The Binance Coin (BNB) token is on a roll as it gains massive momentum following its quarterly burn price and with the highly anticipated BNB Beacon Chain hard fork upgrade just around the corner.
The surge in BNB’s market value is good news for investors and analysts. What’s fueling this sudden burst of bullish sentiment?
With BNB’s price on the rise, could this be the perfect time to invest in the digital asset?
Barral Upgrade Hard Fork Expected For BNB Chain
The BNB Chain is set to undergo the Barral upgrade through a hard fork at block height 310,182,000 on April 21. Despite a slight dip of 1.0% in the past 24 hours, BNB’s price has rallied impressively by 8.4% over the last seven days, currently standing at $344.93 according to Coingecko.
The upcoming hard fork will mark the second one for BNB this month, following the ‘Plank’ hard fork that took place on April 12, which aimed to enhance the layer-1 network’s security and stability.
The BNB Beacon Chain is expected to have a scheduled hard fork upgrade at block height 310,182,000.
Read about what this means for BNB Chain.https://t.co/6Q6Z9rvCAB
— BNB Chain (@BNBCHAIN) April 16, 2023
Binance Coin On-Chain Metrics Indicate Positive Momentum
On-chain metrics are providing insight into the recent price movements of BNB. According to Token Terminal, BNB’s P/S ratio experienced a decline in the past weeks, suggesting an undervaluation of the token. However, the ratio has been on an uptick since mid-March.
Additionally, there has been an increase in positive investor sentiment towards BNB, especially during the middle of last week, indicating trust and confidence in the token. BNB’s MVRV ratio has also shown significant improvement, potentially contributing to its recent bullish price action.
BNB’s Weekly Report Highlights Blockchain Developments, Metrics
In addition to the recent BNB Beacon Chain update, BNB has released its weekly report, which details significant developments and metrics for the blockchain. According to the report, BNB has surpassed 3.5 million Weekly Active Users (WAU) and 1.16 million Daily Active Users (DAU).
Furthermore, BNB has experienced a steady increase in daily transactions since January 2023, with over 20 million transactions processed in the past week alone.
Binance Coin (BNB) total market cap currently at $53 billion on the daily chart at TradingView.com
The upcoming hard fork will bring several security enhancements to the cross-chain bridge between BNB Beacon Chain and BNB Smart Chain. These improvements include the ability to immediately pause cross-chain channels in the event of proof forgery detection and emergency intervention by any validator.
As a result of these positive developments, BNB’s one-week price volatility has risen, giving hope for continued upward momentum in the coming days. Overall, BNB’s on-chain metrics are indicating positive momentum and optimism among investors for its future prospects.
-Featured image from Currency.com