Key Takeaways
- The ex-Binance CEO Changpeng “CZ” Zhao’s tweet on BNB memecoins season triggered the launch of a brand new token, BNB MEME SZN.
- BNB MEME SZN skyrocketed 2000% driving on the BNB memecoin mania.
- The group is skeptical in regards to the sustainability, as the present upward momentum is pushed by hype round CZ’s tweet.
The ex-Binance CEO Changpeng “CZ” Zhao’s tweet on BNB memecoins season took an sudden flip when it triggered the launch of a model new token, BNB MEME SZN. Furthermore, the token’s worth soared 2000% as we speak, leveraging the passion round CZ’s put up and the BNB meme coin frenzy.
The BNB MEME SZN Soars Up 2000% Amid the BNB Meme Coin Mania
On the time of writing this text, the BNB MEME SZN is buying and selling round $0.008369, 1884.14% up up to now 24 hours. The market cap of the token is nearing $8.58 million. The token has a complete provide of 1 billion. The SZN is presently driving on the meme tradition frenzy on BNB, fuelled by CZ’s put up on the start of a BNB memecoin season. The ex-Binance CEO has hundreds of thousands of followers, and his posts are perceived as endorsements by the crypto fanatics, thus driving the worth to surge up.
The meme cash on BNB had lately overtaken Solana, and the BNB DEX quantity reached $6.05 billion on October 7. Moreover, SNZ, the most important gainers from he buzz across the CZ’s tweet, embrace ‘4’ and GIGGLE. The GIGGLE is presently buying and selling round $132.08 and has risen 33.5% following CZ’s tweet. The GIGGLE hit an all-time excessive as we speak. The token is linked to the charitable Giggle Academy undertaking. The ‘4’ is one other token benefiting from the BNB memecoin narratives. The token is priced $0.2424 and is up by greater than 60% inside a day’s framework. Market sentiment stays bullish for each cash. The extremely rewarding BNB memecoins, together with SNZ, have gotten favorites of dengens, however the bigger group is skeptical in regards to the sustainability of the rally.
Is the Bullish Run Sustainable for SNZ?
The million-dollar query is whether or not the present rally is sustainable. If the SNZ can kind a brand new strategic partnership within the BNB ecosystem, the token could have higher long-term prospects. Nonetheless, the present surge kind of depends on the memecoin narrative created by CZ’s put up. Counting on a single influencer is very unreliable for any token, because it makes the coin extremely unstable. On the technical facet, the present 7-day Relative Power Index (RSI) stands at 97.28, suggesting an especially overbought situation. The specter of profit-taking looms following the 2000% worth surge, and corrections usually tend to happen. The mixture of overheated technicals and the heightened enthusiasm across the BNB memecoin hype makes the token extremely unstable. Any counter-narratives may end up in pull-backs are corrections. It’s the identical for all the crypto market.
The crypto market is very dynamic, and traders have to train excessive warning whereas making funding selections. Crypto market individuals are really helpful to trace key market indicators and preserve themselves up to date in regards to the newest happenings within the crypto world. Furthermore, the traders can adapt methods resembling portfolio diversification to reduce the chance.
