Binance Coin ($BNB ) saw a 13% price surge over the weekend, reaching a peak of around IDR 10.3 million (around $635) on February 9, 2025. The surge was fueled by speculation surrounding the launch of a new memecoin called TST, which is reportedly linked to Binance co-founder Changpeng Zhao (CZ).
TST, a newly emerged memecoin on the BNB Chain network, has attracted investor attention due to its association with CZ. However, on February 8, 2025, CZ denied any involvement with the project via social media platform X (formerly Twitter). He asserted that neither he nor the Binance team had any affiliation with TST, stating that the project was entirely a community initiative.
Although Changpeng Zhao has clarified that he does not support or have any involvement with TST, the issue has still driven high interest in BNB. Within 24 hours of CZ's statement, the price of BNB jumped from IDR 9.26 million (around $569) to IDR 10.5 million (around $648), marking a significant increase in a short period of time.
Additionally, data from Santiment shows that the number of BNB mentions on social media increased by 1.5% on February 9, marking the peak of social engagement in the past eight months since June 2024. This suggests that the rumors surrounding TST and CZ's clarification have driven significant attention towards BNB in the crypto community.
With strong bullish momentum, market analysts predict that BNB price has the potential to continue its increase. Currently, BNB price is trading above IDR 10.2 million ($ 630), indicating that buying pressure is still dominant. The increasing trading volume is also an important indicator that investor interest in BNB continues to grow.
From a technical perspective, BNB is currently above the VWAP (Volume Weighted Average Price) of IDR 10.1 million ($ 625), indicating that investors are willing to buy at a higher price to secure assets faster. If this trend continues and BNB is able to stay above IDR 10.2 million ($ 633), then the next target is IDR 11.4 million ($ 707). However, if it fails to maintain this level, BNB could experience a correction back to IDR 9.1 million ($ 560).
The 13% surge in BNB price in the past few days shows how much influence speculation and social media engagement have on the crypto market. Although Changpeng Zhao has denied any involvement with TST, the rumors have still had a positive impact on BNB’s popularity and price. With market momentum still strong, investors will continue to monitor BNB’s price movements as well as the latest developments in the Binance ecosystem.
