Binance Coin Trading Volume Exceeds $1 Billion Following BNB Network Upgrade
There is power in numbers and Binance Currency (BNB) has shown that again and again with its vibrant community of Bitcoin fans whose confidence in the coin has always been its strong stronghold.
Recently, Binance released the Binance Account Bond (BAB) token, which identifies BNB users who have successfully completed KYC verification. Through a tweet, the debut of BAB was announced.
This most recent version will enable users to offer this as identification verification, as well as to create various projects and receive prizes on the network.
The BNB price increased by 6% in a little over 24 hours after the BAB announcement, making it one of the top cryptocurrencies by market capitalization.
According to CoinMarketCap, the price of Binance Coin has increased by 2.04% to $295.28 as of press time.
Additionally, trade volumes have increased by more than 1 billion in tandem with the most recent enhancements. The Market Value Realized Value (MVRV) Ratio will continue to improve in the coming days.
The CEO of Binance, Changpeng Zhao, confirmed in a tweet that the BAB token has no data or use other than to indicate that the wallet holder has passed Binance’s KYC procedures. This may remain the case for the time being.
In addition, the Binance platform launched the brand-new and revolutionary zkBNB, which has the same layer-1 security level as the BNB Smart Chain and promotes safe construction procedures.
Several BNB on-chain measures indicate an optimistic stance for cryptocurrency. BNB’s rise has also been notable, as the stock trades below $300.
Notably, there has been an upsurge in development efforts on the platform over the last few days, coinciding with the most recent BAB update, which demonstrates how committed developers are to expanding the network’s technological capabilities.
Since its debut, BNB, the native coin of Binance, has seen extraordinary growth. The token is primarily used to take advantage of reduced or discounted trading costs and to join the Binance Launchpad.
Since 2020, the demand for BNB has increased dramatically. And economically or according to the law of supply and demand, demand will always exceed supply. Consequently, BNB might rise and surpass its ATH in 2021, particularly if a furious bull market begins.