How is the crypto market performing in recent days? Specifically, what is the price trend and latest news involving Dogecoin (DOGE), Floki Inu (FLOKI) and Binance Coin (BNB)? All the answers below.
Summary
Crypto analysis of Dogecoin, FLOKI and Binance Coin
It is worth mentioning that Dogecoin is the crypto whose logo is graphically based on an internet meme representing a Shiba dog and also made famous thanks to the support of Elon Musk. On the other hand, Floki is also a trending memecoin and another cryptocurrency based on the Shiba Inu dog breed.
Finally, Binance is one of the largest exchanges in the crypto world, which allows the buying and selling of tokens and coins, accompanying these transactions with additional services ranging from staking to classic annuity, from providing liquidity to cards and mining. Binance Coin (BNB) is its native crypto.
The price of the Dogecoin crypto and the lawsuit against Musk
Billionaire Elon Musk is reportedly asking a judge to dismiss the multibillion-dollar lawsuit filed against him for allegedly illegally promoting Dogecoin (DOGE).
According to a new report from Reuters, lawyers representing the CEO of Tesla are asking a judge to dismiss the $258 billion lawsuit filed by a group of investors accusing him of perpetrating a pyramid scheme.
Musk’s lawyers say the lawsuit is a work of fiction and that Musk’s statements about Dogecoin were too vague and trivial to be considered real endorsements of an asset.
Moreover, the lawyers note that DOGE is a legitimate cryptocurrency with a market cap of about $10 billion. As stated by its lawyers, according to Reuters:
“There is nothing illegal about tweeting supportive words or funny images about a legitimate cryptocurrency that continues to have a market cap of nearly $10 billion. This court should put an end to the plaintiffs’ fantasies and dismiss the complaint.”
The investors’ lawsuit alleges that Musk intentionally increased Dogecoin’s price by 36,000% over two years before letting it collapse. The lawsuit also claims that Dogecoin was a security and that Musk knew it had no intrinsic value.
According to the report, the Dogecoin Foundation is also named as a defendant and is asking the court to dismiss the lawsuit. In all this, the market structure turned bullish after DOGE broke above $0.078.
In fact, in an earlier report, the $0.078 area was highlighted as a strong resistance zone where DOGE could be pushed back. Instead, prices rose above this area, and the bulls continued to drive prices higher.
Floki crypto: is it a promising asset? It will perform like Dogecoin and Binance Coin
Recently, fast food giant Burger King acknowledged the Shiba Inu knock-off in a surprising Twitter exchange. Indeed, Burger King UK jokingly dubbed it the “top doge,” garnering over 40,000 views and triggering a flurry of reactions from the cryptocurrency community.
Users rushed in and expressed their support for Floki Inu, with many using the hashtag “#floki” and calling him the “top doge.” Some even encouraged Burger King to accept Floki Inu as a form of payment, suggesting that the fast food giant’s recognition could increase the cryptocurrency’s popularity.
This interaction highlights the growing influence of meme-based cryptocurrencies as they continue to make their way into mainstream conversations. However, it remains to be seen whether Burger King will seriously consider accepting Floki Inu or any other meme-based cryptocurrency.
In any case, the banter exchange has undoubtedly generated buzz and caught the attention of meme coin enthusiasts. In any case, it doesn’t end there, because in recent days Floki has also been listed on one of the world’s oldest crypto exchanges, namely HitBTC.
HitBTC confirmed the development in an official tweet a few days ago, writing:
Dear Traders,
We have successfully added $FLOKI to our platform. FLOKI is an innovative ecosystem offers a 3D NFT Metaverse, DeFi utilities, a crypto education platform, NFTs, a merchandise store, and more.
Trade $FLOKI against $USDT here: https://t.co/Gd6WU5kXfR pic.twitter.com/ThZXDVO33U
— HitBTC (@hitbtc) March 30, 2023
A dive into the HitBTC platform shows that trading for the FLOKI/USDT pair has already begun. Founded in 2013, HitBTC remains one of the oldest cryptocurrency exchanges in the world, and this disclosure further brings Floki to millions of users.
Shortly after the announcement, Floki’s official team promptly acknowledged the development, emphasizing its importance to the community.
Binance Coin crypto prediction: will the FUD affect BNB?
Currently, BNB is trading at $315.6, up 0.03% in 24 hours. The token’s market capitalization increased slightly by 0.05% to 49,755,735,287 at press time.
In addition, the daily trading volume of the fourth largest cryptocurrency was $452,124,630. And as the numbers slowly increased, investors and experts became bullish on the token.
Digital Capital Management CEO Ben Ritchie is positive about BNB and predicts that by the end of the year the cryptocurrency will be worth $300. Ritchie also admitted that the viability of the Binance exchange will determine BNB’s fate.
As he added that the business has the potential to be deflationary, he continued:
“BNB price also follows supply and demand. BNB introduced a burn mechanism in each transaction fee and conducted quarterly burns, making it a deflationary asset. As the BNB chain ecosystem continues to grow, the price could reach $3,000 in 2030.”
At the time, the price of Binance Coin was below the 200-day simple moving average (SMA). As of 20 January 2022, the 200-day SMA indicates SELL for the previous 212 days.
Since 16 July 2022, when the price of Binance Coin fell below the 50-day SMA, this indicator has indicated a SELL signal for the past 55 days.
In any case, in light of the coin’s volatility and the fact that it “mainly tracks Bitcoin’s price fluctuations and has no real-world use,” John Hawkins, senior lecturer at the University of Canberra, predicted that the price of BNB will fall to $180 by the end of 2023.
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