Can Binance Coin’s big plans of 2023 salvage BNB’s short-sighted dreams?

Binance Coin [BNB] recently published an update related to its BNB Beacon chain. As per the announcement, the BNB Beacon Chain testnet was expected to have a scheduled hard fork upgrade at block height 34,587,202 and 34,963,303.

Considering the current rate of block generation, the hard fork is anticipated to take place on 2 January 2023. After the release of the hard fork, validators must switch to v0.10.4. 

More fuel to the fire 

BNB further announced a few other partnerships that had the potential to boost its offerings and capabilities on multiple fronts. The latest one being the collaboration with GAMEFI.

Together they will work on GameFi dApp development, technical research, and community growth, giving BNB an edge in its GameFi ecosystem. Group gaming sessions, Web3 debates, and contests that both communities could enter will be another outcome of this partnership.

Where does BNB stand on the spectrum?

While all looked in favor of BNB, its performance on the price front had a different tale to tell. According to CoinMarketCap, BNB’s price declined by more than 1.2% over the last week. Furthermore, at press time, it was trading at $244.81 with a market capitalization of over $39 billion. 

Furthermore, Santiment’s data painted a clearer picture regarding which direction BNB was headed. BNB’s Market Value to Realized Value (MVRV) Ratio registered an uptick over the last week. This could be considered as a positive as it suggested a price increment in the days to come.

After a decline, BNB’s volume also chose to follow the same path, and witnessed a slight uptick. However, BNB’s popularity was affected despite these promising updates. This was because the coin’s social volume registered a decline.

Additionally, LunarCrush’s data revealed that BNB’s volatility witnessed a dropdown. This could decrease the chances of a sharp price breakout anytime soon. 

Source : ambcrypto

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