Binance Coin Burns Bright as Hard Fork Looms

Binance Coin (BNB) is one of the hottest cryptocurrencies right now, as it continues to soar after its quarterly burn and ahead of its upcoming hard fork. The native token of the world’s largest crypto exchange by volume has gained over 8% in the past week, reaching $344.93 at the time of writing, according to Coingecko.

The quarterly burn, which took place on April 16, saw Binance destroy 1,099,888 BNB tokens, worth about $595 million at the time. This reduces the total supply of BNB and increases its scarcity, which is bullish for the price. Binance CEO Changpeng Zhao said that this was the 15th quarterly burn and that the exchange is on track to burn 100 million BNB tokens in total.

But that’s not all. BNB holders are also looking forward to the Barral hard fork, which is scheduled to happen at block height 310,182,000 on April 21. This will be the second hard fork for BNB this month, following the Plank upgrade on April 12. The Barral hard fork will introduce several improvements to the BNB Chain, such as enhanced security, stability, and performance.

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

On-Chain Metrics Support Bullish Outlook on Binance Coin

On-chain metrics also support the bullish case for BNB. According to Token Terminal, BNB’s P/S ratio, which measures the market value of a token relative to its revenue, has been rising since mid-March, indicating that BNB is undervalued. Moreover, BNB’s MVRV ratio, which compares the market value of a token to its realized value, has also shown positive signs, suggesting that investors are confident and optimistic about BNB.

With so many factors driving BNB’s price up, it’s no wonder that the token is burning bright as it prepares for its next big upgrade. BNB is not just a utility token for the Binance ecosystem; it is also a valuable asset for investors and traders who want to benefit from the growth and innovation of the leading crypto exchange.