Binance Coin (BNB) has been recently in a state of decline, dropping by more than 25% in June alone.
This was caused by the increasing uncertainty surrounding the exchange and its founder Changpeng Zhao, who are both facing lawsuits.
This downturn in confidence has caused BNB’s price to fall to its lowest level in June 2022 at $204. Market capitalization for the altcoin has declined further, by 12.2%, to $32.164 billion.
Additionally, the activity levels of the Binance Chain network have increased, with the average number of daily transactions rising up to 3.391 million.
Consequently, this could suggest a high chance of further drops for the cryptocurrency.
In addition, open contracts in the futures market have decreased to $374.48 million as investors’ interest weakens.
