Binance Chain token has been a top price performer in the last three months, but noshitcoins says a crucial test will occur before the end of September.
) decreased by 36%. Even Ethereum saw a 29% cut in ETH deposits, down to 24.2 million from 34 million on July 17.
In dollar terms, BNB Chain's current TVL of $6.6 billion gained 12% in the three months leading to Sept. 16. This figure is vastly superior to other Ethereum competitors, such Avalanche's $2.2 billion or Solana's $1.3 billion,To confirm whether BNB Chain's TVL decline is accompanied by a reduction in users, investors should analyze decentralized application usage metrics.
More importantly, three DApps using BNB Chain grew by 190% or higher, with Gameta being the most promising, with over 900,000 active addresses. BNB Chain critics will have a hard time if another application besides PancakeSwap consolidates its leadership across all smart contract networks. Judging by the absolute numbers, meaning the 12.5% TVL decline in BNB tokens and the 14% reduction in active addresses on Binance Chain’s leading DApp, one could incorrectly conclude that BNB token is primed for a correction.
However, a more granular analysis, including a comparison with competitors, shows that the symmetrical triangle pattern crossing at $280 on Sept. 30 is likely a bullish trigger for BNB's price.
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