Binance, a major player in the world of cryptocurrency exchanges, recently made a significant announcement regarding Firo, a digital cash project that prioritizes privacy. The exchange disclosed its plans to support the coin’s hard fork and network upgrade, drawing attention to the token previously known as Zcoin. Subsequently, the price of FIRO surged by almost 3% on hourly charts following the revelation of Binance’s intentions to boost the network upgrade and hard fork.
Renewing hopes within the crypto community, Binance’s decision to back the forthcoming developments of the project was highlighted in an official announcement dated September 12. In preparation for the privacy-centric platform’s upgrades, the exchange will temporarily halt deposits and withdrawals for the FIRO token starting September 16 at 04:00 UTC. This strategic move by the exchange aims to ensure optimal user experience, as explained by Binance.
The hard fork and network upgrade are slated to take place at block height 958,655, scheduled for roughly September 16 at 05:00 UTC. Furthermore, the community-driven upgrade to Firo v0.14.14.0 will introduce changes to the tokenomics structure as per community voting.
Post-upgrade, the revised block reward distribution will be as follows: 70% allocated to Masternodes, 5% to Miners, 15% to the Development Fund, and 10% to the Community Fund. Firo’s official announcement offers comprehensive insights into all the modifications made.
With Binance extending its support for the project’s forthcoming advancements, speculations are rife among crypto enthusiasts concerning the potential impact on FIRO’s price trajectory.
Meanwhile, over the past 24 hours, the price of FIRO has risen by nearly 3%, currently trading at $1.12 with intraday fluctuations between $1.07 and $1.14. The recent price upsurge aligns with broader market trends and the backing provided by Binance for the project’s impending upgrades. Additionally, the coin’s 24-hour trading volume has increased marginally by 7%.
Worth noting is that Binance’s history of broadening its cryptocurrency offerings has previously catalyzed price surges. Recent reports from CoinGape Media highlighted a substantial price surge for AERGO attributed to Binance’s expanded services.
With mounting anticipation among crypto market enthusiasts, discussions revolve around the potential for a price rally in the privacy-focused digital cash platform in the near future.