BNB Price Eyes Fresh ATH As Mubarak Leads Meme Coin Frenzy
Highlights
- Analysts suggest a potential rally beyond $720 if BNB price sustains its breakout above a descending channel pattern.
- BNB Chain's decentralized exchange (DEX) trading volume hit $1.64 billion, surpassing Solana.
- PancakeSwap, the leading DEX on BNB Chain, emerged as the top platform.
- Mubarak coin surged 71% in 24 hours, reaching $0.1304, amid rumors of a $600 purchase by Binance founder Changpeng Zhao.
BNB price has gained more than 6.2% today moving to $637 and eyeing for the next leg of the rally to its all-time high of $720, and beyond. Investor sentiment has strengthened as Binance Smart Chain (BSC) experiences a significant surge in meme coin activity, driven by Mubarak. This has propelled DEX volumes on BSC to record highs, surpassing those of Solana.
BNB Price Jumps 4.5% Eyes Fresh All-time Highs
Following the current development, the BNB price has shot up by 4.5% today while the broader crypto market is facing consolidation. At press time, BNB was trading at $628 with daily trading volume surging 21% to $1.75 billion.
As per the Coinglass data, the BNB futures open interest is also up by 10.72% to $875 million, suggesting a bullish outlook among traders.
Binance Coin or BNB price has broken out of a descending channel pattern in the 4-hour timeframe, according to crypto analyst Pro Crypto Signals. “If BNB sustains its position above the channel structure, it could rally toward $720 in the coming days,” the analyst noted.
However, for a strong rally ahead, the BNB price needs to break past the crucial resistance of $630. This will set the stage for a major rally to the fresh all-time highs of $720, and beyond.
Additionally, last week’s reports also suggest that the Trump family is eyeing a stake in Binance.US. However, Changpeng Zhao dismissed the rumors very soon stating that the WSJ article has been putting misleading information.
BNB Chain Surpasses Solana In DEX Trading Volume
Over the last 24 hours, the decentralized exchange (DEX) trading volume on BNB Chain has crossed an impressive $1.64 billion, surpassing Solana to grab the top spot. The surge was largely driven by memecoins like Mubarak.
PancakeSwap, the leading DEX on the BNB Chain, also emerged as the platform with the highest trading volume within the same period, solidifying its dominance in the DeFi space. This highlights the growing activity and interest in the BNB Chain ecosystem, fueled by memecoin trading and decentralized finance innovations.
Mubarak Meme Coin Jumps 71%
The Mubarak meme coin has rallied by 71% in the last 24 hours on reports that Binance founder Changpeng Zhao has purchased $600 worth of the meme coin. As of press time, the meme coin is trading at $0.1304 with daily trading volumes at $123 million.
On the other hand, many early investors reaped substantial profits. For example, Lookonchain recently revealed that one trader earned over $521,000 in profit by investing in MUBARAK.
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