BNB Token Hits Breakthrough As It Prepares For New Upgrade

Key Points:

• BNB token is getting the advantage with the plan to upgrade BNB Beacon Chain in the near future.
• The price of BNB is at a critical resistance area, if it can break through it, the next target will be $400.

BNB token is having a breakout in this today as it rallies over 5% on favorable news.

The BNB is seeing huge positive momentum after the quarterly BNB burn price and ahead of this week’s BNB Beacon Chain hard fork upgrade.

BNB Chain stated on April 17 that the Beacon Chain would undergo the Barral hard fork upgrade at block height 310,182,000. Binance will execute wallet maintenance for BNB Beacon Chain (BEP2) on Tuesday, April 18, at 07:00 UTC, before the big update. For an hour, the exchange will halt BNB withdrawals and deposits.

The Barral hard fork update adds various security improvements to the cross-chain bridge between BNB Beacon Chain and BNB Smart Chain. It features an update to IAVL proof verification, enormous funds cross-chain transfer time lock, auto-stop transfers upon forged proof detection, and the ability of to validator to halt cross-chain channels.

The improvement is called after Jean-Augustin Barral, a French surgeon, and anatomist. To continue processing blocks on the blockchain, the BNB Beacon Chain update needs 2/3 validators to upgrade to the newest version. As a result, the Binance team has requested that node operators upgrade to the v0.10.10 release by April 21.

According to WhaleAlert statistics, crypto whales exchanged 3.48 trillion Shiba Inu Coins in a single transaction. SHIB tokens, valued at $40.2 million, were transferred between two unknown wallets. It is vital to note that this transaction occurred prior to Binance’s decision to remove SHIB from the innovation zone.

BNB price has broken over the critical resistance level of $340 on the daily timeframe, setting a 6-month high. If the bullish momentum holds, it is likely that $400 will be its next target.

As Coincu reported, Binance used the 23rd quarterly BNB token burn mechanism to burn 2,020,132.25 BNB tokens. The most recent burning is also the cause of the most recent price increase.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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