Binance Coin (BNB) the famous cryptocurrency that is the utility coin of Binance Smart Chain, has skyrocketed to above $600, destroying speculations that the price will no go as high as previous bull market price after the resignation of Changpeng Zhao, the former CEO of Binance.
The price surge happened after news that Binance Smart Chain, which is now rebranded to BNB Chain, will do an upgrade called BEP 336.
BNB Chain BEP 336 Upgrade
BNB Chain has just officially announced that the blockchain will do a significant upgrade that is inspired by the Ethereum Dencun Upgrade called BEP 336.
BEP stands for Binance Smart Chain Evolution Proposal which is Binance Chain’s own way of naming its improvement proposals like other blockchains.
This BEP will specifically target the implementation of Blobs, a mechanism that is similar to what was implemented on EIP 4844 on Ethereum Dencun Upgrade.
It will focus on improving two things, which are reducing the gas fees of the blockchain which is already low, and optimizing the data management system of the blockchain.
The Blob itself will also focus on being implemented on layer two blockchains of the BNB ecosystem such as opBNB.
Overall the upgrade will give users a more comfortable experience when using Binance Chain not only for transacting but also when building projects.
The upgrade is predicted to start being tested out in April 2024 with the scheduled launch in June 2024.
With this news, holders of BNB have reacted positively, pushing its price to a new high since 2022 which is above the $600 mark.
Price Still Going Strong?
BNB itself has been rising for almost 200% since October 2023, a significant increase considering what the ecosystem has gone through.
Not many people thought this would be possible especially with the reshuffling of its management board following the resignation of its past CEO and Founder, Changpeng Zhao, also known as CZ.
After the news of the resignation and the lawsuit prior to it, most investors believe that the price of BNB will go down significantly and predict that the price will not see any positive movements again in the near future.
But looking at the current price now, most of them seem to be wrong for doubting BNB as the price itself has surged significantly, following a long stagnant phase or its price movement.
Currently the price is reaching its previous highs of around $625 and might see a correction from traders that are realizing their profit.
This is because on the daily time frame, the candlestick seem to be showing red, triggering a potential bearish pattern that would start a correction.
But this will only trigger a small correction since BNB has a new support zone of around $437 which will probably be hard to break through.
Most of the investors that have bought and held BNB during its dark days have reached a more than three times increase of its portfolio since the lowest price of BNB was around $200 at that time.
Going forward into the future, BNB might come back to life again with this new improvement and an incubator program that usually goes live in the last quarter of every year, attracting new builders into the ecosystem and increasing transactions by degen hunters buying those new project’s tokens.
But currently, BNB is still highly dependent on Altcoins movement as the same as other Altcoins, so this positive condition will only continue if the market stays positive, all of it is dependent on ETH.
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