Binance Coin (BNB) Rallies 8% Ahead Of Hard Fork Upgrade
April 18 2023 - 4:41AM
NEWSBTC
The Binance Coin (BNB) token is on a roll as it gains massive
momentum following its quarterly burn price and with the highly
anticipated BNB Beacon Chain hard fork upgrade just around the
corner. The surge in BNB’s market value is good news for
investors and analysts. What’s fueling this sudden burst of bullish
sentiment? With BNB’s price on the rise, could this be the
perfect time to invest in the digital asset? Related Reading:
Bitcoin Price Retreats To $29,000 Level – Further Drop Imminent?
Barral Upgrade Hard Fork Expected For BNB Chain The BNB Chain is
set to undergo the Barral upgrade through a hard fork at block
height 310,182,000 on April 21. Despite a slight dip of 1.0% in the
past 24 hours, BNB’s price has rallied impressively by 8.4% over
the last seven days, currently standing at $344.93 according to
Coingecko. The upcoming hard fork will mark the second one
for BNB this month, following the ‘Plank’ hard fork that took place
on April 12, which aimed to enhance the layer-1 network’s security
and stability. The BNB Beacon Chain is expected to have a
scheduled hard fork upgrade at block height 310,182,000. Read about
what this means for BNB Chain.https://t.co/6Q6Z9rvCAB — BNB Chain
(@BNBCHAIN) April 16, 2023 Binance Coin On-Chain Metrics Indicate
Positive Momentum On-chain metrics are providing insight into the
recent price movements of BNB. According to Token Terminal, BNB’s
P/S ratio experienced a decline in the past weeks, suggesting an
undervaluation of the token. However, the ratio has been on an
uptick since mid-March. Additionally, there has been an increase in
positive investor sentiment towards BNB, especially during the
middle of last week, indicating trust and confidence in the token.
BNB’s MVRV ratio has also shown significant improvement,
potentially contributing to its recent bullish price action. BNB’s
Weekly Report Highlights Blockchain Developments, Metrics In
addition to the recent BNB Beacon Chain update, BNB has released
its weekly report, which details significant developments and
metrics for the blockchain. According to the report, BNB has
surpassed 3.5 million Weekly Active Users (WAU) and 1.16 million
Daily Active Users (DAU). Furthermore, BNB has experienced a
steady increase in daily transactions since January 2023, with over
20 million transactions processed in the past week alone. Binance
Coin (BNB) total market cap currently at $53 billion on the daily
chart at TradingView.com Related Reading: OKB Tallies 24% Increase
But Active Addresses Fail To Keep Pace – Here’s Why The upcoming
hard fork will bring several security enhancements to the
cross-chain bridge between BNB Beacon Chain and BNB Smart Chain.
These improvements include the ability to immediately pause
cross-chain channels in the event of proof forgery detection and
emergency intervention by any validator. As a result of these
positive developments, BNB’s one-week price volatility has risen,
giving hope for continued upward momentum in the coming days.
Overall, BNB’s on-chain metrics are indicating positive momentum
and optimism among investors for its future prospects. -Featured
image from Currency.com
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