Binance Coin [BNB] may disappoint traders in Q4 based on these reasons
Binance Coin’s [BNB] antics, since the start of September, may have left investors in disappointment. However, a report revealed that the exchange cryptocurrency managed to put up some good performance in some other areas.
According to BNBburn, the number of tokens burned in the third quarter (Q3) surpassed the entire record of the second quarter. At press time, BNB tokens burned in Q3 was 2,040,503.56 BNB, compared to 1,976,739.87 BNB in Q2.
Interestingly, all these happened despite a lower average trading price registered by the former. As expected, this led to a significant difference in the worth of the BNB burned. The second quarter value amounted to $626,356,129.623 while Q3’s worth was $562,592,435.15.
Despite the increase in burned tokens, it may seem that BNB could need some help. Details from DeFi Llama showed that the Total Value Locked (TVL) on the Binance Smart Chain (BSC) was worth less than it was on 27 September.
According to DeFi Llama, BNB’s TVL was $5.25 billion at press time, representing a 1.87% decline from the previous day.
Source: DeFi Llama
Additionally, it was not only the BNB price that experienced a decline. A look at its one-day circulation also showed that it was nowhere near impressive. Furthermore, Santiment data showed that the uptick on 20 September to 358,000 had reduced to 125,000.
Fortunately, it seemed that traders were most active in the NFT sector of the BNB chain. The on-chain data platforms showed that BNB NFT trades were $1.52 million at the time of this writing.
Source: Santiment
Some days ago, it was observed that the burning effect could not lead BNB to $300. As of then, BNB was trading a little above the current price. So, has the momentum changed since then?
The Awesome
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