Is Binance Coin [BNB]’s burning landmark enough drive to lead the alt to $300

The recent surge in Binance Coin [BNB] burning activity may have proved that the BEP-95 upgrade was a good decision. Also described as the “Bruno Upgrade,” the BEP-95 was implemented to speed up the BNB tokens burning process. In addition, the upgrade was to use a part of the burned tokens as transaction fees on the Binance Smart Chain.

According to BurnBNB, 119,600 BNB tokens have been burned since the Burno upgrade. This record meant that the already burned BNB tokens were worth over $47 million.

119,600 $BNB ($47,531,500) has been burned since the BEP-95 real-time burning upgrade ❤️‍?

— BurnBNB (@BurnBNB) September 16, 2022

Waiting on nothing

Despite the burn milestone, the BNB price had remained almost unchanged at press time. According to CoinMarketCap, BNB was trading at $276.40— a 0.8% surge from its value in the last 24 hours. And after registering over $1 billion in its 24-hour volume, BNB was not close to it anymore. At press time, the trading volume stood around $654 million.

According to Santiment, BNB’s thirty-day Market Value to Realized Value (MVRV) seemed to be in a condition that activates selling. With the MVRV at 27.25%, BNB’s market value was solidly outpacing its realized value. At this stage, investors may need to consider selling off their holdings.

Source: Santiment

In addition, whales seemed to be exiting the Binance Smart Chain (BSC) ecosystem. Santiment revered that the $5 million whale holding supply had significantly declined since 14 September. As such, investors waiting on BNB to hit $300 as it did in August may need to stay longer.

Furthermore, an assessment of its circulation in the last 24 hours had remained almost the same from 3 September. This stagnancy meant that BNB movement across wallets was not something to thrill investors. For its NFT volume, there was a positive to pick up as it stood at $946,000.

Source: Santiment

On price action as of 16 September, BNB was showing more of a bearish turnover. The Money Flow Index (MFI) had decreased massively up until 15 September. However, the MFI had increased as it moved from 24.22 to 38.51. Hopes of a price rally may not be in the works anymore due to the momentum displayed by the Moving Average Convergence Divergence (MACD).

Source: TradingView

According to the four-hour chart, the MACD revealed the difference between the 12 and 26 Exponential Moving Averages (EMAs) was below zero. The same was the situation with the buying momentum (blue), which was lower than the sellers’ strength (orange). Hence, expecting an increase up to $300 may not be realistic in the short term.