As market participants see continued gains, Binance Coin and Dogecoin are experiencing a surge in enthusiasm.
Binance Coin has reached fresh all-time highs against Bitcoin as interest in the cryptocurrency’s potential role on Twitter increases.
On October 30, TradingView data indicates that BNB/BTC momentarily surpassed 0.15 BTC to a record 0.15267 BTC. In the past 72 hours, the native token of Binance, the largest cryptocurrency exchange by trading volume, has gained around 10%.
As part of its new strategy under Elon Musk, Binance was rumored to be prepared to assist Twitter in eradicating bots, which contributed to the good performance. Binance committed $500 million to Musk’s acquisition of the social media platform.
“Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter,” CEO Changpeng Zhao said. Further posts stated, “Let’s unleash the bird” and “crypto Twitter,” the former appearing to be referencing Musk’s own tweet, “The bird is freed.”
In dollar terms, BNB reached a daily high of $318.80, its best performance since mid-August.
Dogecoin “copies itself” as it surges to new highs in April
Musk was also involved for the recent outperformance of another prominent cryptocurrency, Dogecoin.
April as a result of Musk’s Twitter-related actions, which triggered a typical price environment.
DOGE, a longtime favorite of Musk’s, is still awaiting its opportunity for a wider use, maybe with his cooperation. Popular analyst Tree of Alpha thinks that retail traders, aided by the Twitter and Binance ecosystems, may perform the work in the meantime.
“Another ATH in complete silence as the dog coin longers rejoice,” he wrote about BNB.
“Imagine the smell when launchpads become a thing again and retail is back to turbo buying garbage on BSC. Are you actually fading the token that backs the biggest exchange & the most degenerate evm chain by far?”
In the meantime, the analytics account Stockmoney Lizards discovered eerie parallels between the DOGE price action and relative strength index (RSI) that are still being repeated this year.
