As of July 11, Binance Coin’s (BNB) daily transaction volume has dropped by 58.2%, according to a report from CoinMarketCap Alexandria. The number of daily transactions for Solana (SOL) and Ethereum (ETH), two of its competitors, dropped by only 18.1% and 13.7%, respectively.
The report also showed that the number of daily active addresses on BNB Chain and Ethereum dropped by 68.8% and 27.2%, respectively, while the number of daily active addresses on Solana went up by 20.4%.
Along with the falling number of transactions, the total fees each blockchain network makes per day have also dropped off a cliff. This could mean less money for miners and validators, but it also means less money for the end user. Between November and July, the daily network fees for all three platforms went down by between 88.8 and 91.9%.
If you look at how the value of each platform’s native token has changed, BNB is the winner. Its value has dropped from its peak of $653.32 to its current value of $255.03, which is a drop of almost 61%. This is similar to how it did during the bear market in 2018. During that time, BNB did better than almost all of the top 100 assets, which showed how strong it was during the bear trend.
In the same time period, the price of ETH fell by more than 70%, bringing it down to $1,427.60 at the time of writing. The price of SOL went down more than 80 percent during the same time period, which was more than ETH and BNB. This may be at least partly because the network has been down a lot in the past few months.
Disclaimer: These are the author’s ideas and opinions, not CQ’s. This isn’t investment advice. CQ advises people to investigate cryptocurrencies before investing.