Phenomenal BAND growth
BAND is a token of the decentralized oracles network Band Protocol.
It has become one of the most effective digital assets in the last six months. Its movement is not based only on speculative activity.
Let’s try to understand below what the BAND phenomenon is. As we wrote earlier in our articles, the beginning of the DeFi boom we can consider 13-15 March. And so it happened with the BAND token, these dates became the platform for launching the BAND rocket on the moon, making 9100% or x91 in 5 months from March to August 2020.
One of the factors that actively stimulated this token price increase is the frequent comparisons and similarities between Band Protocol and Chainlink. As they are both oracle-providing networks. And if we multiply this factor by the marketing word DeFi, the price starts to grow three times faster, at least for the last 6 months.
Then began listing on major exchanges. First, Binance added the possibility of margin trading, then listing Coinbase Pro and Huobi. These factors caused the growth of the parabolic shape.
As Messari’s analytical platform aptly and jokingly noted on Twitter, that BAND simply took a page from the Link to promote and develop the project. It has a great similarity with Link from number of applications for partnership and integration, to listing on exchanges.
BAND Hard fork, how will it affect the price?
The parabolic growth of the coin ended on 10 August at the mark $17.78 according to Binance. The next attempt to grow failed on 2 September at $17 and then began practically uncorrected fall by 70%.
Perhaps, one of the factors which stopped such a sharp fall and was able to turn the price up, was the news that soon there will be hard fork, we will upgrade the network at block #4,172,935 (expected to be around October 14 2020 2:00 pm UTC).
If the hard fork is successful, then it means that the Band Protocol decentralized oracle network will be fully decentralized and operational with over 67+ validator nodes.
Successful hard fork is positive news which can easily raise the Band token price to $9.65.
However, if something doesn’t go according to developer’s plan, or hard fork doesn’t happen at all, the price sharply may fall to $5.5 or even lower to $3.86.
Charts courtesy of Trading View