Recent Developments and Price Analysis of Pepe Memecoin and Binance Coin

Recent Developments and Price Analysis of Pepe Memecoin and Binance Coin

Crypto News – Starting with Pepe memecoin, the project has faced another unfortunate incident following a recent exploit of the crypto project’s multi-signature wallet by former team members, resulting in a loss of $15 million. Over the weekend, the PEPE team’s old Telegram account, “lordkeklol,” was compromised and used to promote scams and deceive the community. This hack was made public through the memecoin Twitter profile, urging a class action to report the fake account on Telegram. The extent of the scam and the overall damage to users are still unclear. This incident further tarnishes the project’s reputation, which had previously soared during the FOMO in May. It is hoped that such events will not recur for Pepe in the future.

On the other hand, concerning Binance Coin, there is notable news regarding the asset transfer service for BNB Chain and Wallet Direct. Binance Coin’s “BNB Chain Extension” wallet will cease supporting asset transfers via Wallet Direct starting next week. Wallet Direct is a service that facilitates quick and easy cryptocurrency transactions by connecting Binance.com exchange with the BNB Chain Extension wallet.

The discontinuation of Wallet Direct will occur in stages, allowing existing users to continue operating with the transfer provider, albeit with subsequent termination of all connections and related functionality between the two parties. Users interested in trading assets on the BNB chain extension can use the “Withdraw/Deposit” feature on Binance.com or the exchange’s web3 DeFi Wallet. The closure of Wallet Direct is likely due to high operating costs and very low exchange throughput, prompting the company’s executives to shut down the service.

Price Analysis for PEPE and BNB

In terms of price, both Pepe (PEPE) and Binance Coin (BNB) are experiencing a decidedly negative trend in the short term. PEPE continues its prolonged decline since reaching its all-time high on May 5, surpassing a staggering $1 billion in capitalization. Apart from a brief recovery in late June, prices have consistently fallen, with bears exerting strong selling pressure and maintaining control.

Daily candles have closed below the EMA 10 for over a month, indicating a lack of opportunities for a bullish trend. It is highly likely that further declines will occur, potentially causing the crypto’s market capitalization to drop below $200 million. Currently, PEPE is priced at 0.0000006772, with a market cap of $264 million and a daily volume of $57 million.

Turning to Binance Coin (BNB), the price analysis mirrors that of the memecoin, with BNB undergoing a phase of significant depreciation. The main trend is strongly bearish, with prices consistently below the EMA 10 and EMA 50, discouraging bullish attempts. Since the June decline following SEC charges against the exchange platform and Changpeng Zhao, BNB has struggled to recover compared to Bitcoin, which managed to regain lost ground during that period.

The market dominance of Bitcoin at 50% has hindered the altcoin sector’s ability to post positive performance. BNB, a coin that had previously demonstrated resilience during the crypto winter, now appears fragile and susceptible to damage from FUD generated by a US federal agency. The only potential positive aspect is the strong support around the current price levels of $200, which could trigger a temporary recovery. All eyes are on this psychological level, and a breach could lead to a significant downturn for Binance Coin. Currently, the crypto is priced at $208.3, with a market cap of $32 billion and a 24-hour trading volume of $398 million.