The BNB price is currently experiencing a bullish moment. It broke key resistance levels, and there are increasing signs of further gains. After breaking that 100-day Simple Moving Average (SMA), the Binance Coin seems headed towards the $650 resistance level, with eyes trained on the $750 mark.
According to an analysis from TradingView, the native token of the Binance Smart Chain network outperformed the broader cryptocurrency market in the last 24 hours after gaining 15% and tasting a new all-time high of $725.50 on February 13.
Preparing to Launch the Initial DEX Offering
Analysts believe that among the factors that incentivized the rising BNB price include rumors that Binance was on its way to selling off its Bitcoin and Ethereum holdings and buying more BNB in preparation for the launch of the initial DEX Offering (IDO) for the MyShell project on the Binance Smart Chain network.
The emerging meme frenzy that ruled the better part of 2024 and now crossed over to the 2025 bull cycle recently saw the Solana, Tron, Base, and Ripple rise to the top position of decentralized exchange (DEX) activity charts as more entities went on a meme-creating spree. While BSC may have had a good share in the meme frenzy, the network seems intent on taking advantage of the rise of memes on BSC.
A Calculated Marketing Strategy
MyShell is an AI-backed meme token that has created a buzz within social media, circling and talking about BSC Chain IDO being suspected to be responsible for the BNB price surge. According to some social media observers, the move is the outcome of a well-calculated marketing strategy by Binance, who believes that the IDO idea must have come from Binance aiming to boost its meme presence but has now spilled over to the BNB price. Posting on the X social media platform, one user stated:
“This is a ‘solidly calculated plan,’ and it will change the flow of token launching of Binance. MyShell is still on hype; Not only hype, MyShell is what the whole of Binance cares about the most for now. It’s the future.”
BNB Price Showing Signs of Bullish Momentum
While the BNB price is already up and showing all the signs of taking advantage of the bullish momentum to head towards a new all-time high, many investors are holding their horses, unsure whether this would be the best time to buy and become a part of a new BNB price season. According to analyst Korousk AK, the current BNB price is already above the token’s 2021 all-time high, which followed a 45% surge.
Korousk suggests that if the projected $750 BNB price level fails to hold, traders should expect a potential pullback towards the $650 level. However, he opines that if the price breaks above the $800 mark, it could signal the token’s long position opportunity, especially if it moves in sync with Bitcoin’s movements.
Conclusion
The hype surrounding the AI meme coin IDO has helped create a frenzy around the BNB Chain ecosystem and positively impacted the BNB price. The price action spread over to affect other tokens within the ecosystem, including CAKE, BAKE, TST, and CAT, which also witnessed substantial price increases on the day of the IDO.
Frequently Asked Questions (FAQs)
What is BNB?
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Binance Coin is the official crypto token for several use cases on the Binance Chain and exchange. Apart from being a utility coin, it can also be used to pay gas fees.
How does Binance Coin (BNB) Work?
The coin exists on the Binance Smart Chain network, and holders can trade BNB as they need it to execute transactions and activities in the BSC blockchain.
Where Can I Buy Binance Coins?
You can buy BNB on Binance exchange or other reputable exchanges, and some of them will allow you to pay using your local fiat currency.
What are the Benefits of Using BNB Coins?
BNB is a utility token; users can use it to pay trading fees, exchange with other cryptocurrencies, enjoy entertainment, book a flight, and participate in crypto staking.
References
Appendix Glossary to Key Terms
Bullish moment: An optimistic outlook on the future of a market or asset and the belief that prices will increase.
Price Rally: A sustained increase in the price of an asset.
Price analysis: A market research model that evaluates prices to determine the best pricing strategy for a product or service.
IDO: Initial DEX Offering, a way for cryptocurrency projects to raise money using decentralized exchanges (DEXs)
MyShell: A cryptocurrency project which is focused on developing a decentralized platform.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
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