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Binance Coin Surpasses 1 Billion Trading Volume After BNB Network Upgrade

Altcoins

www.newsbtc.com 10 September 2022 16:41, UTC
  
Reading time: ~3 m

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: Cardano (ADA) Could Shed Another 14% Off Its Price – Here’s Why

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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