In an important update, Binance, a major cryptocurrency exchange, announced its support for Firo, a digital currency project focused on privacy. The exchange’s announcement highlighted its backing for the coin’s upcoming hard fork and network upgrade, generating significant interest in the cryptocurrency previously known as Zcoin. Following this news, the price of FIRO surged by nearly 3% on hourly charts, reflecting the market’s positive reaction to Binance’s plans for the network upgrade and hard fork.
With Binance taking steps to facilitate the upcoming changes, traders and investors are optimistic about FIRO’s future price movements. The official announcement from Binance, dated September 12, outlined the exchange’s preparations to support the privacy-centric platform’s hard fork and network upgrade. Deposits and withdrawals for the FIRO token will be temporarily suspended by Binance starting on September 16 at 04:00 UTC to ensure a smooth transition.
The hard fork and network upgrade are scheduled to take place at block height 958,655, approximately on September 16 at 05:00 UTC. Notably, the Firo v0.14.14.0 upgrade, approved by the community, will introduce changes to the tokenomics, with the new block reward distribution allocated to Masternodes (70%), Miners (5%), Development Fund (15%), and Community Fund (10%).
The recent price surge of FIRO by 3% to $1.12, along with an increase in trading volume, reflects the positive market sentiment towards the project’s upcoming upgrades, influenced by Binance’s extended support. Previous instances have shown that Binance’s expansion of cryptocurrency offerings can lead to price rallies, as seen with the recent surge in AERGO price following enhanced Binance offerings.
With anticipation building around the forthcoming developments, the crypto community is watching closely to see if the privacy-focused digital cash protocol will experience a significant price rally in the near future.