Binance Chain network activity hits record high… records 3.62 million daily active addresses

Minseung Kang

Summary

It reported that Binance Smart Chain (BSC)'s daily active addresses reached 3.62 million, marking a record high.
This phenomenon is linked to the recent BNB price uptrend, with network participation and price movements aligning.
The report emphasized that maintaining active address counts is a key variable for the bullish structure and stated that a further decline could increase the likelihood of a short-term correction.

Network activity of Binance Coin (BNB) has surged to an all-time high, and analysts say it shows a correlated movement with the price uptrend.

On the 18th, according to crypto media Coindoo, the daily active addresses on Binance Smart Chain (BSC) reached 3.62 million, marking a record high. This is the most active level of network activity since the launch of Binance Chain, and was observed immediately after BNB's price surged to 1311 dollars earlier this month.

On-chain analytics firm CryptoQuant analyzed in the report that "the surge in active addresses reflects increased demand driven by 'FOMO' (fear of missing out)." BNB has continued a steady uptrend since June, and since September price and network participation have shown almost identical movements.

The report added, "Maintaining daily active addresses above 3 million is a key variable in sustaining the current bullish structure," and "if participation falls further, the possibility of a short-term correction may increase."

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