BNB chain native token, BNB, has experienced a 7% drop since the CFTC lawsuit announcement. On-chain data reveals optimism among long-term holders. Can Binance’s native coin rebound in the coming weeks? 

BNB is the native coin of the BNB chain created by the world’s largest cryptocurrency exchange, Binance. It has recently hit a price correction amid regulatory scrutiny. Days after briefly pausing spot trading due to technical issues, the U.S. Commodity Futures Trading Commission (CFTC) charged Binance on March 27. The lawsuit alleges that Binance violated compliance controls. 

Markets reacted negatively as price of BNB rapidly declined. But on-chain data suggests an impending rebound. 

Long-Term Investors Hold Firm 

According to the blockchain data analytics platform, Santiment, BNB long-term holders appear unfazed by the recent fear, uncertainty, and doubt (FUD) surrounding the Binance ecosystem. Since the recent local low on March 9, Mean Coin Age has increased considerably. 

Between March 9 and April 4, Mean Coin Age increased by nearly 52% from an average of 44.30 days to 67.30 days. 

Mean coin age refers to the average age of all the coins in circulation. It is calculated by taking the total number of coins in circulation and dividing it by the total days spent in their current addresses.

As observed above, the average age of coins on the BNB network has increased by nearly 51%. This implies that many investors are holding onto their coins around the current prices. 

Such investor behavior, if sus

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Author: Ibrahim Ajibade

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