BNB Price Hits $600 As BNB Chain Dominates USDT Transactions

Binance BNB Chain is calmly commanding attention. In the last month, it has emerged as the top pick for users using USDT (Tether), the world’s most trending stablecoin. With around 12 billion active wallets, at present, BNB Chain has outpaced other major competitors like Ethereum and TRON. 

So, why are so many users choosing BNB Chain? Let’s take a look.

BNB Chain Achieves 12M Active USDT Addresses

According to recent reports from CryptoRank, around 31.1 million wallets used USDT on different blockchain networks in the past 30 days. 

Among all of these, BNB Chain took the lead with almost 12 million active addresses, surpassing every other network. This indicates that most of the users are selecting BNB Chain for their daily exchanges. It is very fast, features low charges, and is simple to use; it perfectly meets user expectations when transmitting and collecting stablecoins like USDT. 

TRON took second place with 11.2 million active addresses, which remains a significant number. TRON has consistently been a favoured option for stablecoin exchange. Polygon followed with 2.6 million active addresses, and Ethereum came next with 1.8 million.

Even though Ethereum used to be the most popular network, its high fees and slow transactions are making users look for cheaper and faster alternatives. Solana and Arbitrum had less than 1 million active addresses each, meaning they are growing, but still not as popular as the top networks.

BNB Token Burn Scheduled for This Quarter

As BNB Chain sees more USDT activity, it has also finished its 31st token burn. In this burn, 1.57 million BNB tokens, worth around $916 million, were taken out of circulation.

This burn is clearly part of BNB’s strategy to gradually reduce its total supply and enhance the token’s worth. At present, the total supply of BNB is approximately 139.3 million, with above 40 million tokens remaining to be burned.

BNB Price Predictions: What’s Ahead

After observing the BNB price, at present it is trading at $604, indicating a slight 2% gain as big investors keep buying, even when the market goes up and down. 

Although the price is staying the same, at present, the overall market trend for BNB seems neutral. The RSI (Relative Strength Index) is at 48.57, meaning the token is not indicating clear signals of rising or falling yet.

On the other hand, if the RSI (Relative Strength Index) reaches over 50, it could be a clear signal that buyers are steadily gaining dominance, and BNB may be set for a more significant move.

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