- The price of BNB is down 3% in the last 24 hours.
- The Open Interest has been increasing lately, while other metrics have looked bearish.
BNB chain [BNB] announced the date of Groenveld‘s upcoming maintenance update, which will take place on June 25. The upgrade not only fixes a few bugs in BNB Greenfield, but also brings a lot of new features.
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While developers worked on the update, BNB, like several other tokens, registered a drop in value.
All about the Greenfield update
According to the announcement, all buckets/objects previously stored on the Greenfield Testnet will be deleted and will no longer be available for query. Some other notable features include additional support for multiple messages in a transaction using the EIP712 sign approach.
BNB adds a feature that allows mirroring buckets, objects, or groups by using an ID or name. In addition, the update enables support for adding keyManager to txOpt so that it can handle a large series of transactions sent by a single client.
Investors are concerned
While the upcoming update looked good for BNB Chain, the status of the original token was in question. According to CoinMarketCap, the price of BNB was down 3% in the past 24 hours. At the time of writing, it was trading at $243.67, with a market cap of over $37.9 billion.
A positive update was that the price drop was not accompanied by an increase in volume. If such an episode occurs, it increases the likelihood of a sustained downtrend. However, all other metrics looked bearish.
For example, the 1-week price volatility of BNB fell sharply. The daily active addresses also plummeted, which looked negative. The speed of BNB recorded a drop, which means that BNB was used less frequently in transactions within a certain time frame.
Source: Sentiment
Read Binance Coins [BNB] Price prediction 2023-24
This could cause further problems for BNB
A look at Coinglass’s data gave more cause for concern as it suggested a further drop in value in the coming days. According to the chart, BNBThe open interest has increased in recent days.
An increase in the metric means that the ongoing price trend could continue, increasing the likelihood of a downtrend.
Source: Coinglass
