Binance
Kanye West’s Token Launch Chat with Binance Founder CZ Sparks $4B Rebound Within Hours
Binance Coin (BNB) price spiked 5% on Feb 22, fueled by speculation following a chat between billionaire music artist Kanye West and Binance founder Changpeng Zhao. The interaction triggered a $5 billion capital inflow within hours.
Binance Coin (BNB) Price Surges 6% amid Kanye West and CZ Chats
Binance exchange native coin BNB has been subject to intense market volatility in recent days. Within hours of the Bybit exchange hack, Binance transferred 50,000 ETH to provide emergency support and liquidity for user withdrawals, which successfully helped ease panic and avoid systemic risks.
BNB price made rapid 6% recovery from Friday’s shock sell-off, as Billionaire rapper and fashion entrepreneur Kanye West, known for his controversial online statements, made enquiries about launching a new crypto project and called Changpeng Zhao’s attention in his latest series of cryptic posts on X (prev. Twitter).
Kanye West’s Token Launch Enquiry with CZ Sparks Intense Speculation
Kanye West, recognized for his unpredictable ventures in music, fashion, and politics, took to social media on February 22 to discuss cryptocurrency. In a series of posts, he shared screenshots of private messages debating whether to launch his own blockchain rather than simply creating a meme coin.
West reposted a message from Mikey Shelton stating, “You are the brand. Whatever it is will do well. Some things are better than others. It’s about who you trust.” This suggested that West is considering a serious blockchain project rather than jumping onto meme coin trends. Another post showed a conversation with Edward, who advised him: “Using Cardano as an example, they had the Cardano token, a wallet system, a whitepaper, a roadmap website, etc. You could set up a similar structure.”
Adding to the speculation, Kanye recently followed Changpeng Zhao on X, making CZ the only person he follows. CZ responded humorously, posting: “DEX is so much harder to use…” further fueling rumors of a collaboration.
West’s interest comes amid a growing wave of celebrity-driven crypto projects. In recent years, figures like Iggy Azalea, Caitlyn Jenner, and former NBA stars have launched their own tokens, with mixed results.
BNB Price Forecast: $700 Breakout Imminent if CZ Talks with Ye Advance Further
BNB price forecast chart suggests strong upside momentum, consolidating above key technical levels. The 12-hour chart shows BNB trading at $669.5, gaining 3.41% on the session.
- Bollinger Bands Expansion: The price is pressing against the upper band at $689.8, signaling increasing bullish pressure. A breakout above this level could propel BNB toward $700, particularly if discussions between Kanye and CZ sparks more speculative demand.
- Volume Delta Surge: Buying volume is outpacing selling pressure. A significant 24.48K increase in volume on the latest green candle aligns with a 5.35% price gain, indicating strong market participation.
- On-Balance Volume (OBV) Trend: OBV has flipped positive, confirming accumulation. Historically, such a shift precedes sustained rallies, making a retest of $700 likely.
A rejection at $689.8 could trigger a short-term pullback to the middle Bollinger Band at $663.1, while the lower band at $636.5 serves as the last line of defense against a broader correction.
For BNB to sustain its uptrend, it must establish firm support above $680. A failure to hold this level could invalidate the bullish outlook, leading to increased volatility. If sentiment remains positive, the path to $700 remains open
Frequently Asked Questions (FAQs)
BNB surged 5% after speculation arose from Kanye West’s chat with Binance founder CZ about launching a blockchain project. 2. Could Kanye West launch his own crypto project? Yes, Kanye hinted at creating a full blockchain rather than just a meme coin, sparking intense speculation in the crypto community.
Yes, Kanye hinted at creating a full blockchain rather than just a meme coin, sparking intense speculation in the crypto community. 3. Will BNB reach $700 soon?
BNB must break resistance at $689.8 and hold support above $680 to maintain bullish momentum. A breakout could push it toward $700.
ibrahim
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Altcoins
Whales Abruptly Deposit Ethereum Altcoin to Binance and OKX, Causing Price To Plummet 50%: On-Chain Data
Deep-pocketed traders triggered a price crash over the weekend after depositing a huge chunk of an altcoin’s supply to digital asset exchanges.
According to blockchain tracking firm Lookonchain, whales in the Bounce (AUCTION) market have been greatly influencing the altcoin’s price action for the past week, causing massive swings in both directions.
Bounce Finance is a decentralized auction platform enabling auctions for various assets, such as physical assets tokenized on the blockchain and non-fungible tokens (NFTs).
AUCTION tokens are used for governance, staking, and fees for participating in auctions or creating NFTs on the platform.
Lookonchain says that in the last several days, whales sent over 14% of the circulating supply of AUCTION to Binance, the largest crypto exchange in the world by volume, and OKX. Those deposits presumably led to coins being sold on the open market, which ultimately caused prices to plummet.
Says Lookonchain,
“AUCTION Whales deposited 1.08 million AUCTION ($48.6 million, 14.26% of the total supply) into Binance and OKX again, causing the price to plummet by 50%.
Pay attention to price changes.”
At time of writing, AUCTION has not recovered, currently trading at $20.93 with a market cap of $137 million. AUCTION is ranked as the 363rd-largest crypto asset by market cap.
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Crypto analyst CobraVanguard has revealed the next price target for Dogecoin as an ascending triangle forms for the foremost meme coin. A rally to this price target could pave the way for the new highs, especially with the crypto market looking to be in rebound mode.
Next Target For Dogecoin As Ascending Triangle Forms
In a TradingView post, CobraVanguard set $0.197 as the next target for the Dogecoin price with an ascending triangle forming. He noted that this ascending triangle indicates a potential price increase. The analyst added that it is anticipated that the price could rise, aligning with the projected price movement of AB=CD.
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Meanwhile, CobraVanguard warned that it is crucial to wait for the triangle to break before taking any action. His accompanying chart showed that Dogecoin needs to break above $0.177 to confirm a break above the ascending triangle. A break above that target would then lead to a rally to the $0.197 target.
Dogecoin already looks to be in rebound mode at the moment, alongside Bitcoin, which is nearing the $90,000 mark again. The foremost meme coin is nearing the $0.177 target for a break above the ascending triangle. As crypto analyst Kevin Capital suggested, DOGE will likely rally as long as BTC is in bullish territory.
Crypto traders are also betting on a Dogecoin rally to the upside. Crypto analyst Ali Martinez revealed that 76.26% of traders with open DOGE positions on Binance futures are leaning bullish. This is particularly bullish because Binance traders have a good track record of being right most of the time. In another X post, Martinez revealed that whales bought over 120 million DOGE last week, which is also bullish for the foremost meme coin.
DOGE’s Market Structure Has Shifted
In an X post, crypto analyst Trader Tardigrade revealed that Dogecoin’s market structure has shifted. This came as he noted that Dogecoin is recovering from an ascending triangle, forming higher highs and higher lows from lower highs and lower lows.
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Based on this, the analyst affirmed that Dogecoin had shifted the market structure from a downtrend to an uptrend on the hourly chart since it just formed the second higher high. His accompanying chart showed that DOGE is eyeing a rally to $0.177 as it continues to form higher highs.
Martinez raised the possibility of the Dogecoin price rallying to as high as $4 or even $20 in the long term. He stated that if DOGE holds above the $0.16 support at the lower boundary of an ascending channel, history suggests that it could rebound toward the mid-range at $4 or upper range at around $20.
At the time of writing, the Dogecoin price is trading at around $0.174, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pexels, chart from Tradingview.com
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Altcoins
Binance Launchpool To Roll Out Support for New Native Token of Private Data ‘Blind Computer’ Project
Binance is planning on launching trading support for the new native asset of a decentralized network focused on secure data storage.
Binance Launchpool, which lets users stake coins to farm new assets, says its 65th project will be Nillion (NIL), a secure computation network that decentralizes trust for high-value and private data.
Explains the project,
“Nillion is Humanity’s First Blind Computer – a whole new category of decentralized network designed for AI and the future of the Internet. Nillion makes new applications possible by providing storage and computation on high-value, encrypted data without ever seeing it. Whether a user, an app, or an enterprise, your data stays yours – always.”
Between March 21st and 24th, Binance users can lock their BNB, the crypto exchange platform’s native asset, as well as the stablecoins First Digital USD (FDUSD) and USDC, to receive NIL airdrops.
The top global crypto exchange then plans to list the asset on March 24th. Binance will attach a seed tag to NIL, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens.
Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
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