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Strong on-chain metrics suggest further upside for Binance Coin (BNB)  |

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Binance Coin (BNB) is a token issued by Binance cryptocurrency exchange. It is a product of the Binance team’s desire to give back to the cryptocurrency community. They saw a lack of incentive for users to buy and hold cryptocurrencies, so they developed an incentive to do so. (The name of Binance comes from the combination of “binary” and “finance”, because Binance wants to “create a financial institution that is available to everyone and anyone.”)

Binance Coin (BNB) is one of the most used cryptocurrencies in the world. It is used to pay trading fees on the Binance exchange, and for many people, it serves as a medium of exchange for buying other cryptocurrencies. There are very few coins that can claim they have as much utility as Binance Coin, which makes it an interesting long-term hold. The fact that the supply of Binance Coin continues to grow each year makes it a strong buy despite the headwinds, as this will cause the price of the coin to rise.

Strong on-chain metrics suggest further upside for Binance Coin (BNB)  |

Binance Coin (BNB) has strengthened its market capitalization and is positioned as one of the largest crypto-currencies in the world. After rising 100% since the beginning of the month, BNB is now in third place behind Bitcoin and Ethereum.

The growing demand for the Binance coin has been fueled by the success of the Binance Smart Chain (BSC). Transaction volumes have surpassed those of the Ethereum blockchain, leading speculators to claim that the protocol will become the world’s leading settlement layer.

According to blockchain projection and analysis platform BSCScan, the daily number of transactions on BSC increased on the 21st. In April, the mark of 9 million was exceeded, an increase of 25,700 over the previous year.

Binance Smart Chain Daily transaction by BSCScan

Strong on-chain metrics suggest further upside for Binance Coin (BNB)  |

Meanwhile, large investors are accumulating Binance tokens at an exponential rate. The chain’s data shows a significant increase in multi-million dollar addresses in Binance Coin, popularly known as Wale.

As you can see from the image below, approximately 28 new addresses have been added in the last three weeks, containing between 10,000 and 1,000,000 NBBs, an increase of 17% over this period. At current rates, these whales hold between $60 and $600 million in NBI.

Distribution of Binance tokens by Santiment

Strong on-chain metrics suggest further upside for Binance Coin (BNB)  |

Binance’shaspotential

The ratio of Market Value to Realized Value (MVRV), which measures the average profit or loss of addresses that bought NBB tokens, rose on the 24th. April has entered the zone of opportunity. When it dropped below 0%, it indicated that the Binance currency was undervalued. Since then, the cryptocurrency has grown by more than 20%, with the 30-day MVRV reaching 13%.

Despite its recent successes, the NBB still has room to grow. The last time the 30-day MVRV dipped below 0% was in late March, followed by a 190% rally.

Binance coin MVRV 30 days Santiment

Given its growing online business and demand from whales, BNB appears to be a fundamentally sound company.

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Strong on-chain metrics suggest further upside for Binance Coin (BNB)  |

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