BNB Becomes Most Active Blockchain In Last 24 Hours

Investors’ anxieties have been greatly exacerbated by the FUD surrounding Binance, which has caused the withdrawal volume to reach a staggering $5 billion. Any other exchange than Binance would have collapsed under a similar volume of withdrawals.

However, there is always a silver lining: as the FUD spread, BNB’s network activity increased to remarkably high levels. BNB Chain claimed the most daily active users on the blockchain. BNB took the top spot among other networks with 1.1 million users, easily surpassing Ethereum’s 402,000 users who held the second spot.

Such a significant increase in users may be directly related to recent activities surrounding the exchange withdrawal volume. As of the time of publication, the withdrawal volume has stabilized and the amount of money leaving Binance has returned to normal levels.

The significant withdrawal volume and a brief uptick in the NFT market have both contributed to BNB’s activity. In the past 30 days, there has been a short-term upswing in the volume on several NFT platforms. Regarding the Ethereum network, the high usage rate is normal and falls within the acceptable range.

Cardano left out

The Cardano blockchain has been exceeding 70,000 active users, which formally places it in the fifth position of the aforementioned ranking according to several on-chain indicators.

Cardano’s absence from the top may not have been deliberate, though, as Coin98’s data gathering engine may not have been able to handle the same information on ADA due to variations in blockchain design.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Annie - Coincu News