BNB Chain has emerged as a trailblazer in the realm of decentralized applications (dApps), surpassing Ethereum in terms of user activity over the last month.

Data from the leading blockchain analytics firm, DappRadar, unveils intriguing insights into the growing popularity of BNB Chain within the crypto space.

According to the data, BNB Chain has witnessed a remarkable surge in user activity, with a total of 4.18 million unique active wallets completing at least one transaction in the last 30 days. This reflects a 29 percent increase in the user count, indicating the platform's growing popularity.

In contrast, Ethereum experienced a 13 percent decline in user activity, with only 1.28 million active addresses conducting transactions on the network during the same period.

As reported by AMB Crypto, this direct increase in user numbers has had a direct impact on the transaction volume on BNB Chain, recording a total of 22 million transactions during the reviewed period.

On the other hand, Ethereum faced a 44 percent decrease in the number of transactions, totaling only 3.34 million transactions in the last 30 days.

BNB Chain not only surpassed Ethereum in user activity but also showcased impressive figures in terms of network fees.

The platform collected US$18.35 million in fees from users in just one month, indicating a significant 50 percent growth in monthly fees paid by users to use the network. From these fees, the network generated revenue of US$2 million.

In contrast, Ethereum experienced modest growth in fees and revenue, with a 10 percent increase in the last month, according to data from Token Terminal. This difference further emphasizes the shifting dynamics in the decentralized finance (DeFi) financial landscape.

BNB Price Analysis

As of the time of writing, BNB is trading at US$305.80, reflecting an impressive price increase of 31 percent in the last month, according to CoinMarketCap. Analyzing the coin's performance on the weekly chart reveals interesting insights into its price dynamics.

Despite a 3 percent price correction in the last week, BNB continues to maintain its overall positive trend.

The Relative Strength Index (RSI) and Money Flow Index (MFI) for BNB are above their centerlines, indicating that buying activity continues to exceed distribution. With an RSI of 67.22 and MFI of 71.69, it is evident that bulls are still in control of the market.

The Positive Direction Index (green) well above the Negative Direction Index (red) further confirms the strength of the buying trend in the market.

Moreover, the positioning of the 50-day Simple Moving Average (SMA) above the 200-day SMA strengthens BNB's positive position. When these two MAs are in such a position, it is generally considered an indication of an upward trend.