Binance Coin [BNB] has witnessed significant updates ranging from the stablecoin fiasco to maintaining its top five spots despite FUDs. Whatever the case, Binance enthusiasts and token holders backed the token without any hesitation. Could the latest development see the same picture?
Whatever it takes to stand
In the last 24 hours, BNB registered more than 6% gains. This made the altcoin one of the top gainers in the top 10 crypto-list by market capitalization. But what could have triggered this rally within the short-term period?
Binance released an interesting array of technologies in the past couple of months. Here’s the latest one,
Introducing the #Binance Account Bound BAB Token, the first-ever Soulbound Token on @BNBCHAIN!
BAB tokens are non-transferable tokens that work as identity credentials for Binance users who have completed KYC verification.
Find out more ➡️ https://t.co/03TKuyXZBC pic.twitter.com/BKSWnM4jJL
— Binance (@binance) September 8, 2022
The platform released the Binance Account Bound (BAB) token, a soul-bound token used as proof of identity for Binance users who completed KYC verification. Binance announced the launch on its Twitter platform as seen above. The update would users to mint BAB tokens on BNB Chain as identity credentials, and participate in building multiple projects and earn rewards.
Changpeng Zhao, a.k.a ‘CZ’- Binance’s chief, took to Twitter to shed some light on the aforementioned tech. He tweeted,
Interesting new tech. Here’s a good insight from our product team. https://t.co/8cmUJSdABX pic.twitter.com/Ws7zyfaVrg
— CZ 🔶 Binance (@cz_binance) September 8, 2022
However, the BAB token holds no data or utility other than to signify that the wallet holder has passed KYC checks through Binance. (At least for now)
The platform also announced the launch of its new zkBNB. Herein, it aimed to address the issue of blockchain scaling in the BNB chain. The zkBNB used the same underlying Layer-1 security level as the BNB Smart Chain to ensure safe and secure building opportunities.
Thanks to You
Looking into on-chain metrics, a few indicators sketched a bullish narrative as well.
BNB’s development activity skyrocketed in the last few days. This complemented the new upgrade as it reflected the efforts of developers to improve the network. Meanwhile, trading volume saw a new uptick, surpassing the 1 billion mark following the aforementioned upgrades.
The Market Value Realized Value (MVRV) Ratio also followed a similar route and went up. Ergo increased the possibility of a further price hike in the coming days.
Looking at the price, BNB’s uptick has been a significant one as evident in the graph below. Currently, it traded under the $300 mark
But could BNB sustain the stated high?