BNB Price Surge: 40% Increase Following Successful CZ Meme Coins
The BNB altcoin has witnessed a remarkable rise this week, recovering rapidly from its recent lows and currently standing 45% higher.
Yesterday, dozens of meme coins were created based on CZ’s dog. The former head of Binance shared on X that he owns a Belgian Malinois, prompting several meme coin launches.
To purchase these meme coins, traders require BNB, causing its price to soar. Following a 45% increase that saw a peak of $732, the price has dipped back to $670, reflecting a mild increase of 0.63% on the day.
The price trajectory indicates that BNB is gearing up for further increases. The BNB chart displays higher highs and higher lows, suggesting a strong upward trend is in place.
Can BNB Reach an All-Time High of $793?
Just over two months ago, BNB hit an all-time high around $790. Since then, it has declined by approximately 36%, but in recent days, it has shown signs of recovery.
The Relative Strength Index (RSI) for BNB sits around 62, indicating a strong upward trend. This may imply further price increases ahead, potentially testing the all-time high of about $790 again, where resistance levels may create liquidity challenges.
BNB/USD Chart
Source: TradingView
The chart above highlights BNB’s price movement over recent days. The sharp decline on February 3 was swiftly corrected.
As the crypto sector continues in a downward trend, BNB appears to be among the first altcoins ready to transition to an upward trend. This might signal the beginning of a bull market resurgence.
Since Donald Trump took office in November, prices for many altcoins and Bitcoin have surged. The President has pledged to make the United States the crypto capital of the world, which could significantly affect cryptocurrency prices.
In addition, an increasing number of institutions are entering the Bitcoin and other crypto markets, allowing new capital influxes that may drive prices even higher.
Alternative Cryptocurrency to BNB
With BNB prices rising sharply, traders are now looking for promising altcoins with potential returns. Last year, many traders shifted towards the presale niche within the crypto sector.
During a presale, a crypto project sells its native token before it goes live on an exchange. This offers early investors the chance to acquire tokens at relatively low prices.
Currently, early investors are watching Solaxy, which is a new presale project on the Solana blockchain, functioning as a sidechain to assist in transaction processing.
Holders of the native token can enjoy low transaction fees and high transaction speeds, making it an attractive option. This is one reason why the presale of the $SOLX token has raised over $20.7 million.
Additionally, stakers of the $SOLX token can earn an annual yield of about 190%, making it an appealing choice for traders looking to hold tokens long term.
