- Analysis shows growing demand for BNB as the asset sees a surge in new users and fees.
- Traders in the market are currently accumulating the asset in bulk ahead of a potential rally.
Binance Coin [BNB], the fifth-largest cryptocurrency by market capitalization, has moved sluggishly over the past week and day.
However, the broader outlook shows that the market has recorded a decent 12.95% gain over the past month.
Current market sentiment suggests the tides might soon shift for the asset, as it could record notable gains with user growth and token accumulation on the rise.
How can BNB’s new users impact the asset?
There has been a notable surge in the number of new users on the BNB Smart Chain in the past 24 hours.
Recent data shows that new addresses saw a sharp 26% increase during this period, rising to a total of 589,657 addresses.
Source: BSCscan
This user surge also corresponded with a rise in BNB’s utility on its chain. At the time, the total transaction fee rose significantly by 20.91% to 933.23 BNB.
This is the highest fee generated since the 21st of May, which led to a 6.61% rise to a high of $691. If history repeats, BNB could reach a new high this week.
This fee amounts to approximately $624,000—a notably high expenditure.
At the same time, the average transaction fee rose by 12.50% to $0.04. While several factors influence a rise in transaction fees, one major factor is network usage.
Source: BSCscan
High network usage indicates more users contributing to BNB’s growing utility in the market.
Markets are still pushing back
Spot traders in the market are pushing back against a rally as they sell their BNB holdings.
At the time of writing, this cohort continues to take profits and exit their positions. These traders have realized $2.61 million in profits over the past 24 hours.
It’s a different case in the derivatives market, where the majority of active positions are long trades.
Source: CoinGlass
At the time of writing, the Open Interest-Weighted Funding Rate remained elevated, with a reading of 0.0026%.
A positive rate like this implies that Futures trading activity remains high and is likely to continue in this direction.
Accumulation amid profit-taking
Also, the Accumulation & Distribution (A/D) metric remained strong. Accumulation is confirmed when the ratio trends upward or remains in the positive zone—both of which BNB showed.
Source: TradingView
If this upward trend continues alongside user growth and increased BNB usage, it suggests a potential rally may begin soon.
