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Binance Coin Approaches All-Time High

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The native cryptocurrency to Binance exchange, BNB, is exhibiting a remarkable performance in the cryptocurrency market, with its price nearing an all-time high.

This comprehensive analysis delves into BNB’s weekly and daily chart movements, market capitalization trends, and the consistent growth in daily transactions on the Binance Smart Chain. By examining these key indicators, we can better understand BNB’s current market position and future potential.

BNB Weekly and Daily Chart Analysis

On the weekly chart, BNB demonstrates a strong upward movement, maintaining stability without the sharp decline in other cryptocurrencies. The current trading price is $640, with the all-time high recorded around $690.

BNB Weekly Analysis. Source: TradingView
BNB Weekly Analysis. Source: TradingView

On the daily chart, the price of BNB has found strong support at the baseline of the daily Ichimoku cloud (in Red). The price has remained above this line for over a month, highlighting the significance of monitoring this technical indicator.

The price has not re-entered the Ichimoku cloud from above, indicating robust price action and diminishing selling pressure.

BNB Weekly Analysis. Source: TradingView
Binance Coin Daily Analysis. Source: TradingView

BNB’s resilience above the cloud suggests strong bullish sentiment. The upward momentum is reinforced by the inability of sellers to push the price back into the cloud, demonstrating reduced selling pressure. This stability above the cloud signals that buyers maintain control, further strengthening the bullish outlook for BNB.

Monitoring the Ichimoku cloud’s baseline as a support level provides valuable insight into potential price movements and investor sentiment.

The red baseline is a crucial pivot point for Binance Coin to shift from bullish to bearish potentially. If the price falls below this baseline, it could indicate downside pressure and lead to a significant correction.

Market Capitalization Nears the $100 Billion Mark

BNB’s market cap is fluctuating around $94 billion, positioning it as the fourth largest cryptocurrency by market cap. The $100 billion mark is a significant milestone to watch.

Binance Market Capitalization. Source: CoinMarketCap
BNB Market Capitalization. Source: CoinMarketCap

Breaking above this level could lead to further price appreciation and heightened market euphoria.

BNB Smart Chain Sees Stable Rise in Daily Transactions

The daily transactions on the Binance Smart Chain show a stable and ascending pattern, increasing from around 3 million to 4 million daily transactions. This steady rise indicates consistent activity and growing usage of the Binance Smart Chain.

From mid-January to early June 2024, daily transactions have demonstrated resilience and sustained user engagement. The consistent transaction volume underscores the reliability and attractiveness of the Binance Smart Chain as a platform for decentralized applications and transactions.

Binance Smart Chain Daily Transactions. Source: BscScan
Binance Smart Chain Daily Transactions. Source: BscScan

The rise in transaction volume reflects increased adoption and trust in the network, driven by its efficiency and low transaction costs. This stable activity level is a positive indicator of the ecosystem’s health and its potential for future growth. The Binance Smart Chain continues solidifying its position as a leading blockchain platform, supported by a robust and active user base.

Strategic Recommendations

Keeping an eye on the baseline of the Ichimoku cloud on the daily chart is crucial. As it has been proven to have a strong support level. Similarly, tracking the all-time high resistance level around $690 can provide insights into potential breakout opportunities.

As BNB approaches the $100 billion market cap, investors should be prepared for increased market activity and potential price volatility. Breaking this milestone could trigger further price appreciation and market euphoria.

The steady rise in daily transactions on the Binance Smart Chain indicates growing adoption and network usage. This metric can serve as a proxy for overall network health and future growth potential.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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As BNB Remains Above $600, Can the Price Climb Higher?

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Binance Coin (BNB) has stayed above $600 since November 8 but has struggled to retest $700 or near its all-time high.

This stagnation has left many BNB holders disappointed, raising the question: can BNB reach a new peak?

Binance Coin Experiences Low Volatility, Falling Interest

While BNB trades around $612, the volatility around it appears to be the reason why it has remained above $600 but has yet to make another substantial price increase.

When an asset is described as volatile, it means its price experiences significant fluctuations within a short timeframe. High volatility signals greater risk due to unpredictable price swings, but it also offers the potential for higher rewards.

Therefore, if buying pressure increases during high volatility, the asset’s price might increase significantly. If this volatility comes during high selling pressure, the price might tumble significantly.

According to Santiment, BNB’s one-day volatility has declined from its recent peak, suggesting reduced price fluctuations. This drop in volatility could make it difficult for BNB to achieve a notable breakout above the $600 mark, as the market may lack the momentum needed for a significant move.

BNB low volatility
Binance Coin Volatility. Source: Santiment

In addition, Open Interest (OI), a metric that tracks the level of speculative activity around a cryptocurrency, has declined. High OI usually signals increased capital inflows into contracts, often indicating strong buying pressure capable of driving prices upward. 

Conversely, a drop in OI reflects reduced liquidity in the market, often associated with selling pressure and a potential price decline. For BNB, the OI has remained relatively stagnant since November 19, indicating that traders are hesitant to inject additional liquidity or take on new contracts. 

Further, the OI is notably lower at $532.08 million than on November 14. This lack of speculative activity indicates reduced market momentum, reinforcing the likelihood that BNB’s price will struggle to break above the $600 threshold.

BNB open interest drops
Binance Coin Open Interest. Source: Santiment

BNB Price Prediction: Drop to $551 Likely

Similar to Open Interest, BNB’s price has followed a consistent trend since July, repeatedly facing resistance around $612. This indicates persistent efforts by bears to prevent the cryptocurrency from challenging its $724 all-time high.

Currently, with BNB trading near the same resistance level, a decline is possible. Historical patterns suggest that if the coin fails to break through, it could retrace to $551, as it did previously.

Similar to Open Interest, BNB’s price has followed a consistent trend since July, repeatedly facing resistance around $612. This indicates persistent efforts by bears to prevent the cryptocurrency from challenging its $724 all-time high.

BNB price analysis
Binance Coin Daily Analysis. Source: TradingView

However, a surge in volatility paired with strong buying pressure could challenge this outlook. In such a scenario, BNB might not stop at holding above $600 but also climb toward $660—or even retest the $724 high.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Legal Drama Fails to Halt CHILLGUY Meme Coin’s 101% Surge

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Crypto markets went into disarray after Phillip Banks, the creator of the viral “Chill Guy” meme, announced plans to issue legal takedown notices for unauthorized for-profit uses of his copyrighted character.

This move sent ripples through the community and triggered a sharp decline in the market value of the Chill Guy (CHILLGUY) meme coin before a quick recovery.

In a post on X (Twitter), Banks shared his intentions to pursue copyright infringement legal actions for the unauthorized use of his artwork to make a profit.

“Just putting it out there, chill guy has been copyrighted. Like, legally. I will be issuing takedowns on for-profit-related things over the next few days. Not like brand accounts using him as a trend, that is kind of something I do not really care about (I just ask for credit. or Xboxes.). Mainly unauthorized merchandise and shitcoins,” Banks expressed.

The Chill Guy meme gained traction on TikTok, where its relatable depiction of a laid-back character resonated with millions. The parody meme coin quickly became a sensation on Crypto Twitter and TikTok, with influencers, presidents, sports brands like UFC, LA Clippers, Paris Saint-Germain (PSG), and everyday users alike using it on social media. The coin’s rapid growth is seen as a sign of the increasing influence of social media platforms like TikTok in shaping crypto trends.

At its peak, the Solana-based coin had over 100,000 holders, breaking records for one of the fastest-growing meme coins by user adoption. However, as is characteristic of meme coins, the hype proved fleeting. Banks’ legal threats and the natural volatility of the meme coin market triggered a nearly 67% drop in market cap, plunging it to around $187 million after a peak of $579 million on Wednesday.

CHILLGUY Market Cap
CHILLGUY Market Cap. Source: GeckoTerminal

Banks’ lawsuit declaration displays the growing tension within the meme coin sector. While memes like Chill Guy can spark viral trends and generate immense economic activity, their creators often find themselves sidelined, with little to no financial benefit from the frenzy.

Banks clarified that his legal actions would not target non-commercial uses of Chill Guy. For instance, he showed leniency towards brands using the meme, such as when the gaming brand Halo used the artwork in a tweet saying:

“When Master Chief trades you his plasma pistol for your rocket launcher but you’re just a chill marine,” Halo wrote.

Banks humorously responded by asking Halo for an Xbox in return. He said, “Hello, Halo. Since you used my art, can I have an Xbox? Thanks.”

Crypto Community Reacts to Banks’ Demands

Banks’ legal stance was met with humor and advice from the crypto community. Notable figures on Crypto Twitter suggested he monetize the situation rather than litigate.

“Brother, just ask for a 2% token supply as is tradition and be happy,” user Thelema quipped.

Meanwhile, some crypto executives like Solana Legend, the co-founder and managing partner at Frictionless Capital and MonkeDAO, noted the cultural significance of the Chill Guy meme. The prominent figure in the Solana ecosystem noted that the platform offers a unique way for people to discover crypto through relatable memes.

“Chill guy is becoming the Bored Ape Yacht Club / OpenSea moment for normies to be onboarded onto crypto. 5 minutes on TikTok and you can see people discovering memes,” the analyst wrote.

The viral success of CHILLGUY highlights TikTok’s growing role in driving crypto adoption among non-crypto natives (normies). Nevertheless, the latest debacle reflects the volatile nature of meme coins, where hype often outweighs fundamentals. Early investors in CHILLGUY rode a wave of speculation fueled by TikTok, only to see gains evaporate when the momentum shifted.

While Banks’ legal threats have shaken the meme coin’s momentum, they also highlight the challenges of monetizing intellectual property in the digital age. His attempt to protect his creation may set a precedent for other meme creators grappling with the commercialization of their work.

Phillip Banks did not immediately respond to BeInCrypto’s request for comment.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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South Korea Unveils North Korea’s Role in Upbit Hack

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According to local media, South Korea confirmed that North Korea was behind the theft of 342,000 Ethereum (ETH) tokens. The 2019 loot, worth approximately 58 billion Won or $41.5 million, was stolen from the Upbit crypto exchange.

The stolen tokens, now valued at 1.47 trillion Won, represent one of the largest cryptocurrency heists attributed to North Korea.

North Korea’s Involvement Uncovered

Per the report, the National Investigation Headquarters of South Korea’s National Police Agency announced on November 21 that two North Korean hacking groups, Lazarus and Andariel, orchestrated the attack. Both groups are known affiliates of North Korea’s Reconnaissance General Bureau, a state agency linked to cyber espionage and financial crimes.

Investigators relied on a combination of digital forensics, including tracking IP addresses and analyzing the flow of stolen cryptocurrencies. The probe also identified linguistic traces of North Korean vocabulary.

“It was revealed that traces of the North Korean term ‘Heulhan Il’ (a word meaning ‘unimportant matter’) were found on the computer used in the attack at the time,” another local Korean media corroborated.

This linguistic fingerprint, alongside other technical evidence, strengthened the case against North Korea. According to the report, the US Federal Bureau of Investigation (FBI) police also aided the investigation. They provided additional evidence linking the attack to North Korea.

Following the theft, the perpetrators exchanged 57% of the stolen Ethereum for Bitcoin on three cryptocurrency exchanges believed to be operated by North Korea. These transactions happened at prices 2.5% below market value, presumably to expedite the sale. They then distributed the remaining Ethereum across 51 overseas exchanges and laundered them to obscure its origins.

Ethereum Price Performance. Source: BeinCrypto

In 2020, some of the stolen cryptocurrency was identified at a Swiss crypto exchange. After a four-year effort to prove its source to Swiss prosecutors, South Korean authorities recovered 4.8 Bitcoin (BTC), worth around 600 million won. The recovered funds were later returned to Upbit in October 2024.

Concerns Over North Korea and Upbit Woes

Meanwhile, North Korea’s involvement in cryptocurrency crimes is not new. After a series of reports, authorities have noted a shift in tactics. As BeInCrypto reported recently, hackers linked to the regime are increasingly targeting crypto firms with sophisticated methods. Among the most prevalent techniques are phishing campaigns and supply chain attacks.

“The campaign, which we dubbed ‘Hidden Risk’, uses emails propagating fake news about cryptocurrency trends to infect targets via a malicious application disguised as a PDF file,” a recent report read.

This change of tact highlights the urgency for heightened cybersecurity measures across the industry. Notwithstanding, the confirmation of North Korea’s involvement in the 2019 Upbit hack marks a significant development.

While the United Nations (UN) and foreign governments have previously accused North Korea of funding its weapons programs through crypto theft, this is the first time South Korean authorities have officially linked the regime to a major cryptocurrency heist. The incident highlights the dual vulnerabilities facing the cryptocurrency industry.

First, external threats from state-sponsored hackers and, second, internal risks tied to inadequate regulatory compliance. Against the latter, and as BeInCrypto reported, South Korea’s Financial Intelligence Unit recently cited concerns about inadequate user verification systems. Specifically, the unit flagged over 600,000 potential KYC violations at Upbit, South Korea’s largest cryptocurrency exchange.

The discovery of mass KYC violations at Upbit raises questions about whether exchanges are doing enough to prevent illicit activities. Improved oversight, combined with stricter enforcement of anti-money laundering (AML) measures, could help deter future attacks and ensure a safer trading environment for investors.

The exchange is also facing an antitrust investigation by South Korea’s Fair Trade Commission, which is examining potential abuses of market dominance.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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