Ethereum behind, BNB Chain ahead – The case of user activity

• Regarding user activity, BNB Chain has exceeded Ethereum in the last month.
• Demand continues to propel BNB rally on a weekly chart.

BNB Chain [BNB] has surpassed Ethereum [ETH] in terms of user activity over the past month, data from blockchain analytics firm DappRadar has shown.

Across all the decentralized applications (dApps) listed on BNB Chain, a total of 4.18 million unique active wallets completed at least one transaction in the last 30 days, marking a 29% uptick in user count.

During the same period, only 1.28 million active addresses transacted on Ethereum, witnessing a 13% drop in user activity. 

Due to the double-digit increase in its number of users, the number of transactions completed on BNB Chain during the period under review totaled 22 million.

On the other hand, Ethereum saw its transaction count decline by 44% to record only 3.34 million transactions in the last 30 days. 

Regarding network fees and revenue derived from the same, BNB Chain received $18.35 million in fees from its users in the last 30 days. This represented a 50% growth in month-over-month (MoM) fees paid by its users to use its network.

 From these fees, the chain saw a revenue of $2 million from these fees.

Due to its lower user activity, Ethereum’s fees and revenue climbed by just 10% in the last month, according to data from Token Terminal

BNB on a weekly chart

At the time of writing, BNB traded at $305.80, logging a 31% price rally in the last month, per data from CoinMarketCap. 

The coin’s price assessed within a wider time frame (weekly) showed that despite the 3% price correction recorded in the last week, accumulation persisted. 

Source: BNB/USDT on TradingView

The coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) rested above their center lines, suggesting that buying activity exceeded distribution. As of this writing, RSI was 67.22, while the Money Flow Index (MFI) was 71.69. 

Read Binance Coin’s [BNB] Price Prediction 2023-24

Showing that the bulls were in control of the market, BNB’s positive directional index (green) rested significantly above its negative directional index (red). This also confirmed the strength of the buying trend in the market.

The coin’s 50-day simple moving average (blue), above its 200-day simple moving average (yellow), lent credence to the position above. When these averages are so positioned, it is generally considered an indication of an upward trend.