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Will the latest upgrade from BNB Chain, following in Ethereum’s footsteps, have any impact on price?

Analysis of BNB Chain’s Latest Upgrade and Revenue Impact

Title: BNB Chain Revenue Takes a Hit After Latest Upgrade, Traders Bullish on Price Retesting $600

On the 20th of June, BNB Chain, the decentralized blockchain ecosystem, rolled out a major update that promised a 90% reduction in transaction fees through BEP 336. This move was reminiscent of Ethereum’s Dencun upgrade, which aimed to lower gas fees. While BNB Chain did not deny drawing inspiration from EIP4844, it emphasized the cost-saving benefits of BEP 336.

However, the latest upgrade could potentially impact BNB Chain’s revenue, as observed by a decrease in revenue following the update. Fees from transactions play a significant role in the project’s revenue, and any further reduction could lead to a continued decline. Despite this, the reduced transaction fees could drive increased demand for the BNB cryptocurrency, potentially pushing its price towards retesting its all-time high of $720.67.

In terms of development activity, BNB Chain saw a surge in developer commitment, with the highest level of activity recorded since May 6th. This uptick in development could bode well for the coin’s price. Additionally, trader sentiment appeared bullish, as indicated by a positive Funding Rate of 0.0020%, suggesting that traders expect BNB’s price to increase.

With traders looking to capitalize on the upgrade, there is optimism that BNB’s price could surpass $600 in the short term. However, if buying pressure in the spot market fails to materialize, the price of the coin might dip to $570. As the network continues to evolve, monitoring these key indicators will be crucial in gauging the future trajectory of BNB Chain.

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