Binance made a significant announcement regarding Firo, a privacy-centric digital cash project, on Thursday. The exchange disclosed its intention to support the coin’s forthcoming hard fork and network upgrade, generating significant interest in the token previously named Zcoin. This development led to a nearly 3% spike in FIRO’s price following Binance’s announcement of plans to facilitate the network upgrade and hard fork within the hourly time frame charts.
Binance’s decision to back FIRO’s advancements triggered optimism among investors. In an official announcement dated September 12, Binance outlined its preparations to support the privacy-focused platform’s hard fork and network upgrade in the near future. Consequently, the exchange will suspend deposits and withdrawals for the FIRO token on September 16 at 04:00 UTC to enhance user experience.
The hard fork and network upgrade are scheduled to take place around block height 958,655, approximately on September 16 at 05:00 UTC. The community-approved Firo v0.14.14.0 upgrade will introduce changes to the tokenomics, with the new block reward distribution allocating 70% to Masternodes, 5% to Miners, 15% to the Development Fund, and 10% to the Community Fund. Further details on these changes can be found in Firo’s official announcement.
With Binance extending its support to the project’s upcoming milestones, speculation abounds in the crypto market about the potential price movements. FIRO’s price has surged by almost 3% in the last 24 hours, currently trading at $1.12, reflecting broader market trends and the anticipation surrounding Binance’s endorsement of the project’s future upgrades. Additionally, the coin’s 24-hour trading volume experienced a marginal 7% increase.
The crypto market has witnessed price surges in response to Binance’s expanded offerings for cryptocurrencies previously, as seen with AERGO’s price surge reported by CoinGape Media. As market enthusiasts await the impending developments, there is speculation about whether these advancements will catalyze a rally in the privacy-focused digital cash protocol’s value moving forward.