The cryptocurrency market has witnessed notable activity recently, particularly with Binance Coin (BNB), which experienced significant gains over the weekend, capturing the attention of traders. This surge in BNB’s price has been linked to the spread of rumors surrounding a new memecoin. Speculations circulating on social media have contributed to this increase, prompting Binance CEO Changpeng Zhao to publicly refute the associated claims.
TST Memecoin Speculations and Changpeng Zhao’s Statements
Rumors began circulating on social media platforms regarding a new memecoin named TST. Users claimed that this memecoin would be incorporated into the Binance ecosystem. However, a swift response from Binance clarified the situation.
Changpeng Zhao emphasized through a statement on Twitter that the TST project has no ties to the Binance team. He remarked, “The website or social media account related to TST was not created by the BNB Chain team. This project appears to be a completely independent community initiative.”
BNB Price Analysis: What Do Technical Indicators Say?
On Friday, BNB traded at $569, but by Sunday, it had surged to $648. This approximately 13% increase corresponded with heightened interest in BNB across social media platforms. According to data from blockchain analysis company Santiment, mentions of BNB have reached a 60-day peak.
Technical indicators also suggest support for this upward movement. Market analysts highlight the importance of BNB maintaining its position above the $630 mark. An increase in trading volume indicates a strengthening buying pressure, while tools like VWAP and Keltner Channel suggest that the current upward trend could continue.
In light of these developments, traders are reassessing their future strategies. The volatility stemming from memecoin rumors has raised questions about how BNB’s price will evolve.
