Binance Coin jumps to new BTC all-time high as Elon Musk’s Twitter fuels DOGE bulls


Binance Coin (BNB) has hit new all-time highs in opposition to Bitcoin (BTC) as pleasure grows over the crypto’s future position on Twitter.

BNB/BTC 1-month candle chart (Binance). Supply: TradingView

Binance Coin units new report in opposition to BTC

Knowledge from Cointelegraph Markets Pro and TradingView confirms that BNB/BTC briefly spiked above 0.15 BTC to a report 0.15267 BTC on Oct. 30.

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The in-house token of Binance, the most important crypto trade by quantity, has gained round 10% prior to now 72 hours.

The robust efficiency got here on the again of stories that Binance was making ready to help Twitter eradicate bots as a part of its new route underneath Elon Musk.

Binance had contributed $500 million to Musk’s takeover of the social media platform.

“Our intern says we wired the $500 million 2 days in the past, most likely simply as I used to be being requested about Elon/Twitter,” CEO Changpeng Zhao wrote in a cryptic tweet referencing feedback to crypto media outlet Decrypt.

Additional posts acknowledged, “Let’s unleash the chicken” and “crypto Twitter,” the previous showing to be referencing Musk’s own tweet, “The chicken is freed.”

In U.S. greenback phrases, in the meantime, BNB hit highs of $318.80 on the day, its finest efficiency since mid-August.

BNB/USD 1-day candle chart (Binance). Supply: TradingView

Dogecoin “copies itself” because it runs to April highs

Musk was additionally liable for outperformance of one other fashionable cryptocurrency in latest days — Dogecoin (DOGE).

Associated: Dogecoin price rallies 150% in 4 days, but DOGE now most ‘overbought’ since April 2021

A familiar setup, actions by Musk linked to Twitter despatched DOGE value motion right into a frenzy, with DOGE/USD hitting its highest ranges since April.

Lengthy a pet favourite of Musk, DOGE remains to be ready for its shot at a wider use software, presumably along with his involvement.

Within the meantime, fashionable analyst Tree of Alpha suggests, retail merchants might do the work, helped by each the Twitter and Binance ecosystems.

“One other ATH in full silence because the canine coin longers rejoice,” he wrote about BNB.

“Think about the odor when launchpads change into a factor once more and retail is again to turbo shopping for rubbish on BSC. Are you truly fading the token that backs the most important trade & probably the most degenerate evm chain by far?”

DOGE/USD 1-week candle chart (Binance). Supply: TradingView

Analytics account Stockmoney Lizards in the meantime noted uncanny similarities in DOGE value motion and relative power index (RSI) nonetheless being repeated this yr.

“Dogecoin copies itself,” it summarized.

DOGE/USD annotated chart. Supply: Stockmoney Lizards/ Twitter

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