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Friday, January 27, 2023

Binance Chain Has An Important Price Test On September 30

The recent spike in Binance Chain’s Binance Coin [BNB] burning activity may have shown that upgrading to BEP-95 was the right move. The BEP-95, also known as the “Bruno Upgrade,” was put into place to quicken the burning of BNB tokens. The upgrade also included the use of a portion of the tokens burned as transaction fees on the Binance Smart Chain.

Since the Burno upgrade, 119,600 Binance Chain tokens have been burned, according to BurnBNB. Due to this milestone, the value of the BNB coins that had already been burned exceeded $47 million. At the time of publication, the BNB price had essentially not changed despite the burn milestone.

Binance Chain Price Could Touch $300

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BNB was selling at $276.40 as of the time of writing, up 0.8% from its 24-hour value, according to CoinMarketCap. And BNB was no longer in the running after recording a 24-hour volume of over $1 billion. The trade volume was about $654 million at the time of publication.

Binance Chain’s thirty-day Market Value to Realized Value (MVRV) appeared to be in a state that activated selling, in Santiment’s opinion. The market value of BNB was significantly greater than its realized value with the MVRV at 27.25%. Investors might need to think about liquidating their shares at this point.

Whales also appeared to be leaving the ecosystem of the Binance Chain (BSC). The $5 million whale holding supply had considerably decreased since September 14th, according to Santiment. Investors may need to stay longer if they are looking for BNB to reach $300 as it did in August.

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Additionally, a measurement of its circulation over the previous 24 hours had essentially not changed since September 3. Because of this stagnation, investors were not very excited by BNB mobility across wallets. With its NFT volume standing at $946,00, there was good news to be had.

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