Binance was criticised for the Mazars audit, the price of BNB has gone down a lot. FUD (Fear, Uncertainty, and Doubt) spread like wildfire, causing more than $5 billion to be taken out of the cryptocurrency exchange. But Binance was able to stand up to the attack, and in the midst of it all, activity on the Binance Smart Chain has dropped dramatically, which is bad news for the BNB price.
15% Binance Chain Activity Drop
Last week, there was a lot going on with the Binance Smart Chain. At the start of the weekend, the number of daily active addresses had reached 1.2 million. But now that it’s a new week, this metric has been hit hard, and the number of daily active addresses has dropped by a large amount.
YCharts shows that the number of active Binance Smart Chain addresses has dropped by more than 15.70% in the last 24 hours. This was the exact opposite of what happened between Friday and Saturday, when the chain was used more than any other blockchain. At the moment, there are 947,414 addresses that are used every day on the blockchain. So, between Friday and now, more than 150,000 less addresses are being used.
During this time, the number of new unique addresses per day also went down by 15.27%. Also, the number of transactions per day fell by 15.27% during this time, and the amount of money made from transaction fees on the network fell by 10.86%.
The most interesting thing about this time period is that the daily active BEP-20 addresses on the Binance Smart Chain went up by 9.84%, and the average BSC transaction fee went up by 6.58% to $0.1457 per transaction.
What will happen to BNB Price?
At the start of the weekend, when activity on the Binance Smart Chain started to pick up, the BNB price went up a lot. On Friday, the digital asset hit a local high of $264 before active addresses started to slow down.
On Saturday, the price of BNB dropped sharply after the number of daily active addresses dropped by more than 100,000. This drop to $220 showed that the activity on the blockchain was related to the price of the coin.