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BNB rallies 39% despite smart contract deposits dropping 28% — Should investors be worried?

Published 08/04/2022, 02:00 PM
Updated 08/04/2022, 04:00 PM
BNB rallies 39% despite smart contract deposits dropping 28% — Should investors be worried?

Cryptocurrencies’ total market capitalization bounced from $860 billion on June 30 to the current $1.03 trillion, a 20.6% relief in five weeks. Ether (ETH) might have been the absolute leader among the largest smart contract chains, but BNB managed to gain 39% over that period.

BNB (blue) vs. Ether (orange), AVAX (cyan), SOL (yellow). Source: TradingView

BNB token’s year-to-date performance remains negative by 43%, but the current $49.5 billion market capitalization ranks it the third largest, excluding stablecoins. Furthermore, the leading decentralized application (DApp) is PancakeSwap — 843,630 active addresses in the past seven days — which runs on BNB Chain.

BNB Chain network Total Value Locked, BNB millions. Source: Defi Llama
BNB Chain's most used DApps over seven days. Source: DappRadar
Active BNB smart chain addresses. Source: BSCScan

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