With former Binance CEO Changpeng Zhao set to be released from jail soon, the BNB token could be set to benefit. Specifically, the asset could see a surge to $600 in the works. The impending release of the cryptocurrency exchange’s founder had the asset briefly surpass $520.
His official release could arrive with a continued increase in overall interest. Moreover, that could culminate in a notable price surge for the token that has been stuck in its current level. The question is now regarding the potential for the BNB token to breach the $600 mark from its current position.
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CZ Release Has BNB INterest Rising: Why $600 Could Be in Play
There is no denying that Changpeng Zhao has no future with Binance. When the former executive was ousted from the company late last year, many thought that wasn’t the case. Yet, surfaced reports revealed that his resignation was actually a lifetime ban from management at the exchange.
however, that does not deteriorate the undeniable connection between Zhao and Binance. His history with the platform, and role in its creation, will maintain the link between the two. Now, that connection could be set to benefit the platforms’ native token.
With the ex-Binance head set for release, Zhao could help drive interest in the BNB token. The anticipation of that release was enough to maintain support at $487, with the asset increasing to sustainable levels near $520.
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Over the last 30 days, the token is down 1.1%, according to CoinMarketCap. Moreover, it is up in the last 24 hours, settling at the $515 mark. With Zhao set to be released in 19 days, Santiment data reveals that BNB interest has surged.
Last Friday, open interest was below the $325 million mark. Yet, Tuesday, that figure has risen to $342 million. This shows that participants in the market are set to increase their position. Moreover, many of them are increasing their positions.
Open interest growth as an asset gains value is typically a good sign for an opening upswing. That could be the case for BNB here. Only time will tell, but many traders are expecting the price to follow the overall intrigue in the token this week.