Binance Coin Surpasses 1 Billion Trading Volume After BNB Network Upgrade

Christian Encila

Last Updated: September 10, 2022 2:55 pm

3 mins read

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There is strength in numbers and Binance Coin (BNB) has proven that time and again with its robust community of Bitcoin enthusiasts whose faith in the coin has always been its strong fortress.

BNB surpasses 1 billion in terms of trading volume following network upgrade
BNB price up by 2.04%
Binance launches Binance Account Bond (BAB) for KYC verification

Recently, Binance rolled out the Binance Account Bond (BAB) token, it’s a token used to identify users of BNB that have successfully finalized KYC verification. The launch of BAB was announced via a tweet.

This latest update will allow users to present this as identity authentication and also for creating different projects and earning rewards on the platform.

Following the BAB announcement, BNB price has spiked by 6% in just over 24 hours making it one of the top cryptocurrencies according to market cap.

Binance Coin Upgrade Boosts Trading Volume

According to CoinMarketCap, Binance Coin price has skyrocketed by 2.04%, trading at $295.28 as of press time.

Additionally, trading volumes have also surged over 1 billion in sync with the latest upgrades. The Market Value Realized Value (MVRV) Ratio also increased accordingly and will continue to spike in the coming days.

Further, Changpeng Zhao, CEO of Binance, clarified in a tweet that the “BAB token holds no data or utility other than to signify that the wallet holder has passed KYC checks through Binance.” This may be the case for now.

Binance Rolls Out New zkBNB

More so, the Binance platform also rolled out the new and revolutionized zkBNB which has the exact layer-1 security level that BNB Smart Chain has promoting secure building mechanisms.

A couple of BNB on-chain metrics show a bullish standpoint for the token. BNB’s upswing has also been significant, as it trades below $300.

Notably, there was an increase in development activities in the platform seen in the past couple of days which coincided with the latest upgrade on BAB which shows how seriously vested developers are into enhancing the network’s tech capabilities.

Chart: CoinMarketCap

BNB, the native token of Binance, has seen unprecedented growth since its inception. The token is used mainly to take advantage of lower or discounted trading fees as well as for joining the Binance Launchpad.

The demand for BNB has been growing exponentially since 2020. And economics-wise or based on the law of supply vs. demand, the demand will always outnumber the supply.

With that being said, BNB might skyrocket and beat its ATH in 2021, especially with the onset of a raging bull market.

BNB total market cap at $47.5 billion on the daily chart | Source: TradingView.com

Featured image from Blockchain News, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.