BNB Prices Rise as BSC Proposes Lower Transaction Fees

• Binance Smart Chain has proposed new measures to lower transaction fees.
• BNB had a bearish start this week, but long-term holders have kept the price stable.
• Lower gas fees could attract more users and facilitate higher utility for the BNB coin.

Binance Smart Chain Proposal

The Binance Smart Chain [BSC] recently floated a proposal to lower gas fees on its network in order to remain competitive with other layer 2 networks such as Ethereum [ETH]. This proposal was driven by the need for increased efficiency and cost effectiveness for users, which could potentially lead to higher levels of adoption.

Recent Price Movement

BNB had a bearish start this week as its price slid on Monday to a new seven-day low of $305. Although it has since then bounced back by roughly 3% to its current price tag of $316, an extended downside may cause a pullback below $300 and a potential support retest near $280. On the other hand, a strong bounce from the current level is also possible due to support from long-term holders indicated by rising mean coin age metrics.

BNB Profit Calculator

To help traders better assess their portfolios and understand how their investments are performing relative to market movements, BNB has launched a profit calculator that allows users to track their profits over time. The calculator can be used in conjunction with key metrics such as mean coin age and network efficiency metrics in order to make informed decisions about investing in BNB coins.

Meaning for BNB

If the proposal gets passed, it could be beneficial for the smart chain by attracting more users who would take advantage of lower transaction costs. This could result in increased utility for the BNB coin through increased usage and consequently higher demand levels that would further boost value growth over time.

Conclusion

The proposed measures by BSC could have positive implications on the network if they get passed into action. Lower gas fees would encourage more people onto the platform while simultaneously increasing utility through higher use cases that contribute towards greater demand levels thus driving up prices over time. Furthermore, traders can use tools such as the profit calculator along with key metrics like mean coin age and network efficiency in order to monitor their investments effectively.