BNB hits new all-time high in BTC as Elon Musk’s Twitter fuels DOGE bulls

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BNB (formerly known as Binance Coin) hit new all-time highs against Bitcoin (BTC) as excitement grows about the future role of cryptocurrency on Twitter.

BNB/BTC 1 month candle chart (Binance). Source: Trading View

BNB sets new record against BTC

Data from Cointelegraph Markets Pro and TradingView confirms that BNB/BTC briefly rose above 0.15 BTC to hit a record high of 0.15267 BTC on October 30.

BNB, the internal token of Binance, the largest crypto exchange by volume, has gained around 10% in the past 72 hours.

This strong performance was due to reports that Binance was gearing up to help Twitter eradicate bots as part of its new leadership under Elon Musk.

Binance had contributed $500 million to Musk’s takeover of the social media platform.

“Our intern says we wired the $500 million 2 days ago, probably just when I was asked about Elon/Twitter,” said Changpeng “CZ” Zhao, CEO of Binance. wrote in a cryptic tweet referencing comments he made to crypto news outlet Decrypt.

Other posts from CZ said, “Let’s release the bird” and “Crypto Twitter,” with the former appearing to refer to Musk’s own tweet“the bird is released.”

In US dollar terms, BNB hit highs of $318.80 on the day, its best performance since mid-August.

BNB/USD 1-day candle chart (Binance). Source: Trading View

Dogecoin ‘copies itself’ as it hits April highs

Musk was also responsible for the outperformance of another popular cryptocurrency in recent days – Dogecoin (DOGE).

Related: Dogecoin price rises 150% in 4 days, but DOGE is now the most “overbought” since April 2021

In a familiar setupMusk’s Twitter-related actions sent DOGE prices into a frenzy, with DOGE/USD hitting its highest levels since April.

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A long-time favorite of Musk, DOGE is still waiting for his chance for wider use application, perhaps with his involvement.

In the meantime, popular pseudonymous analyst Tree of Alpha suggests retail traders can get the job done, aided by both the Twitter and Binance ecosystems.

“Another ATH in complete silence as the dog coin rejoices,” they wrote of BNB, adding:

“Imagine the smell when launch pads become a thing again and retail goes back to buying turbo trash on BSC. Are you clearing the token that by far supports the largest exchange and the most degenerate evm chain? »

DOGE/USD 1 week candle chart (Binance). Source: Trading View

The Stockmoney Lizards Analytics account meanwhile Noted uncanny similarities in DOGE price action and the Relative Strength Index (RSI) repeat again this year.

“Dogecoin copies itself”, he summarizes.

Annotated chart DOGE/USD. Source: Stockmoney Lizards/Twitter

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