Binance co-founder and ex-CEO Changpeng “CZ” Zhou was released from a California correctional facility on Friday.
Unsurprisingly, BNB saw a strong uptick after the announcement of his release. Floki – which smart money investors view as a beta bet on BNB – also skyrocketed. The Floki price is up by 25% over the past week.
Many in the crypto industry are viewing CZ’s release as the start of the next crypto bull run. Crypto prices saw a broad-based rally today, including low-cap meme coins.
Presale meme tokens like Crypto All-Stars are also seeing robust fundraising, which is often the characteristic of bull market euphoria.
CZ Released, Floki Price Soars – Is The Bull Market Here?
CZ was sentenced to four months in prison for volating the Bank Secrecy Act and failing to establish an anti-money laundering program – including an adequate KYC – at Binance.
The Binance co-founder spent three months in a low-security prison in California, before being transferred to a halfway house in San Pedro, CA. Additionally, he paid $50 million in personal fine, on top of the $4.3 billion penalty on Binance.
As part of the Department of Justice settlement, CZ is banned from ever managing or operating Binance. However, that has not stopped investors from calling his release a bullish event for the market.
The stage was already set for a major pump in cryptocurrencies, following large rate cuts in the US and China and strong Bitcoin ETF inflows. CZ’s early release has only helped trigger the upside move.
The Bitcoin price hit $66k on Friday, which paved the way for a broad-based meme coin rally. Unsurprisingly, Floki emerged as one of the top-gainers, considering it is being viewed as a beta bet on BNB.
The Floki price saw double digit gains on Friday, reclaiming the $1.6 billion market capitalization. The latest projections from experts have the meme coin seeing a strong bullish continuation in the coming days.
After all, Floki’s price action appears extremely straightforward. Prominent crypto trader Crypto Tony highlights that the meme coin managed to hold above the key support level of 0.00011 and is now poised for a bullish reversal back to its all-time high.
The Floki price will have to flip several key resistances along the way. For instance, it still need to breach the 200-day SMA at $0.000177, the only key moving average it is underperforming in the daily time frame.
The 30-week SMA at $0.000178 is another important resistance. Nevertheless, these levels aren’t expected to be tall tasks for Floki, especially if Bitcoin and BNB maintain their bullish trajectories.
Presale Meme Coins See Strong Funding – Which Is The Next Crypto To Explode?
The bull market euphoria typically results in strong demand for low-cap meme coins as investors hunt for 10x to 100x returns.
For instance, a new meme coin – Crypto All-Stars (STARS) – has raised $1.7 million in presale funding in a few short weeks.
STARS’ key selling point is its unified staking program, MemeVault.
https://x.com/all_stars_coin/status/1836595867945701382
MemeVault accepts 11 meme coins – including Floki – and offers attractive staking rewards to the investors. There is also a secondary staking program for presale holders, which is currently offering an APY of 870%.
MemeVault’s significance cannot be overstated. Prominent crypto trader Michael van de Poppe highlights that he turned $40k into $10 million last bull run, with staking being a key part of its strategy.
As investors’ meme coin holdings keep soaring, MemeVault allows them to stake their coins, earn passive income at an attractive rate and potentially even outperform the market.
Unsurprisingly, the demand for Crypto All-Stars is extremely high, with some investors aiming for 100x returns with it.
