- BNB announced a new gas grant program which could help boost its key metrics.
- BNB’s market indicators remained in favor of bulls.
BNB Chain [BNB] has been witnessing a decline in the number of daily transactions for quite a few months now. As per Dune’s data, BNB’s daily transactions went down after spiking towards the end of February, 2023.
However, BNB has come up with a new program that can turn the tables and help increase network activity.
BNB’s network value slumps
Not only did BNB’s daily transactions decline, but its popularity among traders also witnessed a plunge.
As per Artemis’ data, BNB’s DEX volume went down over the last month. The blockchain’s overall value also plummeted, as evident from the decline in its TVL.
Source: Artemis
BNB’s latest program can be a game changer
BNB Chain announced a new program on 1 June that can change the scenario in the blockchain’s favor. It has brought forward the BNB Chain Gas Grant Program.
Under the program, enrolled projects can enjoy gas grants based on their monthly gas fee volume. The total pool for gas grants is set at $200,000 worth of BNB tokens per month.
We’re excited to announce the BNB Chain Gas Grant Program 🏆
This initiative aims to reward projects that contribute to the BNB Chain ecosystem by providing gas fee incentives to qualified projects.
Read the blog below and apply now!https://t.co/dNtl2s5lIj
— BNB Chain (@BNBCHAIN) June 1, 2023
To be eligible for the Gas Grant Program, a project should have debuted within the last three months, reached a new milestone, and have at least 100 average daily active users in the last seven days or the previous thirty days.
How is BNB performing
BNB’s price action has remained dormant for quite a while as it took a sideways path. According to CoinMarketCap, BNB’s price increased by over 1% in the last seven days.
At the time of writing, it was trading at $307.97 with a market capitalization of $47 billion. Investors were also not actively trading BNB.
As per Santiment, BNB’s supply on exchanges and supply outside of exchanges remained pretty stagnant. Its velocity also dipped after registering a spike on 31 May, 2023.
Source: Santiment
Read BNB’s Price Prediction 2023-24
Should investors expect volatile price action?
The coming days might get better for BNB investors, as a few market indicators were bullish. For instance, the MACD revealed that the bulls were leading the market.
BNB’s Relative Strength Index registered an uptick and was heading towards the neutral zone. Additionally, its Money Flow Index also followed the same trend of increment, further raising the chances of a price uptick in the coming days.
Source: TradingView
