Long-Term BNB Hodlers Remain Unaffected by FUD, Potential for Rebound in Market
Despite regulatory pressure and falling prices, long-term hodlers of BNB remain optimistic about the future of cryptocurrency. According to data from crypto analytics platform Santiment, the average duration of BNB usage has increased significantly since March 9, indicating that long-term hodlers are unfazed by recent fear, uncertainty, and doubt (FUD) surrounding Binance.
The average coin usage period for BNB increased by nearly 52% from 44.30 days to 67.30 days between March 9 and April 4, as per Santiment. This suggests that long-term BNB holders are confident in the cryptocurrency’s potential and are holding onto their coins despite the recent negative news.
Should the trend of long-term BNB holders holding onto their coins persist, it may cause a decline in supply relative to demand, leading to a possible increase in the cryptocurrency’s price. Nonetheless, Binance’s recent legal problems with the US Commodity Futures Commission (CFTC) have already affected the price of BNB, as it dropped by 7% following the CFTC’s accusations of misconduct against Binance.
Despite this setback, the fact that long-term BNB holders remain optimistic is a positive sign for the cryptocurrency’s future. As of the afternoon of April 5, BNB was trading at $313 up 1.35% from 24 hours ago, according to CoinMarketCap data. It will be interesting to see how BNB performs in the coming weeks as long-term holders continue to hold onto their coins and the cryptocurrency market continues to react to regulatory pressures.
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- CFTC Files Complaint Against Binance And Founder Over Alleged Violation Of US Regulations