BNB Chain struggles post CZ’s departure, what now?
- BNB Chain added a few more dApps to its portfolio.
- BNB’s weekly chart remained in the red, and market indicators supported the bears.
Binance’s [BNB] former CEO Changpeng Zhao (CZ) submitted his resignation a few days ago, which caused much trouble for BNB Chain. Not only did BNB’s price drop, but the blockchain’s overall network activity also took a blow.
However, as development around the blockchain continues, several new dApps were launched, which could help turn the situation around.
CZ’s episode in a nutshell
As reported earlier by AMBCrypto, BNB was recently thrust into the limelight as its CEO, CZ, submitted his resignation as part of the $4 billion settlement between United States regulators. The effects of this episode are still evident.
Notably, AMBCrypto’s analysis of Artemis’ data revealed that both BNB Chain’s Daily Active Addresses and Daily Transactions plummeted over the last few days.
The blockchain’s state in terms of captured value also took a blow, as BNB’s TVL registered a sharp decline. On top of that, BNB’s fees and revenue also went downwards in the recent past.
However, BNB Chain did launch a few new dApps, which could help turn the table in the blockchain’s favor over the coming weeks.
New projects on BNB Chain this week 👀https://t.co/bc2FlQX0FY
— BNB Chain (@BNBCHAIN) November 26, 2023
As per a recent post from BNB Chain, the blockchain added six new dApps to its vast portfolio. The dApps operate in multiple spaces, such as Gaming, SocialFi, and Infrastructure.
As per the post, the newly added dApps include Dechat, ScarQuest, Sekuya, SinVerse, Ramper, and BinaryX. The addition of these dApps can help get new users to the network and help lift BNB Chain’s declining network activity over the weeks to follow.
BNB Chain investors are at a loss
Like the blockchain’s network activity, its price action also failed to pick up pace. According to CoinMarketCap, BNB was down by more than 6% in the last seven days. It was trading at $230.92 at press time, with a market capitalization of over $35 billion.
Read Binance Coin’s [BNB] Price Prediction 2023-24
AMBCrypto’s analysis of BNB’s daily chart revealed several bearish market indicators; the MACD clearly displayed a bearish advantage in the market. Its Chaikin Money Flow (CMF) and Money Flow Index (MFI) were both resting well below the neutral mark.
Therefore, it was likely that investors could witness a further price drop. However, if the MFI enters the oversold zone, it could increase buying pressure and cause a trend reversal.