In May, the Binance Chain network experienced an escalated level of daily transactions – exceeding 4.8 million – which marked a yearly high.
Analyzed by Block Research, the average number of daily addresses on the blockchain saw an additional increase, up to 1.5 million registrations.
This spike in activity is attributed to the growing migration of DApps developers from Ethereum to BNB Chain due to the low transaction fees.
Nonetheless, the value of Binance Coin (BNB) dropped by 25% in June following an SEC lawsuit against Binance, pushing its rank to fourth by capitalization and declining its value to $240. All tokens in circulation have a combined capitalization of $37.021 billion.