2 - 3 minute read
The recent news of large withdrawal volumes from Binance has caused a lot of fear among investors, with the volume reaching an enormous $5 billion. While this would have been a catastrophe for any other exchange, Binance has managed to weather the storm and the withdrawal volume has since returned to normal levels.
However, the FUD (fear, uncertainty, and doubt) surrounding Binance has had one unexpected upside: it caused a spike in network activity on the Binance Coin (BNB) blockchain. According to Coin98Analytics, BNB reported the highest number of daily active users on its blockchain, reaching 1.1 million users and easily taking the lead over Ethereum, which had 402,000 users.
This spike in users is likely connected to the high withdrawal volume from Binance and may also be influenced by a short-term increase in activity in the non-fungible token (NFT) industry. The volume of various NFT markets has seen an uptrend in the past 30 days.
Meanwhile, the Cardano blockchain has reported around 70,000 active users, putting it in fifth place on a ranking of active users. However, the network has not even made it into the top 10 on Coin98’s list, which has raised some concerns among Cardano (ADA) holders.
DAILY ACTIVE USERS BY BLOCKCHAIN— Coin98 Analytics (@Coin98Analytics) December 17, 2022
1. BNB Chain
10. MultiversX pic.twitter.com/b0fvIiV7xF
It is important to note that the opinion expressed in this article is not investment advice and is provided for informational purposes only. It is not necessarily the opinion of Prism News. As with all investments and trading, it is crucial to do your own research and only invest money you can afford to lose.