The BEP-95 upgrade proved to be a right move as Binance Coin (BNB) recently saw a surge in burning activity. Dubbed as “Bruno Upgrade,” BEP-95 was intended to accelerate the BNB burning process. The upgrade also included the use of a portion of the tokens burned as transaction fees on the Binance Smart Chain (BSC).
Since the Bruno upgrade, 119,600 BNB tokens have been burned, according to BurnBNB. The value of the tokens that had been burned exceeded £41.2 million.
At the time of writing, the BNB price had essentially not changed despite the burn milestone. BNB was changing hands at £242.40, up 0.8% in the last 24-hour at press time, according to CoinMarketCap. BNB was no longer in the running after recording a 24-hour volume of over £0.88 billion. The trading volume was roughly £573 million at the time of writing.
The altcoin’s 30-day Market Value to Realised Value (MVRV) appeared to be in a state that initiates selling, according to Santiment. The market value of BNB was significantly greater than its realised value with the MVRV at 27.25%. Investors might need to think about liquidating their coins at this point.
Whales also appeared to be leaving the ecosystem of the Binance Smart Chain. The £4.38 million whale holding supply had considerably decreased since September 14th, according to Santiment. Investors may have to stay put longer if they are waiting for BNB to reach £263, a level hit in August.
Additionally, its circulation in the last 24 hours was not any different to what it was on September 3. This suggested investors were not very excited by BNB movement across wallets.
As of September 16th, BNB’s price action was overall more bearish than bullish. After declining drastically until September 15th, the Money Flow Index (MFI) has grown from 24.22 to 38.51. The Moving Average Convergence Divergence (MACD) shows the lack of possibility of a rally ensuing.
The MACD indicated that the difference between the 12 and 26 Exponential Moving Averages (EMAs) was below zero on the four-hour chart. The buying momentum, which was weaker than the sellers’ strength, was in a similar position.
Therefore, a rally to £263 may be a far cry in the near future.