Binance Smart Chain's Daily Transaction Count Drops by 60% in 1 Month 16

Binance Smart Chain’s Daily Transaction Count Drops by 60% in 1 Month

  • The number of daily transactions on the Binance Smart Chain has dropped by 60% since May’s high of 11.838 million
  • Unique addresses on the Binance Smart Chain are still growing and have reached an all-time high of 78 million
  • Binance Coin (BNB) whales have increased by roughly 7% since mid-May
  • The accumulation could be due to the BNB quarterly coin burn

The number of daily transactions on the Binance Smart Chain has seen a 60% drop since May’s peak value of 11.383 million. At the time of writing, the Binance Smart Chain is currently handling 4.687 million daily transactions as highlighted in the following chart which also points out the drop in daily transaction activity.

Binance Smart Chain's Daily Transaction Count Drops by 60% in 1 Month 17Unique Addresses on the Binance Smart Chain Hit 78 Million

Despite the drop in daily transaction count, the number of unique addresses on the Binance Smart Chain continues to grow with the network now hosting over 78 million distinct accounts. The chart below, courtesy of BSCScan.com, further demonstrates the continual growth of unique addresses on the Binance Smart Chain.

Binance Smart Chain's Daily Transaction Count Drops by 60% in 1 Month 18Binance Coin (BNB) Whales Increase By 7% in One Month

As daily active addresses on the Binance Smart Chain have dropped since mid-May, the number of Binance Coin whales has increased during the same time period.

This is according to an analysis by the team at Santiment that pointed out that the number of Binance Coin whales holding 1,000 or more BNB, now stands at 1,161 compared to 1,086 in mid-May. The increment in Binance Coin whales has been captured by the following chart shared by the team at Santiment.

Binance Smart Chain's Daily Transaction Count Drops by 60% in 1 Month 19

Increment in Whales Could Be In Preparation for the 16th Binance Coin Burn

To note is that Binance carries out quarterly coin burns of Binance Coin (BNB). The last coin burn was carried in early April and was the 15th coin burn of Binance Coin which encompassed the period of January to March.

Doing the math, the 16th BNB coin burn is due in July and will cater for the second quarter of 2021 between April and June.

Therefore, the increment in Binance Coin whales could be in anticipation of the 16th coin burn given the fact that the last one, coincided with BNB hitting an initial all-time high of $638 in mid-April. Binance Coin would go on to break this peak value and set a new all-time high of $691 in mid-May.