Binance coin [BNB] has witnessed major updates ranging from the stablecoin fiasco to maintaining top five positions despite FUD. Whatever the case, Binance enthusiasts and token holders supported the token without any hesitation. Could the latest development see the same picture?
Whatever it takes to stand
In the last 24 hours, BNB has recorded gains of over 6%. This made the altcoin one of the top gainers in the list of top 10 cryptocurrencies by market capitalization. But what could spark this rally in the short term?
Binance has released an interesting array of technologies over the past couple of months. Here is the latest,
BAB tokens are non-transferable tokens that act as identity credentials for Binance users who have completed KYC verification.
Learn more ➡️ https://t.co/03TKuyXZBC pic.twitter.com/BKSWnM4jJL
— Binance (@binance) September 8, 2022
The platform has been launched the Binance Account Bound (BAB) token, a soul bond used as proof of identity for Binance users who KYC verification completed. Binance announced the launch on its platform on Twitter, as seen above. The update will allow users to mint BAB tokens on the BNB Chain as identity credentials and participate in creating multiple projects and earn rewards.
Changpeng Zhao aka “CZ” – the head of Binance took to Twitter to shed some light on the aforementioned technology. He tweeted,
Interesting new technology. Here’s a good picture from our product team. https://t.co/8cmUJSdABX pic.twitter.com/Ws7zyfaVrg
— CZ 🔶 Binance (@cz_binance) September 8, 2022
However, the BAB token does not contain any data or utility other than signifying that the wallet holder has passed KYC checks through Binance. (At least for now)
The platform also announced the launch of its new zkBNB. Here, he aimed to address the blockchain scaling issue on the BNB chain. zkBNB used the same underlying Layer-1 security as the BNB Smart Chain to ensure secure construction opportunities.
Thanks to you
Looking at the metrics within the chain, some indicators also painted a bullish narrative.
BNB growth activity has skyrocketed in recent days. This complemented the new upgrade as it reflected the developers’ efforts to improve the network. Meanwhile, trading volume saw another surge, surpassing the 1 billion mark following the aforementioned upgrades.
The Market Value Realized Value Ratio (MVRV) also followed a similar path and rose. Ergo raised the possibility of further price increases in the coming days.
Looking at the price, the rise of BNB has been significant, as can be seen in the chart below. It is currently trading below the $300 mark
But could BNB sustain the stated high?