BAND is up by over 220% in a span of two days. What can be possible reasons? Let us dive into it.
Band Protocol is a cross-chain data oracle platform that is able to take real-world data and supply it on-chain, quite similar to Chainlink. It has a market cap of $132 Million as of writing and ranks 219 on CoinGecko.
BAND Mainnet upgrade proposal
Band protocol hinted at the latest tech development on Wednesday. Then, after a couple of hours, they announced the proposal for a BandChain mainnet upgrade to V2.4. The upgrade is estimated on Nov 21, at 14:00 UTC. The objective of the upgrade is to increase the throughput by ten times by optimizing the owasm runtime.
This is the primary development that may have resulted in the bullish sentiment for the coin. However, the community believes that this is not a reason for the pump. A blockchain lover tweeted that “they manipulating the price off mediocre news.” There is not much clarity as to what made the coin go bonkers.
The Bandwidth stock is pumping
NASDAQ-listed stock, Bandwidth Inc., with the same ticker symbol, BAND, is also pumping. The cloud communication company blew away earnings expectations. The analysts forecasted that Bandwidth would earn only $0.03 per share (pro forma), but Bandwidth earned $0.27. That is nine times more than expected.
Isn’t this an incredible coincidence that both the stock and the crypto with ticker BAND are pumping?
Charts hinted at the pump!
Before the price was set up for a vertical takeover, the charts hinted at it. It formed a rough double-bottom pattern in a 1-hour timeframe. The breakout volumes were nearly ten times the average volume of the previous 50 candles. As of writing, BAND is up 165% from the double bottom neckline at 1.156.
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