Binance Coin Surpasses 1 Billion Trading Volume After BNB Network Upgrade
September 10 2022 - 10:55AM
NEWSBTC
There is strength in numbers and Binance Coin (BNB) has proven that
time and again with its robust community of Bitcoin enthusiasts
whose faith in the coin has always been its strong fortress. BNB
surpasses 1 billion in terms of trading volume following network
upgrade 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 identify users of
BNB that have successfully finalized KYC verification. The launch
of BAB was announced via a tweet. This latest update will allow
users to present this as identity authentication and also for
creating different projects and earning rewards on the
platform. Following the BAB announcement, BNB price has
spiked by 6% in just over 24 hours making it one of the top
cryptocurrencies according to market cap. Binance Coin Upgrade
Boosts Trading Volume According to CoinMarketCap, Binance Coin
price has skyrocketed by 2.04%, trading at $295.28 as of press
time. Additionally, trading volumes have also surged over 1 billion
in sync with the latest upgrades. The Market Value Realized Value
(MVRV) Ratio also increased accordingly and will continue to spike
in 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 may be the case for now. Related Reading:
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Binance Rolls Out New zkBNB More so, the Binance platform also
rolled out the new and revolutionized zkBNB which has the exact
layer-1 security level that BNB Smart Chain has promoting secure
building mechanisms. A couple of BNB on-chain metrics show a
bullish standpoint for the token. BNB’s upswing has also been
significant, as it trades below $300. Notably, there was an
increase in development activities in the platform seen in the past
couple of days which coincided with the latest upgrade on BAB which
shows how seriously vested developers are into enhancing the
network’s tech capabilities. Chart: CoinMarketCap BNB, the native
token of Binance, has seen unprecedented growth since its
inception. The token is used mainly to take advantage of lower or
discounted trading fees as well as for joining the Binance
Launchpad. The demand for BNB has been growing exponentially since
2020. And economics-wise or based on the law of supply vs. demand,
the demand will always outnumber the supply. With that being said,
BNB might skyrocket and beat its ATH in 2021, especially with the
onset of a raging bull market. Related Reading: VGX, Native Crypto
Of Troubled Voyager Platform, Gains 44% Over Last 24 Hours BNB
total market cap at $47.5 billion on the daily chart | Source:
TradingView.com Featured image from Blockchain News, chart from
TradingView.com
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