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BNB Coin is currently trading at levels close to its 2023 lows. Is now the time to buy the dip?

Binance’s native token has struggled to maintain its value above $300 since reaching a 2023 high of $340, dropping by 33%. It now consolidates near its 2023 lows at around $240.

BNB Coin Trending Sideways Since June

Binance’s native token has faced challenges in sustaining its value above $300, having dropped by 33% from its 2023 peak of $340. Currently, it is consolidating around its 2023 lows at approximately $240.

At 2:40pm UTC, the cryptocurrency was valued at $243, witnessing a slight decrease of 0.23% in market capitalization to reach $37.3 billion, along with a significant drop of 22.44% in trading volume, settling at $362 million.

In early 2023, BNB Coin began at $242 and experienced a 38% surge to reach $337 following Bitcoin’s rally.

It maintained this level until mid-April 2023, when it dropped by 30% due to the SEC’s lawsuit against Binance, accusing the exchange of mishandling customer funds and breaking security rules.

Despite the decline, Binance’s supporters rallied by creating the Stand with Crypto NFT in support of the exchange.

I just minted a Stand with Crypto NFT in support of sensible crypto policyhttps://t.co/ESyFkvnV9q pic.twitter.com/bQ2lTH1ZSW
— Linda Xie (@ljxie) April 25, 2023

BNB Coin Price Analysis – Buy the Dip?

Binance Coin’s recent performance has been relatively stable, with limited discussions on social media platforms providing insights into its current state.

Despite the current levels, the majority of the market is optimistic about the token, as indicated by positive sentiments across CoinMarketCap.

While there are bullish signals circulating on social media for this token, we advise against buying the dip as there haven’t been any substantial developments.

BNB Chain’s recent tweet about its hackathon event garnered engagement but didn’t impact BNB Coin’s price significantly.

We’re so excited to announce our latest hackathon, which aims to inspire devs to build with opBNB and BNB Greenfield ✨
Read about the incredible rewards hackers can earn from participating and register here!https://t.co/FO2ur6Mf4thttps://t.co/0QqMMAMc6J
— BNB Chain (@BNBCHAIN) July 13, 2023

The price performance of BNB Coin has not gained significant attention, as indicated by the negative MACD histogram. From a technical standpoint, the sentiment surrounding this asset is not favorable.

The token’s RSI stands at 47, indicating a lack of bullish interest.

BNB Coin Alternative – Burn Kenny

Burn Kenny is presale crypto gaining momentum thanks to its South Park imagery of one of its most popular characters – Burn Kenny.

Calling itself the “most irrelevant cryptocurrency token”, the token claims to provide a way to set digital assets on fire for a run.

Similar to how Kenny is often the recipient of many life-ruining pranks, Burn Kenny is a meme coin that the project says it loves to burn.

With its public smart contract and clear motive (which is to make money), Burn Kenny is a project with straightforward tokenomics.

With a total supply of 6,666,666,666, Burn Kenny dedicated 40% of it to the presale. 30% are for the Uniswap pool, which will be liquidity locked for three months. The final 30% of the tokens will be sent to the burn address within 24 hours of Burn Kenny going live on Uniswap.

Burn Kenny’s transparency about its motive and its deflationary mechanics give it major upsides in the meme coin space. While its long-term prospects are few, Burn Kenny can potentially go 10x as a short-term asset.

Burn Kenny opened as presale this week, but it has now sold out thanks to the viral campaigns by the devs and the power of South Park-themed memes. Created by the same team behind Mr Hankey, another South Park-themed crypto that pumped by 144% before correction, Burn Kenny holds the same potential to grow.