BNB sets new record against BTC
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.
Dogecoin ‘copies itself’ as it hits April highs
Musk was also responsible for the outperformance of another popular cryptocurrency in recent days – Dogecoin (DOGE).
In a familiar setupMusk’s Twitter-related actions sent DOGE prices into a frenzy, with DOGE/USD hitting its highest levels since April.
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? »
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.
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