locked: $4.45B
• Weekly Active Users: 3.1M#BNB #BSC #WEB3 🔥 pic.twitter.com/CLNvV4jnO2
— BSCDaily (@bsc_daily) October 6, 2022
BNB’s Antidote For Metrics Negativity
BNB Holders may have lost their good fortune, according to metrics. However, there are positive aspects that can be leaned on by token owners.
For the past seven days, a total of 1.73 million new addresses were registered on the altcoin’s network.
The BNB Chain recorded 3.1 Million unique users in the same time frame, which brings the average daily user to 779,000.
BNB also contributed 20.7 million transactions, as the total locked value of its assets (TVL), rose to $5.45 trillion.
There were finally 1495 BNB tokens that were consumed, which means its total circulating supply has decreased a bit.
BNB coins are currently in circulation at 163, 276,974. The asset’s max supply is 165,116,760.
Crypto total market cap $907 Billion | Featured image from Finbold, Source: TradingView.com