BNB falls after Binance Connect closes while memcoins continue to rise

1 mois ago 0 51

On August 16, 2023, it became known that the large exchange Binance plans to end the work of its service Binance Connect. Previously, with the help of this payment platform users could exchange cryptocurrencies for fiat money. According to a representative of the trading platform, such a decision was made in connection with the changed situation in the market and new needs of users.

Against the background of this news, BNB began to gradually decline and now costs about $230. According to the portal CoinMarketCap, the token has fallen in price by almost 2% over the past 24 hours. Therefore, experts suggest paying attention to other cryptocurrencies that are now on presale. Both projects discussed in this article have high growth potential and can bring big profits to the owners.

Meme coins with the potential to grow by 1000 X in 2023

Experts recommend:

Wall Street Memes – a profitable memcoin with the support of a community of millions.
Sonik – a new project that has a single pre-sale value.

Wall Street Memes.

In May, a new project from a well-known team of developers – Wall Street Memes – was launched. Its goal is to prove that ordinary retail investors can offer resistance to capitalism and provide an opportunity for passive income. The token has already raised more than $25 million in pre-sale. Its value is currently at $0.0334.

Great experience in the industry can be considered a kind of advantage when issuing a new asset. The $WSM development team is proof of that. A few years ago, several investors from the Reddit portal raised the share price of GameStop, a game and paraphernalia store. This served not only as a reason for the bankruptcy of hedge fund Melvin Capital, but also as proof that ordinary market participants can change it.

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2021 also saw the sale of an NFT collection called Wall Street Bulls. It contained about 10,000 unique objects. It only took a little over half an hour to sell them off and make a $2.5 million profit.

Wall Street Memes is based on the principle of complete transparency and honesty. The team refused to hold a private presale for insiders. Moreover, it offers open access to all coins released. During the presale, investors can get 50% of all assets (2 billion), as a reward -30%, 20% on the DEX and CEX exchanges.

At the moment, many crypto bloggers are talking about the possible multiple growth of this digital currency. Among them are No Bs Crypto, Crypto Pulse and Joe Parys Crypto. Aaron Cryptonoob and Crypto Jamie have also previously acted as ambassadors for the project. All of them believe that $WSM can increase in value after entering crypto exchanges by 10, 100 or more times.

You can purchase $WSM now at a favorable cost of $0.0334. Already soon the token will move to the final stage of presale and will rise in price to $0.0337.

Pros:

The low cost of the asset makes it affordable for novice investors as well.
Holding a $50,000 Airdrop for five randomly selected participants.
Cooperation with influencers and content makers is planned for further development of the project.

Sonik

Sonik is a new memcoin inspired by the famous blue hedgehog cartoon. It is entirely managed by the community and aims for a market capitalization of $100 million. As part of the pre-sale, investments in the project to date amount to $150 thousand. It is worth noting that the coin has a single value of $0.000014.

Among many other projects, Sonik is distinguished by its fair pre-sale as well as lucrative staking rewards. Moreover, it is colorful, fun and attracts the attention of potential investors. Many experts believe that despite its low market capitalization, the memcoin has the potential to succeed.

$SONIK is available for purchase on the official website of the project for $0.000014.

Currently, a pre-sale of the asset is already underway with only one stage. During the presale, the team is going to sell out 50% of the released coins (300 billion). 40% will be accrued as rewards for those who placed their funds in the staking. At the same time, the remaining coins – 10% – will be available for purchase after they are listed.

Pros:

The value of the asset doesn’t change either pre-sale or when it goes public on the exchanges.
Stacking mechanism allows you to earn more tokens.
Transparent and public pre-sale without reserving coins for insiders and developers.

Where is the price of BNB going – are Binance’s problems over?

As already mentioned, in mid-August, the Binance exchange announced the closure of the Binance Connect service. Because of this decision, many users lost the ability to exchange cryptocurrencies for fiat currency. Representatives of Bitswap (DEX based on Binance’s BNB Chain) reported that the provider stopped supporting payments with bank cards.

According to statistics, such a decision of the crypto exchange led to a collapse in the market of digital currencies. Even such large assets as BTC and ETH lost about 2% of the price each. At the same time, BNB itself also fell by 1.13%.

Experts also report that over the past 24 hours, users sold cryptocurrency for a total of $140 million. The reason for this was also due to the closure of the service.

At the same time, the management of Binance stated that the company wants to focus on the development of its core products and engage in planning other long-term goals. In the long term, this may have a positive impact on the price of BNB. However, experts recommend waiting for more information about the exchange’s further development strategy.

Also on Monday (August 14), Binance went to court to defend itself against the actions of the U.S. Securities and Exchange Commission. Due to the latest news, analysts provide a rather optimistic forecast for BNB. In 2023, the token is expected to have a minimum value of $277.1 and a maximum value of $346. In 2024, the asset’s price could range from $461 to $577.

Completion

While major cryptocurrencies such as BNB, ETH and BTC continue to decline, new projects are becoming more popular. The recent closure of the Binance Connect service negatively impacted a number of large and well-known coins, but did not affect those on presale.

For example, Wall Street Memes and Sonik are two memcoins that are now available for a bargain at $0.0334 and $0.000014 respectively. They both have a staking mechanism and can increase passive income for investors. They are also characterized by a high level of presale transparency and a large supply volume.

We remind you that any investment in cryptocurrencies entails risks. You should carefully evaluate your financial capabilities before investing in assets.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.