- BNB Chain’s daily transaction fees crossed its highest level so far this year.
- Coin accumulation remained strong amongst spot market participants.
Daily transaction fees on the BNB Chain [BNB] hit a new year-to-date (YTD) high on the 9th of March, according to the Artemis Dashboard.
Source: Artemis
According to the data provider, total fees on the Layer 1 (L1) blockchain network reached a single-day high of $1.2 million on that day.
The figure represented a 134% increase compared to the $512,000 in fees observed on the chain on the 1st of January.
When a network’s transaction fees grows, its revenue experiences a corresponding rally.
The same was the case with BNB Chain, whose single-day revenue totaled $124,000 on the 9th of March, its highest in 2024.
Per Artemis’ data, YTD revenue on BNB Chain has gone up by over 140% since the 1st of January.
Interestingly, the uptick in BNB Chain’s daily transaction fees and revenue has occurred despite a decline in user activity on the network since the beginning of the year.
In fact, according to data from DappRadar, on the 9th of January, the total count of unique active wallets that completed at least one transaction on any of the decentralized applications (dApps) housed on the chain plummeted to its lowest since February 2021.
On that day, the number of unique active addresses on the BNB Chain totaled 144,000, a 77% decline from the 626,000 addresses recorded on the first day of the year.
Source: Artemis
Bullish sentiment grows stronger
At press time, the network’s native coin BNB exchanged hands at $494. In the last month, the altcoin’s value has increased by 54%, according to CoinMarketCap’s data.
An assessment of the coin’s price performance on a daily chart confirmed the possibility of a continued price rally if positive sentiment holds.
Its Chaikin Money Flow (CMF), which measures the flow of money in and out of the BNB market, was spotted in an uptrend at 0.41 as of this writing. A positive CMF value is a sign of strength in the market.
When an asset’s CMF value trends in this manner, it suggests that the spot market remains flush with the liquidity needed to sustain its price hike.
Source: TradingView
How much are 1,10,100 BNBs worth today?
Additionally, AMBCrypto observed the coin’s moving average convergence/divergence (MACD) indicator and found that the MACD line was on top of the trend line and significantly above the zero line.
With a value of 35.5, BNB’s MACD showed that buying pressure exceeded coin sell-offs.