CZ pushed the button for BNB, which could not make the expected exit; Burning process and a new Launchpool is coming.
Binance CEO CZ took action for BNB, which could not achieve the long-awaited exit. CZ, one of the most influential names in the crypto market, sought to revitalize BNB.
Binance adds Neutron to its Launchpool initiative. Thus, users will be able to earn Neutron’s native token by staking the BNBs they hold. Additionally, CZ mentioned a new BNB burn. All these initiatives pave the way for a potential rise for BNB.
Everything is ready for BNB rise!
Binance CEO CZ has accelerated his initiatives for BNB, the native token of the exchange. CZ attracted attention with his BNB post on social media platform X.
CZ underlined that BNB is not distributed to anyone for free. Citing his own post in 2021, CZ explained that the BNBs in the team’s possession were not used. The timing of CZ’s post did not go unnoticed. CZ’s post comes after Binance announced that it would list the crypto project called Neutron, and Neutron was added to the Binance Launchpool.
#Binance, Neutron (#NTRN)'u listeleyecek.
— Coinkolik (@Coinkolik) October 10, 2023
CZ stated in his X post that a new burn for BNB will occur soon. BNB burns mean that a certain supply of tokens is removed from circulation and sent into the void. Thus, the groundwork is prepared for an increase in price balance.
#BNB is a fair launch token. Ie, no one got free BNB tokens from the initial supply. The "team tokens" was never moved or used, it was only burnt.
Speaking of which, another burn coming up in a few days! 🔥 https://t.co/6YM7O7dPMr
— CZ 🔶 Binance (@cz_binance) October 10, 2023
The activity in Binance caused instant volatility for BNB. BNB price dropped to $215 in a short time. Although BNB experienced a retreat after this injection, it may be waiting for time for a potential rise.
The $212 resistance is of great importance for the potential rise for BNB. Even though this resistance point was tested with the instant bullish candle that came hours ago, it could not be broken. However, the fact that the BNB burn is coming and a new Launchpool will take place through BNB may change things. If BNB exceeds $212, it will eye the $219 region as its next target. If this area is exceeded, permanence must be ensured in the upper purple area. If BNB can persist in the upper purple area, the next resistance point could be the $230 level.
If things go wrong in BNB and the price drops, $206 needs to work as a support point. If this area is overcome, the next support point for BNB may be the $201 level, which is the bottom of the lower purple zone.
