Binance Coin (BNB) Price Surges Following the Announcement of a Major Listing on Binance
- WBOYOriginal
- 2024-08-22 18:24:17400browse
The catalyst for this rise is the upcoming listing of DOGS, a new memecoin, on Binance's Launchpool platform. Scheduled to begin trading on August 26th, DOGS will be the 57th project to be offered through Launchpool.
The price of Binance Coin (BNB) rallied on Friday after the world’s biggest cryptocurrency exchange announced a major listing.
What Happened: Binance announced that new memecoin, called DOGS, will begin trading on August 26th via Launchpool.
DOGS will be the 57th project to be offered through Launchpool, where users can stake their BNB and First Digital USD (FDUSD) tokens to farm DOGS for three days.
Binance is also conducting a DOGS airdrop for eligible users who deposit funds into their accounts through a designated airdrop claim page.
Users from Canada, the USA, and the UK, among other regions, will be ineligible for the airdrop.
DOGS is already generating significant pre-market buzz, with its value on Gate.io reaching $0.002509 at the time of writing.
The memecoin is also trending on X (formerly Twitter) with over 223,000 posts and mentions.
BNB Price Action: The anticipated launch and airdrop of DOGS has had a positive impact on BNB.
Since the announcement, BNB has reversed its recent bearish trend, experiencing a 12.01% increase in trading volume to $2.05 billion over the past 24 hours (data from Coinglass).
Open Interest for BNB has also risen, going from $570.6 million to $590.4 million during the same period (data from TradingView).
BNB’s price chart, however, showed a slight decline, with the coin trading at $555.84, reflecting a 2.02% decrease on daily charts (data from TradingView).
BNB’s price has ranged between a low of $544.08 and a high of $564.68 over the past 24 hours.
Despite the current price decrease, BNB’s long-term outlook remains positive, with some analysts predicting a potential maximum price of $781.67 in 2024.
Binance, despite facing challenges earlier this year, including executive team changes and legal issues, has shown resilience and potential for recovery.
The recent launch of the BNB Chain Grants program further signaled Binance’s commitment to fostering innovation in the Web3 space.
Analysts believe BNB holds long-term value, with the potential to reach $7,992 by 2030 through broader mainstream adoption.
DOGS, with its upcoming listing and airdrop on Binance, could open a new chapter for the cryptocurrency exchange.
The success of both DOGS and its impact on BNB’s price will be closely watched in the coming days.
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