What’s behind Binance Coin (BNB) 15% Price Rally Today?

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What’s behind Binance Coin (BNB) 15% Price Rally Today?

Binance coin price

BNB
$680.7



24h volatility:
3.0%


Market cap:
$99.31 B



Vol. 24h:
$5.00 B

made a sharp 15% rally in the last 24 hours moving ahead of Solana

SOL
$190.7



24h volatility:
0.2%


Market cap:
$93.12 B



Vol. 24h:
$3.98 B

to become the fifth-largest cryptocurrency by market cap. The BNB surge above $700 comes with an 84% uptick in daily trading volumes shooting to $3.79 billion, with the asset’s market cap soaring past $101 billion.

The recent surge in BNB price comes as the parent blockchain network Binance Smart Chain (BSC) is seeking to become the hub of meme coins via the launch of the initial DEX offering (IDO) for MyShell, the Binance Wallet. Furthermore, on-chain data shows that a massive $173 million has been bridged from Solana and Ethereum, to the Binance Smart chain (BSC) in the last 24 hours.

MyShell IDO Behind Binance Coin (BNB) Price Rally?

Last year in 2024, the Solana, Base, and Tron blockchain networks tasted major success as the meme coin frenzy shot up the DEX activity on these platforms. Now, the Binance Smart Chain seeks to capitalize on the rise of this sector.

AI Meme token MyShell has been recently at the center of discussion across social media, with the Binance Chain IDO playing a major role in this rally. This IDO will clock a total sale of 40,000,000 Shell tokens, which is 4% of the token’s total supply.

Observers on social media have speculated that Binance’s recent IDO (Initial DEX Offering) initiative may be a strategic move to enhance its meme coin presence. One commentator described the initiative as a “solidly calculated plan” that could significantly alter Binance‘s approach to token launches. The focus on MyShell, a meme project gaining traction, has garnered considerable attention, with some suggesting that it is currently Binance’s top priority.

The excitement surrounding the AI meme coin IDO contributed to a surge in the price of several meme tokens within the broader BNB Chain ecosystem. Tokens such as CAKE, BAKE, TST, CAT, and THE saw significant price increases on the day of the IDO.

Is BNB Season Back Again?

While the Binance Coin (BNB) price has already given a strong run-up, investors are curious whether this would be a good entry point and the start of a BNB season ahead.

Crypto analyst Korousk AK noted that the BNB price is currently trading above its 2021 all-time high following a surge of approximately 45%. Korousk pointed out that if the $750 level fails to hold, traders should look for a potential pullback towards the $650 range. However, if the price breaks above the $800 mark, it could signal a long position opportunity, especially in sync with Bitcoin’s movements.

Also, the CoinGlass data shows that amid this BNB price rally, the open interest has surged by 31.68% to more than $1.06 billion, highlighting strong optimism among traders. Additionally, the 24-hour liquidations have soared to $4.49 million, of which, $3.56 million is in short liquidations.

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What’s behind Binance Coin (BNB) 15% Price Rally Today?