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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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Binance Coin ($BNB) rallied 20% in the last 24 hours to hit a new all-time high of $788.84 at lunchtime UTC.
The native token for the world’s biggest exchange rallied sharply on a day when most leading cryptocurrencies are posting moderate gains.
Crypto’s $3.7 trillion market rose 0.8% overnight.
Market leader and progenitor, Bitcoin ($BTC), added 1.4% in the last 24 hours and currently trades at $95,799.
Bitcoin has been rallying since the reelection of pro-crypto US President Donald Trump back in early November.
However, the $1.9 trillion market cap cryptocurrency is having trouble hitting the important $100k price milestone.
Binance founder and former CEO Changpeng “CZ” Zhao told an X follower that he’s unfazed by the price and “ready to build.”
Earlier this year, Changpeng Zhao served four months in prison for violating Federal anti-money laundering (AML) laws.
Prosecutors proved that Binance’s lapses in AML and Know Your Client (KYC) measures resulted in large volumes of illicit funds being laundered through the exchange, from international cartels, sanctioned Iranian entities and child pornographers.
Richard Teng replaced CZ and has helped Binance reestablish its reputation over the year.
Binance Coin is Riding the Wave, But Will it Crash?
It’s not immediately clear what drove Binance Coin to rally so sharply in the last 24 hours. The exchange token’s previous high over the last three months peaked just above $680, a price $BNB hadn’t reached since June.
However, the suddenness of BNB’s ascent indicates whale money moving in. This could either be from institutions or from private investors, but clearly a small number of people have bet big on Binance coin.
There are two signs of an impending correction. The first is the massive divergence between Binance Coin’s current price and its 30-day moving average.
The second indicator is the overheated relative strength index (RSI), which is now falling as traders sell and collect profits.
Amidst AltSeason, Whales Stockpile Crypto All-Stars
Binance Coin’s performance highlights how bullish the market is for altcoins. Just yesterday, Internet of Things coins experienced major price surges, with both VeChain and IOTA rallying by double-digit percentages.
With a pro-crypto President about to take office in the US, the industry may finally get the regulatory clarity it demands.
However, Web3 is filled with innovation. Over in the weird and wonderful world of micro-cap presales, there are many new species of meme coins that are launching at rock-bottom prices, offering investors a chance to buy in long before they hit the open market.
Those who allocate even a small portion of funds can often exploit some sweltering and unrivaled price booms.
Web3’s first cross-chain meme coin staking protocol, Crypto All-Stars, has collected $8.36 million in presale investments.
It is changing the negative perceptions around meme coins by enabling crypto fans to farm them for consistent yield.
The platform’s central feature is the MemeVault protocol, which already integrates some of the the world’s biggest meme coins, with more to come, according to the team.
Users can currently stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income.
The reward rate for staking these coins is an impressive 262%, which is paid out in $STARS.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card. Although investors have a limited amount of time to decide, because the presale ends in fifteen days!
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Check Out Crypto All-Stars Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
