Is BNB losing its spark? What data tells us about the altcoin’s popularity

Ayush May 12, 2024

BNB popularity waned by as Social Volume and Weighted Sentiment fell.
Activity on the BNB network also fell significantly.

Binance Smart Chain [BNB] has been one of the few coins that has faced massive volatility due to its high correlation with the health of the Binance exchange.

BNB social volume

Things could take a turn for the worse due to the altcoin’s waning popularity, AMBCrypto’s data indicated that over the last few days, the Social Volume fell significantly.

Coupled with that, the overall Weighted Sentiment also fell, implying that the number of negative comments surrounding BNB had surged significantly in the past few days.

These factors can negatively impact the price movement of BNB.

Source: Santiment

At press time, BNB was trading at $591.70 and its price had grown by 0.78% in the last 24 hours. The price was fluctuating violently between the $635 and $537 levels and showed no signs of a clear trend.

The CMF (Chaikin Money Flow) had started to decline in the last few days, indicating that the money flowing into BNB was slowing down.

The Awesome Oscillator had also turned negative, indicating bearish momentum and a high likelihood of a downtrend in the future.

Source: Trading View

Due to the massive fluctuations exhibited by BNB’s price movement, the overall liquidations occurring on the network surged materially.

Over the last few days, more than 20 million worth of positions were liquidated.

Source: Coinglass

Despite traders losing out on money, they remained quite hopeful. In the last few days, the number of long positions taken in favor of BNB had grown significantly.

It remains to be seen whether the bulls turn out to be right in the long run.