Activity on the BNB chain has been declining, which could spell trouble for BNB price

According to the news from Mars Finance, from October 10 to October 11, the native token of the BNB Chain rose by 4.1%, showing resilience after briefly testing the $555 support level. Since July, the price of BNB has remained relatively stable, even though the broader Altcoin market has declined by 15.6%. This performance has consolidated BNB's position as the third-largest cryptocurrency, with a market capitalization that is $15 billion higher than Solana. However, over the past week, the Ochain activity of the BNB Chain has decreased by 37%, raising concerns among investors about the sustainability of BNB's recent strong performance. Traders are also concerned about the growing popularity of Ethereum's Layer 2 scaling solutions, especially after the launch of the Base network, which provides fast and low-cost integration with the leading US exchange and Web3 wallet provider, Coinbase.