BinanceUSD losing ground: Users shift away as key metrics decline
As of 21 April, the number of receiving addresses forwas approximately 478. To put this into context, the number of receiving addresses in January was over 1,500; in February, it was almost 3,000.
The current level of 478 represented a 14-month low. Also, this metric is significant because it reveals the number of active receiving addresses for the stablecoin. The decrease in this metric and its almost flat display on the chart suggested that users were shifting away from BUSD to other stablecoins.In addition, the decrease in usage and interaction withis further highlighted by the decline in the exchange reserve. According to data from CryptoQuant, the exchange reserve has experienced a significant drop in recent months.
In February, the exchange reserve was around 14 million, but as of this writing, it had fallen to approximately 5 million.. According to data from CryptoQuant, since February, there have been more outflows than inflows for the stablecoin. While the flow has declined over the past few weeks, outflows have still exceeded inflows into exchanges. However, as of 22 April, the Netflow turned positive and was over 7 million.Despite the decline that BUSD was experiencing, it managed to maintain its position as the third-largest stablecoin by market cap., BUSD’s market cap stood at over $6 billion as of this writing.
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