PancakeSwap's progress on the BNB chain brings hope amid bearish sentiment. Recent upticks in BNB activity and attention hint at potential recovery despite challenges.
The substantial increase in monthly active users led to a consequent rise in revenue for PancakeSwap. However, the total value locked on the platform has not shown significant improvement.
The growth of PancakeSwap on the BNB network thus holds the potential to attract new users and positively impact the sentiment surrounding BNB.At press time, BNB garnered significant attention on social platforms. Due to SEC’s lawsuit, there has been a 110% surge in engagements and a 65% increase in the token’s mentions.
However, the attention received was not entirely positive, as Santiment’s data revealed a considerable decline in weighted sentiment towards the token, indicating a prevailing negative outlook.These factors have contributed to a decline in activity and revenue within the protocol. Nonetheless, in the past 24 hours, there has been a notable uptick of 2.4% in the BNB network’s activity, according to Token Terminal.
As for the token, BNB was trading at $240.69 at press time. The token has experienced significant price depreciation in recent days, accompanied by a decline in velocity. However, the trading volume has witnessed a remarkable surge during the same period.Traders have adopted a pessimistic stance towards BNB as well. According to data from Coinglass, out of all positions taken against BNB at press time, 52.9% were shorts.
While challenges persisted for the troubled BNB chain, the growth and success of PancakeSwap brought a glimmer of hope.
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