Binance Coin (BNB) price rose 13% over the weekend, trading as high as $635 on Feb 9 as markets reacted to a rumored memecoin launch by Binance Co-Founder Changpeng Zhao.
BNB Price Scores 13% Weekend Rally Amid CZ Memetoken Rumors
Binance Coin (BNB) emerged as one of the top-performing crypto assets over the weekend, fueled by speculation surrounding a rumored memecoin, TST, supposedly linked to Binance Co-Founder Changpeng Zhao. The rally coincided with widespread social media discussions about the potential impact of TST on the Binance ecosystem.
TST, a newly emerging memecoin within the BNB Chain, caught investor attention, primarily due to its alleged association with CZ. However, on February 8, Zhao took to X (formerly Twitter) to clarify his stance and refute any links to the project.
In his statement, Zhao explicitly denounced any connection to TST, addressing community concerns over the unauthorized use of Binance’s logo by the memecoin project.
“Neither the website nor the X account associated with TST was created by the BNB Chain team. Neither Binance staff nor the crypto exchange has any control over this memecoin. It appears to be an independent community initiative.”
He further emphasized that he had never bought, owned, or supported the project and urged investors to exercise caution.
Despite his clear disclaimer, the TST controversy drove heightened engagement within the BNB ecosystem, influencing market sentiment and triggering a price rally. BNB price surged from $569 on Friday to a peak of $648 on Sunday, marking a significant 13% increase within the daily timeframe.
TST Memecoin Speculation Drives Binance Coin (BNB) Social Media Mentions to 8-Month Peak
At press time, BNB continues to trade above the $630 level, indicating that bullish momentum remains strong. Data from Santiment’s Social Dominance metric shows that BNB-related mentions spiked to 1.5% on February 9, meaning nearly two out of every 100 crypto-related comments on social media referenced BNB in the last 24 hours.
This marks the highest level of social media engagement for BNB in over 8 months, dating back to June 2024.
Evidently, the TST memecoin rumors, coupled with CZ’s prompt response, have driven increased media attention and investor speculation, driving BNB’s price action to outperform major crypto assets such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Solana (SOL) over the weekend.
As the new trading week begins, BNB’s 13% price rally could advance further if broader market sentiment remains positive, particularly as bearish pressures from the U.S.-China trade tensions begin to ease.
BNB Price Forecast: Bulls poised for $700 breakout signal
Heading into the new week, BNB price prediction charts currently lean bullish, fueled by a 13.8% rally over three days, accompanied by rising trading volumes. The increasing volume signals strong buyer interest, a crucial confirmation of trend continuation.
Additionally, BNB is trading above the VWAP ($625), indicating active buying pressure, as traders are bidding slightly higher than market prices to secure their orders faster. This suggests that momentum favors the bulls, with buyers outpacing sellers in the short term.
Another key factor is the price expansion beyond the midline of the Keltner Channel, showing a potential shift in volatility favoring the upside. If BNB sustains above $625 and reclaims $633.87, it could target the upper Keltner band around $707, aligning with a broader breakout scenario. However, a failure to hold current levels may trigger a retest of $560.65, where lower Keltner support converges with recent demand zones. Maintaining volume strength will be critical in confirming trend direction, with bulls aiming to extend gains while bears look for exhaustion signs.
Frequently Asked Questions (FAQs)
BNB’s price surged 13% over the weekend, driven by social media speculation surrounding the rumored TST memecoin and Changpeng Zhao’s public response. 2. Did Changpeng Zhao create or endorse the TST memecoin?No, CZ explicitly denied any involvement with TST, clarifying that neither he nor Binance staff control or support the memecoin. 3. How did social media activity impact BNB’s price?BNB-related social media mentions hit a 60-day peak, fueling investor speculation and contributing to the bullish momentum in BNB spot markets.
No, CZ explicitly denied any involvement with TST, clarifying that neither he nor Binance staff control or support the memecoin.
BNB-related social media mentions hit a 60-day peak, fueling investor speculation and contributing to the bullish momentum in BNB spot markets.
ibrahim
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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