Binance founder CZ receives support from crypto community as jail term starts
Once he completes his four-month sentence at Lompoc prison, Zhao plans to resume his involvement in cryptocurrency.
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Once he completes his four-month sentence at Lompoc prison, Zhao plans to resume his involvement in cryptocurrency.
Ex-Binance CEO Changpeng Zhao advised Kyrgyzstan to use Bitcoin and BNB as national reserve assets, as the country deepens its crypto adoption strategy.
Binance co-founder Changpeng Zhao has suggested that the highly anticipated Altseason isnt here yet as most altcoins continue bleeding, while some market watchers consider the worst might be over soon. Related Reading: All Options On The Table: Bitcoin Must Hold This Level Ahead Of Trumps Crypto Summit CZ Says Theres No Altseason Yet On Friday, Changpeng Zhao, also known as CZ, responded to an X user asking when the Altseason will happen. The Binance founder pointed out the price tracking and market data website CoinMarketCap (CMC), which recently added an Altcoin Season Index. CZ highlighted that of the top 100 altcoins, very few have outperformed Bitcoin (BTC) in the past three months, suggesting that the Altseason wont happen yet. As the website states, the CMC Altcoin Season Index page provides real-time insights into whether the cryptocurrency market is currently in Altcoin Season, based on the performance of the top 100 altcoins against the flagship crypto over the past 90 days. Under this metric, an Altseason is in if 75% of the top 100 altcoins outperform BTC during the established period. To CZ, This is a tough ranking system, as he considers that 50 would be a good score for Altcoins. The CMC index page shows a score of 14/100, with only 14 altcoins outperforming BTC since early December. Some of the tokens in this list include Monero (XRM), Hyperliquid (HYPE), Pi (PI), Mantra (OM), Berachain (BERA), and the official Trump memecoin (TRUMP). Leading cryptocurrencies of 2024, like SUI and Solana (SOL), show 37% to 41% price decreases in the past 90 days. Meanwhile, memecoin sensations like dogwifhat (WIF), PEPE, FLOKI, and BONK have bled between 70% and 80% during this period. Analyst Michaël van de Poppe also noted that altcoins have had an overall negative performance on higher timeframes despite some recent price rallies. Massive green day on some Altcoins, they are up 2%! Then, you zoom out, and you zoom out, and you zoom out, he asserted. Altcoins Bottom Could Be Near Altcoin Sherpa stated that altcoins were in about the same or worse positions during the Summer 2024 retrace, pointing out that things were also pretty bleak overall and then we saw some strong bounces in August. However, he noted that, unlike last year, the market doesnt have a Trump Pump coming. Recently, some of the top cryptocurrencies saw a significant price increase after US President Donald Trump announced a strategic reserve that would include SOL, XRP, Cardano (ADA), Ethereum (ETH), and BTC. Nonetheless, after the March 6 executive order establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile, the White House AI and Crypto Czar, David Sacks, clarified that the previously named altcoins were used as references for the most valuable tokens in the market. Sherpa considers that the markets bottom is close, but we still also probably have the chop period to get through before any substantial recovery. On the contrary, some industry figures have also commented on altcoins overall performance this cycle, suggesting that the Altseason already started but will be different from previous cycles. Related Reading: Stellar (XLM) Price Setting Up For Rally To $1.60 Here Are The Levels To Watch Recently, CryptoQuants founder and CEO, Ki Young Ju, stated that the Altseason had begun. He affirmed there will not be a direct Bitcoin-to-altcoins rotation this cycle, as BTC dominance isnt the key metric that defines it. To the CEO, trading volume is the metric that defines it this time. Ju also pointed out that this will be a very selective and challenging altseason, with only a few altcoins with strong narratives expected to thrive. Featured Image from Unsplash.com, Chart from TradingView.com
Binance founder Changpeng Zhao, also known as CZ, has taken the crypto market by storm after sharing his dogs name and picture. The announcement sparked the launch of multiple tokens inspired by the pet and was further fueled by BNB Chains memecoin launchpads name-guessing contest. Related Reading: BNB Flips Solanas Market Cap Amid Market Retrace Breakout To $700 Coming? CZ Sparks Memecoin Frenzy On Wednesday, Changpeng Zhao acknowledged the cycles memecoin frenzy after an X user asked if he had a dog. The Binance founder revealed he had not a Shiba Inu, but a Belgian Malinois, which resulted in the crypto community asking for the name and picture of his dog. CZ inquired about how it would work if he shared the information, asking if people would create memecoins based on the dog, how investors would know which one is the official token, and if it even mattered. He joked he would mull whether to respect his privacy, or dox the dog for the cause, sparking massive speculation about an official memecoin launch. On Thursday, CZ shared on X that he would officially share his dogs picture and name at 8:00 PM Dubai time, or 4:00 PM UTC, sending investors into a frenzy over the upcoming post. Community members launched several tokens with the possible names of CZs four-legged companion, some reaching up to $60 million in market capitalization. Arkham noted that the two frontrunner tokens on the BNB chain, BROWNIE, and PERRY, significantly surged on Thursday morning. Remarkably, an investor made over $1 million with less than a $12,000 initial in 12 hours. Four.Meme Kicks-Off Token Event BNB Chains token launchpad, Four.Meme joined the frenzy, announcing a CZ Dog Name Meme Token Betting Event. According to the X post, the tokens with the same then-unknown name of CZs dog would be part of a competition. The tokens created today before 4:00 PM UTC would be eligible to participate and become the next big meme. The announcement detailed: 30 minutes after CZs post, the highest market cap token on Four.Meme wins! The winners token will have its tokens in LP revenue regularly burned by Four.Meme! At 4:12 UTC, the Binance founder shared a picture with his dog, Broccoli. The dog was named after the vegetable because he wanted a name that started with B and has some green in it. CZ wrote that he and Broccoli bonded over their difficulty socializing, adding that the dog helped him get a good break from the intense negotiations with the DOJ back then. He also stated that he never imagined his pet would be part of the blockchain ecosystem, adding that theres never a dull day in crypto. Broccoli Immortalized In The Blockchain CZ clarified that he was just posting his dogs pictures and name and not issuing a memecoin himself. He considered it was up to the community whether to launch a token. The BNB foundation may provide rewards for the top memes on the BNB Chain, giving LP support or other rewards, but the details are still being discussed. After the Pet reveal, the tokens guessing Broccolis name plummeted, with the leading memecoin falling from a $22 million market cap to less than $1 million in less than a minute. Related Reading: Bitcoin Finds Price Stability: Reclaiming $101,000 Depends On This Level Meanwhile, the creation of memecoins inspired by CZ pets real name spiked, with several BNB Chain and Solana-based tokens flooding DexScreeners feed. At the time of writing, CZs Dog (BROCCOLI), launched a minute after Zhaos post, has become the largest gainer. The memecoin reached a $300 million market capitalization minutes after being created and is currently trading at $0.0745, with a $75 million market cap. The winning token of the Four.Meme contest is yet to be announced. Featured Image from Unsplash.com, Chart from TradingView.com
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