Binance CEO CZ thanked Andrew Kang, partner at crypto firm Mechanism Capital, for his new analysis. Kang had published detailed analysis of the long-term outlook for an altcoin project linked to Binance.
Binance and CZ continue to outperform
Andrew Kang resurfaced his extensive analysis from August 2018 in his tweets of November 26. He explained why what he said at the time still applies to BNB Coin (BNB). The veteran investor describes BNB as “a versatile coin that is on its way to becoming a medium of exchange, a store of value, among others.” Here’s the corresponding flood, to which CZ later thanked:
Andrew Kang was confident that much of what he said in his new tweets still applies. According to him, BNB Coin (BNB) has turned into a complete exchange tool both in the BNB Chain ecosystem and in some “real world” use cases. Currently, most cryptocurrency investors also prefer to use BNB as a working capital tool. BNB Coin still remains the largest cryptocurrency exchange by trading volume and number of registered accounts. It maintains its position among the top 5 in terms of market value.
Besides the above, BNB Coin (BNB) is the entry ticket for all actors of Binance Launchpad, a fundraising mechanism for selected early-stage projects. Earlier, the price of BNB had soared 17% on the highly anticipated announcement of Hooked Protocol’s IDO. Therefore, Kang is confident that the Binance (BNB) exchange and token will outperform its competitors in the long run. Binance CEO Changpeng “CZ” Zhao was excited by Kang’s conclusion. Thanks to their analysis, he replied:
BNB’s short-term rally slows
After Binance closed its SAFU fund with $1 billion, BNB rallied 11% in a short time. But this enthusiasm did not last as long as the market wished. The 200-day moving average acting as a resistance blocked BNB price again. Thus, it caused the price rally to slow down. The cryptocurrency has been consolidating around the level for the past two days.
However, there is a mostly positive atmosphere about Binance’s business, as opposed to the unscrupulous management at FTX. This reveals a strong result in the long-term outlook of the stock market.
Binance provides protection to the cat and projects in the market with its SAFU fund. cryptocoin.comAs you follow, REN rallied today on the news that it will receive assistance from this fund. The SAFU fund currently has $1 billion in funds.
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