The BNB Chain is witnessing a massive spike in active addresses, as this metric spikes to an 8-month peak following the recent price ATH.
According to blockchain analytics platform Glassnode, the BNB Chain recently clinched 751,000 active addresses. This marks the highest level of activity observed on the network in the past eight months.
Glassnode attributes the surge to rising on-chain activity and an improvement in network fundamentals, noting that active address momentum plays an important role. This metric often signals growth in network usage and adoption.
However, despite the recent uptick, current active addresses remain well below the 2021 peak of approximately 1.5 million. Glassnode noted that this gap is a sign of potential for further growth in network activity and adoption.
PancakeSwap’s Springboard
The spike in active addresses also coincides with PancakeSwap’s launch of “Springboard,” a new protocol on the BNB Chain for token creation.
Interestingly, the protocol allows users to create tokens on the network without requiring coding skills, streamlining the token creation process. PancakeSwap has emphasized that the tool is free, encouraging participation on the BNB Chain.
Springboard follows the trend set by similar features on other blockchains, such as SunPump on TRON, snek.fun on Cardano and First Ledger on the XRPL. These protocols have led to an increase in address activity on their respective networks.
BNB Hits ATH
The recent surge in address activity also comes at a time when Binance Coin (BNB), the native token of the BNB Chain, recently achieved a major milestone by hitting an all-time high (ATH) of $793 today.
Although the token slightly retraced from this peak, now trading around $774, it still maintains a daily gain of 5.42%. Despite underperforming last month, with a meager 13% gain, BNB has begun December on a bullish note, already up 18% so far.
Notably, market analyst Mando CT remains optimistic about BNB’s long-term performance. Commenting on X, he noted that BNB has consistently delivered strong results for investors over time.
When it comes to long-term bags, $BNB has always performed well.
Congratulations to the entire Binance community on the new ATH.
My target for this cycle will remain the same. $BNB to 4 digits is just a matter of time IMO and it's a simple bet!
DYOR – NAFA pic.twitter.com/3tgOLXp7e8
— MANDO CT (@XMaximist) December 4, 2024
He congratulated the Binance community on the new ATH and expressed confidence in BNB surpassing the four-digit price range, describing it as a simple and inevitable outcome.
Meanwhile, with BNB now in price discovery mode, Crypto Mechanic, another analyst, highlighted the lack of historical data to determine profit targets. However, using Fibonacci retracement levels, he identified $858.65 and $892.71 as potential short-term targets.
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