BNB drops alongside the wider crypto market, but it appears that dropping fundamentals back the token’s decline.
BNB price is at risk of further losses as multiple metrics point to Binance losing its market share in the crypto sector.) price is turning down again after a six-day rally that saw it hit new record highs of $725 on June 6. BNB has since fallen to an intra-day low of $635. At the time of writing, the price was hovering around $643, down 5% over the last 24 hours, according to data from CoinMarketCap.
However, data from DefiLlama reveals a decreasing total value locked on the network fueled by BNB’s 11% drop from all-time highs.The chart above shows that BNB Chain’s TVL decreased by 6.8% between June 6 and June 10, suggesting that users and developers are interacting less with the network. Unique Active Wallets is a metric DappRadar uses to express how many individual crypto wallet addresses interact with a blockchain’s smart contracts.The figure above shows that the BNB Chain trails Ethereum in total unique address wallets. More than 1.46 million UAWs have interacted with the layer protocol, a 14% decrease over the last 30 days. This is much lower than the 2.05 million UAWs on Ethereum and three million on Base.
At the time of publication, BNB’s price was fighting a possible return within the confines of the ascending triangle as the horizontal line of the technical formation at $633 provided support.
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