- Per Tron founder Justin Sun, China is looking to unban crypto soon.
Analyst have expressed mixed reactions, with many speculating a rally for Chinese memecoin BIAO.
As a seasoned analyst with over two decades of experience in the financial markets and a keen observer of global economic trends, I find the recent rumors surrounding China potentially unbanning crypto intriguing. While skepticism is warranted given China’s historical stance on cryptocurrencies, the potential influx of millions of new users into the space if these rumors were to materialize is undeniably exciting.
As a crypto investor, I’ve noticed an escalating curiosity and adoption of cryptocurrencies, leading numerous governments to swiftly implement regulations and oversight in this digital frontier.
In contrast to other nations that have been vocal about their political backing of cryptocurrencies, China has yet to make any significant statements on the matter.
It’s been hinted recently that China might be planning to lift its cryptocurrency ban, a restriction that has been in place for the past three years. This speculation stems from a tweet by the founder of Tron, Justin Sun.
“China unbans Crypto. What’s the best meme for this?”
But despite the heightened discussion, no official information or reliable source supported the claim.
Mixed reactions from crypto analysts
The rumors are met with both healthy doses of skepticism and anticipation. Numerous experts express their eagerness over the prospective benefits for the cryptocurrency market, brought about by the influx of countless new users.
For instance, blchs noted through his official X (Twitter) page that,
“China lifting its ban on cryptocurrency might significantly reshape the market, possibly adding over 100 million new participants to the crypto sphere by 2024.”
While some have expressed apprehension about the legality of Cryptocurrencies on the mainland, I find myself sharing this concern to a certain extent. As I delve deeper into my research, it seems that the legal landscape for Crypto remains uncertain in this context.
“…most likely impossible.”
The market’s feelings were divided on the matter due to insufficient trustworthy data being available.
Memecoin BIAO drops hints?
Despite the mixed reactions, analysts are betting big on BIAO.
BIAO stands as the foremost meme cryptocurrency within China’s market, sparking widespread anticipation for an imminent price rally. According to crypto expert Tony, there’s a projected 133% increase in value. His examination pinpointed this potential growth based on his observations.
As a researcher, I find myself utterly astonished by the dramatic 50% surge in the value of $biaoerc20 within the past 24 hours. This sudden spike suggests an imminent significant event. It’s worth noting that $biao is currently the most trending meme in China. Given this context, it appears we might be on the brink of a major decision regarding the crypto sector in China, potentially leading to a 100-fold increase from its current state.
News about the Chinese market has generated excitement for BIAO, leading to an increase in its market values. Currently, the memecoin is being traded at $0.002873 per unit, following a 28% jump within the day and a significant 119% rise over the past week.
Based on data from CoinMarketCap, the trading volume has significantly increased by 209.7%. If BIAO were to receive a potentially beneficial legal standing in China, it could reach an all-time high.
Moreover, trading on the Tron network could boost its income streams as well.
As per Bitcoin Runes Hub’s reports, a rise in the popularity of this meme-coin could infuse more than a billion dollars into the Tron network.
The analyst noted that,
A one-billion-dollar coin is set to arrive on the TRON blockchain. This coin could be either $FOFAR, $BIAO, or $SUNDOG. Notably, $BIAO is currently the most popular meme in Asia and its development team has been publicly identified.
Even with heightened attention, the overall value of altcoins still dropped on the market. As per CoinGecko, altcoins’ worth decreased from a trillion dollars to nearly $996 million in daily trading graphs.
Equally, the BTC market cap has declined by 1.69% to $1.16 trillion.
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2024-08-19 14:48