Binance coin: Here’s what an increase in whale activity means for BNB investors

Do you consider yourself a crypto Degen? Do you tell your friends and relatives that you think altcoins like Binance Coin (BNB) are a good investment? Well, you should know that BNB has had its greatest grouping of whale transactions since early March in the last several days.

You should be aware as a Degen that this is a sign of a price direction change. In case you missed it, here's a recap of the coin's performance during the last month.

BNB is a stable coin of the largest cryptocurrency platform in the world, Binance. Binance is the trading place of a wide variety of cryptos including Bitcoin, Ethereum, Dogecoin, Shiba Inu which together with Dogecoin are meme coins, Axie Infinity, Decentraland (a play to earn token just like Axie Infinity), Elitecoin which is a coin that functions in the travel and hospitality space, Sandbox which is a NFT play to earn token and so on.

BNB fell 13% in 30 days after starting in April with a price index of $450. This coin was trading for $391.95 at the time of publication, up 1.89 percent in the last 24 hours.

The currency began the month with a bullish run on a 50 EMA. Increased accumulation was continuous until mid-April, when a reversal occurred, while maintaining a position below the price. The 50 EMA line was above the price at the time of publication, indicating that distribution was still going on.

The RSI's location throughout the same time period also supports this claim. The RSI began the month at 60 and has since been trending lower into the 50 neutral level and below. This stood at 44.66 at the time of writing.

Similarly, during the course of a month, the coin's trading volume dropped by 45 percent. Trading volumes peaked at 2.71 billion at the beginning of April, but were down to 1.4 billion at the time of publication. This indicated a drop in the coin's trading volume over a 30-day period.

Furthermore, the market capitalization of the BNB Coin fell by 12% in a 30-day period. The market capitalization was $64 billion at the time of writing.

In the last few days, on-chain data revealed an uptick in whale activity. Whales accumulated a lot of money on the 28th and 29th of April for transactions exceeding 100k. However, there has been a decline. At this time of this writing, this stood at 12 after recording a high of 122 just four days ago.

In addition, the Network's Daily Active Addresses hit a new high of 16,929 and a new low of 11,427 in the last 30 days. This was 2,419 at the time of writing, and it is anticipated to increase to as high as 10,000 by the end of the day.