How Changpeng Zhao’s Public Comeback After Prison Could Influence BNB Token?

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As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless events that have shaped the trajectory of various assets. The case of Changpeng Zhao and Binance is no exception. While CZ’s public comeback might not hold the same impact it once did on BNB‘s price, it still warrants attention due to his charismatic influence in the crypto community.

Changpeng Zhao, who used to lead Binance, has been free for some time now, although it appears he’s subject to an international travel restriction. His imprisonment, travel ban, a fine of $50 Million, resignation from his CEO position, and the exchange’s non-compliance with U.S. anti-money laundering and KYC regulations were all consequences of Binance’s actions. However, things seem to be gradually returning to normal since Zhao’s release on September 27. Notably, he has revealed his plans for his first public appearance, which has sparked debate about how the BNB token might perform in the market. Previously, it was expected that Zhao’s post-release activities would boost the Binance Coin to $700, but this did not materialize.

Changpeng Zhao To Attend Binance Blockchain Week in Dubai

Gradually and consistently, Changpeng Zhao has been reappearing on social media with structured updates. Lately, he shared with his audience that he intends to participate in the Binance Blockchain Week happening October 30-31, 2024, in Dubai. In one of his recent posts, CZ clarified that he will be attending this event in a personal capacity.

I’m set to participate in the Binance Blockchain Week happening in Dubai from October 30th to 31st, personally. This is one of the most significant web3 events of the year. Looking forward to connecting with you there.
— CZ BNB (@cz_binance) October 10, 2024

The post has received millions of views and various comments, all in support. Justin Sun, the TRON founder, also expressed his happiness on this news. He commented,” Great! Happy To Be There.”

1) Charles Zhao is known for creating some of the largest cryptocurrency exchanges globally, which has significantly increased his fame over time. Furthermore, he keeps an engaged community by regularly interacting with his followers on social media platforms. As a result, there’s much anticipation among people when he participates in public events, primarily due to speculation that the price of BNB might increase.

Can CZ’s Public Comeback Boost BNB Token?

After CZ’s initial post following his prison release, there was a substantial increase in the value of BNB tokens. At that point, the price of BNB rose from $606.25 to $616.53, marking the highest point of the month. Since then, the Binance Coin hasn’t reached such a peak again. Instead, it has shown a downward trend, mirroring the bearish crypto market at the start of the month.

How Changpeng Zhao’s Public Comeback After Prison Could Influence BNB Token?

Over the past few days, the BNB token has started to bounce back, increasing by 2.77% over the week. This places its current price at $567.75. The market capitalization and trading volume stand at $82.85 billion and $1.63 billion respectively. As we look forward, there’s anticipation for a potential rally in this token. The upcoming Binance Blockchain Week, where Changpeng Zhao will be present, could be the catalyst for this rise. This is because previous instances of his activity have significantly boosted the BNB price.

To clarify, BNB, Binance’s native cryptocurrency, tends to be resilient amidst any Binance exchange or Changpeng Zhao-related events. This observation arises from analysts studying its consistent performance in price, even during legal disputes and other contentious news. Its robust position as the fourth largest cryptocurrency with a strong market presence likely contributes to this stability.

The same unaffected outcome can happen if the user’s sentiments stay neutral by the CZ’s public comeback. Even on the charts, the technical factors indicate neutral sentiments among holders with a constant battle between bulls and bears.

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2024-10-11 15:32