Binance Coin (BNB) registers volume rises to over 1B in just 24 hours
Binance Coin [BNB] has seen significant updates, from stablecoin failure to maintaining the top five positions despite FUD. Whatever the case, Binance enthusiasts and token holders supported the token without hesitation. The latest development can see the same picture?
No matter what happens
In the past 24 hours, BNB has increased by more than 6%. This has made this altcoin one of the top gainers in the list of top 10 cryptocurrencies by market capitalization. But what could trigger this rally in the short term?
Binance has released a bunch of interesting tech over the past few months. Here is the latest one,
The platform has released the Binance Account Bound (BAB) token,
soul-bound tokens are used as proof of identity for Binance users who have completed KYC verification. Binance announced the launch on its Twitter platform as seen above. The update will allow users to mint BAB tokens on the BNB Chain as identity credentials and participate in building multiple projects and earn rewards. Changpeng Zhao, aka 'CZ' - Director of Binance, took to Twitter to shed some light on the aforementioned technology. He tweeted,
However, the BAB token contains no data or utility other than to indicate that the wallet owner has passed the KYC check through Binance. (At least for now)
The platform also announced the launch of its new zkBNB. Here, it aims to solve the problem of blockchain scaling in the BNB chain. ZkBNB has used the same basic Layer-1 security level as the BNB Smart Chain to ensure safe and secure building opportunities.
Looking at online indices, some also sketch a bullish story.
BNB's development activity has skyrocketed in the past few days. This complements the new upgrade as it reflects the developers' efforts to improve the network. Meanwhile, trading volume has seen a new increase, surpassing the 1 billion mark after the aforementioned upgrades.
Market Actual Value Ratio (MVRV) follows a similar path and increases. Ergo increases the possibility of further price increases in the coming days.
Looking at the price, BNB's gain is a significant one, as shown in the chart below. It is currently trading below the $300 mark
But can BNB sustain the stated high?
Sep 10, 2022