In this article we look at the latest news and a price analysis of the Pepe and Binance Coin crypto assets.
For the Pepe memecoin, after the recent exploit affair by some founders, there is more negative news coming with the crypto project’s Telegram account being hacked.
On the other hand, regarding Binance we find news involving the asset transfer service for BNB Chain and Wallet Direct.
On the price front the situation seems to be blatantly negative for both cryptocurrencies.
Full details below.
The latest news from the Pepe and Binance Coin crypto assets
Starting with the most relevant news for the Pepe memecoin, we have to mention another unfortunate mishap after the recent one of the crypto project’s multi-signature wallet exploit by some former team members, which took away $15 million.
This weekend, the old Telegram account “lordkeklol” managed by the PEPE team was compromised and used to promote scams and deceive the community.
The hack was publicized via the memecoin Twitter profile where a class action was called for reporting the account on Telegram as fake.
It is not yet clear how many people fell victim to the scam and what overall damage was done to users.
In any case, this is yet another slip of the crypto project, which is losing hand over fist all the reputation it gained after the FOMO in May.
We hope that events like those of the last few weeks will not happen again for Pepe.
On the other hand, as far as Binance coin is concerned, it is worth mentioning a very recent update of the “BNB Chain Extension” wallet that starting next week will stop supporting asset transfers via Wallet Direct.
The latter is a service that connects the Binance.com exchange with the BNB Chain Extension wallet enabling quick and easy cryptocurrency transactions.
According to what the project team described in a blog post, Wallet Direct will stop operating starting next week.
The decommissioning will take place in stages, in which new users will no longer be able to connect their addresses with the Binance.com account, while those who were already using the transfer provider will be able to continue operating quietly.
However, thereafter all connections between the two parties will be ceased resulting in the removal of all Wallet Direct-related functionality.
Community users who wish to trade assets on the BNB chain extension can still use the “Withdraw/Deposit” feature on Binance.com or by using the exchange’s web3 DeFi Wallet.
Most likely the closure of Wallet Direct is due to high operating costs and very low exchange throughput, which prompted the company’s executives to shut down the service.
Market analysis for PEPE and BNB
On the price front, for both Pepe (PEPE) and Binance coin (BNB) the price action does not seem to promise anything positive between now and the next few weeks.
PEPE continues its long, slow descent after hitting its all-time high on 5 May and surpassing the insane capitalization of over $1 billion.
From that point on, leaving aside a brief recovery in late June, prices have steadily collapsed with the bears maintaining strong selling pressure and now maintaining control of the situation.
The daily candles have been closing below the EMA 10 for over a month now suggesting that there are still no opportunities to go LONG.
Most likely we can expect further declines with the crypto’s market capitalization falling below $200 million.
At the moment, the price of PEPE is 0.0000006772 with a market cap of $264 million and a daily volume of $57 million.
Looking instead at the graph of Binance coin (BNB) we can arrive at the same conclusions made for the memecoin, considering that the Binance exchange coin is also going through a phase of strong depreciation.
The main trend is strongly bearish with prices standing firmly below the EMA 10 and EMA 50, repelling any attempt by the bulls.
After the June dump amid charges by the SEC against the exchange platform and Changpeng Zhao, BNB has not been able to recover as it did with Bitcoin, which managed to recover all the ground lost in that context.
The dominance of the market king at 50% does not help the altcoin sector to post positive performance, although in the case of BNB, expectations have largely disappointed industry experts.
One of the coins that had most withstood the long crypto winter is proving to be very fragile and in a position to be heavily damaged by the FUD of a US federal agency.
The only positive note is that around current values there is a strong support, that of $200, which could trigger a momentary recovery.
Thus, eyes are on that psychological level, which if broken, could decree a heavy dump coming for Binance coin.
The crypto is currently priced at $208.3 with a market cap of $32 billion and volume in the last 24 hours of $398 million.
