As the wide-eye crypto market experiences a modest rise of 1%, a notable player, Binance Coin (BNB) has increased by almost 2%, positioning it at $212.46. However, the journey there has not been plain sailing, since BNB has nosedived by 2.5% in the previous week, 2% over the last 30 days, and a concerning 13.5% since the new year. This rocky ride can be attributed to the various regulatory hurdles Binance has been grappling with. Following litigation by the CFTC and the SEC in the U.S. and unsuccessful attempts to secure licenses, leading to an exit from various markets, it is plausible that BNB might find it hard to pull in substantial gains this year.
Slight improvements in the BNB position over the last couple of days belie a still oversold position of the token. Nonetheless, it appears to be gaining some momentum, as its relative strength index has risen towards 50 after dipping to 40. Typically, this overselling signals an inevitable recovery in the works, provided the asset at hand is fundamentally sound. However, with Binance contending with far-reaching implications from their encounters with the SEC and CFTC, coupled with their withdrawal from various markets and their turnover losses, it seems challenging to vouch for BNB’s solidity.
In the midst of Binance’s trying period, expert traders and investors are inclining towards other notable altcoins. The spotlight currently shines on a new presale coin known as Meme Kombat (MK), which promises impressive gains, against a bearish backdrop. This ERC-20 token enables users to wager on outcomes of AI-manipulated battles between viral memes. The platform draws enthusiasts with its unique proposition of rewarding successful bets with MK. Additionally, participants can leverage MK staking to secure passive income and place substantial wagers. With confirmed rewards for user engagement and a compelling use of popular memes for marketing, MK seems poised for success upon its forthcoming exchange listings.
However, as we direct our focus to such hopefuls, let’s pause for a moment to reflect on the fate that befell FTX before November 2022’s collapse. In retrospect, FTX looked substantially healthier than Binance before it fell apart, raising reservations about whether Binance will retain its esteemed prestige as the biggest exchange in the market for the foreseeable future.
That said, whether you are intrigued by the potential of MK or tracking the trajectory of BNB, remember that crypto is a high-risk asset class with potential for significant losses. Be sure to understand its dynamics before dipping your toes into its depths.
Source: Cryptonews
