BNB MEME SZN Skyrockets with a 2000% Pump: But Community Stay Skeptic

The ex-Binance CEO Changpeng “CZ” Zhao’s tweet on BNB memecoins season took an unexpected turn when it triggered the launch of a brand new token, BNB MEME SZN. Moreover, the token’s value soared 2000% today, leveraging the enthusiasm around CZ’s post and the BNB meme coin frenzy. 

The BNB MEME SZN Soars Up 2000% Amid the BNB Meme Coin Mania

At the time of writing this article, the BNB MEME SZN is trading around $0.008369, 1884.14% up in the past 24 hours. The market cap of the token is nearing $8.58 million. The token has a total supply of 1 billion. The SZN is currently riding on the meme culture frenzy on BNB, fuelled by CZ’s post on the beginning of a BNB memecoin season. The ex-Binance CEO has millions of followers, and his posts are perceived as endorsements by the crypto enthusiasts, thus driving the price to surge up. 

The meme coins on BNB had recently overtaken Solana, and the BNB DEX volume reached  $6.05 billion on October 7. Besides, SNZ, the biggest gainers from he buzz around the CZ’s tweet, include ‘4’ and GIGGLE. The GIGGLE is currently trading around $132.08 and has risen 33.5% following CZ’s tweet. The GIGGLE hit an all-time high today. The token is linked to the charitable Giggle Academy project. The ‘4’ is another token benefiting from the BNB memecoin narratives. The token is priced $0.2424 and is up by more than 60% within a day’s framework. Market sentiment remains bullish for both coins. The highly rewarding BNB memecoins, including SNZ, are becoming favorites of dengens, but the larger community is skeptical about the sustainability of the rally. 

Is the Bullish Run Sustainable for SNZ?

The million-dollar question is whether the current rally is sustainable. If the SNZ can form a new strategic partnership in the BNB ecosystem, the token may have better long-term prospects. However, the current surge more or less relies on the memecoin narrative created by CZ’s post. Relying on a single influencer is highly unreliable for any token, as it makes the coin highly volatile. On the technical side, the current 7-day Relative Strength Index (RSI) stands at 97.28, suggesting an extremely overbought condition. The threat of profit-taking looms following the 2000% price surge, and corrections are more likely to occur. The combination of overheated technicals and the heightened enthusiasm around the BNB memecoin hype makes the token highly volatile. Any counter-narratives can result in pull-backs are corrections. It’s the same for the entire crypto market.

The crypto market is highly dynamic, and investors need to exercise extreme caution while making investment decisions. Crypto market participants are recommended to track key market indicators and keep themselves updated about the latest happenings in the crypto world. Moreover, the investors can adapt strategies such as portfolio diversification to minimize the risk.