BNB Price Soars Despite Crypto Market Pullback
BNB price has added nearly 3% today and traded at $1318, while its one-day trading volume skyrocketed 82% to $11.7 billion. The crypto has touched a new all-time high of $1,336 on October 7.
Binance Coin price has offered a weekly return of 28%, while its monthly gains were recorded at a staggering 50%.
This robust surge indicates a sustained interest among traders, but the derivatives data paints a gloomy picture.
According to CoinGlass data, BNB Futures Open Interest fell more than 2.4% to $2.94 billion.
Besides, the relative strength index (RSI) of the asset is also at 60, nearing the “overbought” area, which might trigger a short-term pullback ahead.
Why is BNB Price Rising?
The investors are putting heavy bets on BNB price, while the broader crypto market rally this week has boosted the asset’s value.
In addition, the soaring network activity in BNB Chain has further bolstered the sentiment of traders.
The rising confidence of the investors is further evidenced by the recent bets of market participants.
For context, the leading on-chain transaction tracking platform, Lookonchain, reported a massive bet on BNB recently.
According to the report, a wallet recently withdrew 1,300 BNB, worth $1.71 million, from Binance.
Notably, the wallet has been dormant for two years, and as per Lookonchain, the bet comes amid soaring optimism over “BNB meme szn.”
Binance Founder CZ Fuels Optimism With BNB Meme SZN Comment
The recent optimism on BNB price is further buoyed by the recent comment of Binance founder Changpeng CZ Zhao. In a recent X post on BNB meme season, CZ has sparked a frenzy among traders.
The Binance founder’s post, which read “BNB meme szn! I didn’t expect this at all. And people keep asking me to predict the future. Keep building!”, has fueled optimism among traders.
It has also sent the meme coin prices on the BNB chain higher alongside a rally in BNB price.
The surge in meme coin prices is not just a minor blip. According to Bubblemaps data, more than 100,000 on-chain traders are buying into new memecoins, and around 70% of them are already in profit.
The report further showed that one trader has made over $10 million with the latest surge.
In addition, 40 traders made over $1 million, 900 made over $100,000, 6,000 made over $10,000, and 21,000 made over $1,000.
Amid the soaring bets on the meme coins, the BNB Chain’s decentralized exchange (DEX) trading volume reached $6.051 billion on October 7.
It marks the second-highest level of the year, DeFiLlama data showed. Meanwhile, alongside a surge in BNB price, the meme coin on BNB Chain 4 recorded a jump of 64% to $0.2483.
Simultaneously, PALU price jumped more than 15% while SZN price skyrocketed 1522% during writing.