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BNB tumbled by 3% in the last 24 hours before a quick bounce that put its value 0.13% above the day before. The value of Binance Coin has dropped by more than 13% since last month.
How will it perform in the months to come?
BNB Up by 0.13% in Last 24 Hours
The BNB price has increased by 0.13% in the last 24 hours.
This increase is accompanied by a 0.39% decline in market capitalization and a 48% increase in its trading volume – indicating that many are engaged in selling this token.
Why is BNB Price Going Down?
Crypto is currently facing a downturn at a macroeconomic level. The recent bankruptcy of Evergrande, combined with SpaceX selling off $373 million worth of its Bitcoin holdings, has dropped Bitcoin’s level to close to $30k to just above $26k.
BNB is one of many coins that have suffered due to this decline. Over the last seven days alone, the BNB price has dropped by 12%. However, it would be wrong to only consider Bitcoin as the sole reason behind BNB’s bearish performance.
BNB’s ecosystem is facing the direct result of the negative regulatory impact due to the Binance v. SEC case. Not only did it recently delisted Solana trading pairs, but it has also discontinued Binance Connect – the crypto payment service.
Many consider removing cryptocurrency payment services a step back for the world’s leading cryptocurrency exchange. Furthermore, BNB Chain’s network activity has decreased.
However, BNB’s social media engagement has increased despite the price drops. This is thanks to the slew of recent decentralized applications BNB Chains announced on X (formerly known as Twitter).
Latest projects on BNB Chain 👀https://t.co/NacyIAgOaU
— BNB Chain (@BNBCHAIN) August 20, 2023
These new projects should have proven effective for the BNB price, but they haven’t.
BNB Price Analysis
Since August 15th, BNB has been trading far below its 20-day and 50-day moving averages. However, the current RSI for the token is 19.42, which means that it has reached the oversold zone, indicating that a pump may be coming soon to push the token’s price up.
That said, whether or not it pushes the token back to its August 15th value remains to be seen.
Furthermore, another blow to Bitcoin price could BNB further down the oversold zone, which can lead to a more prominent pump.
BNB Alternative – Wall Street Memes
While the BNB chain has showcased many developments, none of them are being reflected on the price chart. It is safe to say that the current market conditions have made people bearish about the assets that are currently trading on cryptocurrency exchanges.
In light of that, better investment opportunities would come from crypto presales that may offer early-bird gains to investors looking for a different type of asset – one whose social media action may directly reflect its price performance.
Wall Street Memes is a meme coin that opened as an ICO in June. Created as a homage to the Reddit group: Wall Street Bets, Wall Street Memes aims to mobilize the community to surname coins into wealth-generating assets.
Helping with that is the project’s unique approach to memes that give a comedic spin to the daunting realities of the current financial space—for instance, the recent meme titles. “Low Mortgage Chad” talks about how investors should have taken a different route to access lower mortgage rates.
Low rate mortgage chad pic.twitter.com/v7nxtISTLS
— Wall Street Memes (@wallstmemes) August 18, 2023
The comedic value of these memes is so high that even Elon Musk has interacted with the page on multiple occasions.
Due to this notoriety, Wall Street Memes has already raised more than $25 million in its presale. Crypto youtube Jacob Crypto Bury has already called it one of the three leading cryptos that will pump once the presale ends.
A little more than five weeks are left for this presale to end. Those still wanting to become early movers should consider investing by visiting wallstmemes.com.
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