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Analysis

Binance Coin Surpasses 1 Billion Trading Volume After BNB Network Upgrade

There is energy in numbers and Binance Coin (BNB) has confirmed that repeatedly with its sturdy neighborhood of Bitcoin lovers whose religion within the coin has all the time been its sturdy fortress.

  • BNB surpasses 1 billion by way of buying and selling quantity following community improve
  • BNB price up by 2.04%
  • Binance launches Binance Account Bond (BAB) for KYC verification

Recently, Binance rolled out the Binance Account Bond (BAB) token, it’s a token used to establish customers of BNB which have efficiently finalized KYC verification. The launch of BAB was introduced by way of a tweet.

This newest replace will enable customers to current this as identification authentication and likewise for creating totally different tasks and incomes rewards on the platform.  

Following the BAB announcement, BNB price has spiked by 6% in simply over 24 hours making it one of many high cryptocurrencies based on market cap.

Binance Coin Upgrade Boosts Trading Volume

According to CoinMarketCap, Binance Coin price has skyrocketed by 2.04%, buying and selling at $295.28 as of press time.

Additionally, buying and selling volumes have additionally surged over 1 billion in sync with the most recent upgrades. The Market Value Realized Value (MVRV) Ratio additionally elevated accordingly and can proceed to spike within the coming days.

Further, Changpeng Zhao, CEO of Binance, clarified in a tweet that the “BAB token holds no data or utility other than to signify that the wallet holder has passed KYC checks through Binance.” This will be the case for now.

Binance Rolls Out New zkBNB

More so, the Binance platform additionally rolled out the brand new and revolutionized zkBNB which has the precise layer-1 safety degree that BNB Smart Chain has selling safe constructing mechanisms.

A few BNB on-chain metrics present a bullish standpoint for the token. BNB’s upswing has additionally been vital, because it trades under $300.

Notably, there was a rise in improvement actions within the platform seen prior to now couple of days which coincided with the most recent improve on BAB which reveals how critically vested builders are into enhancing the community’s tech capabilities.

(*1*)

Chart: CoinMarketCap

BNB, the native token of Binance, has seen unprecedented progress since its inception. The token is used primarily to make the most of decrease or discounted buying and selling charges in addition to for becoming a member of the Binance Launchpad.

The demand for BNB has been rising exponentially since 2020. And economics-wise or primarily based on the legislation of provide vs. demand, the demand will all the time outnumber the availability.

With that being mentioned, BNB may skyrocket and beat its ATH in 2021, particularly with the onset of a raging bull market.

BNB whole market cap at $47.5 billion on the every day chart | Source: TradingView.com

Featured picture from Blockchain News, chart from TradingView.com

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