Binance’s Changpeng Zhao Release May Boost These 5 Altcoins

Binance founder and former CEO Changpeng Zhao (CZ) is set for imminent release, confirmed by the US Federal Bureau of Prisons (BOP).

Zhao’s return could influence the markets due to his major role in the crypto industry.

Altcoins to Watch as CZ Faces Imminent Release

As BeInCrypto reported, Changpeng Zhao is expected to be released on September 29, leaving traders with 12 days to adjust their positions. With crypto markets facing uncertainty, some traders may look for opportunities surrounding the event. Those watching altcoins may pay attention to five tokens that could react to CZ’s release.

Binance Coin (BNB)

Zhao’s release positions Binance Coin (BNB) for a potential rally. As Binance’s native token, BNB ties directly to the platform’s success, and key events involving Binance leadership, especially CZ, can significantly impact its price.

For instance, when CZ announced his compliance with the US Department of Justice in November and appointed Richard Teng as the CEO, BNB’s price dropped by 10% to $244 within an hour. Similarly, when Zhao was sentenced to four months in prison in April, BNB rebounded from $556.20 to $570.60.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

With CZ’s upcoming release, BeInCrypto analysts are speculating that BNB could reclaim the $600 mark. As of now, BNB is trading at $541.62.

Ethena (ENA)

Ethena (ENA) is a synthetic dollar protocol offering a crypto-native alternative to traditional banking through its Internet Bond. In March, ENA gained prominence as part of Binance’s coin mining program, allowing users to farm ENA by staking BNB and the stablecoin FDUSD.

As a key participant in Binance’s coin mining initiative, ENA has continued to build credibility and exposure among users looking for alternative investments and yield-generating assets. Given its integration within Binance’s ecosystem, ENA could see volatility as attention builds around CZ’s release.

At the time of writing, ENA is trading at $0.2267, up over 6% since Wednesday’s session opened.

Renzo (REZ)

Renzo Protocol (REZ) token’s selection comes as Binance Labs, the venture capital and incubation arm of Binance, invested in the Renzo Protocol in February.

“Renzo’s technology addresses the complexities of Liquid Restaking, enabling more users to participate in Liquid Restaking,” Binance co-founder and head of Binance Labs Yi He said at the time.

The protocol abstracts all staking complexity from the end-user, enabling easy collaboration with EigenLayer node operators and Actively Validated Services (AVSs). Similarly, its liquid restaking token, ezETH, allows users to have exposure to restaking while maintaining liquidity.

REZ Price Performance. Source: BeInCrypto

With Binance Labs’ backing, Renzo Protocol, REZ is well positioned to react to CZ’s release later this month. At the time of writing, Renzo is trading for $0.0360, up by almost 8% since the Wednesday session opened.

Arkham (ARKM)

Binance is also an investor in Arkham (ARKM), an “intel-to-earn” token aimed at improving blockchain transparency. In a blog post from November, Binance stated that its investment in Arkham aims to promote large-scale “on-chain insights” across the blockchain ecosystem.

Although the exact amount Binance Labs invested in Arkham remains undisclosed, the news of their backing pushed the ARKM token up by 30%, reaching a market capitalization peak of $100 million on November 15. As of this writing, BeInCrypto data shows that ARKM is trading at $1.01.

Sleepless AI (AI)

Sleepless AI (AI) is a Web3 and AI companion gaming platform that leverages both blockchain and AI technology to bring innovation to the gaming industry. Similar to Ethena (ENA), users can farm the AI token by staking BNB, FDUSD, and TUSD.

Sleepless AI’s inclusion in Binance’s coin mining program makes it a token worth monitoring. Over the past 24 hours, its price has surged by more than 8%, trading at $0.3997 as of this writing, according to BeInCrypto data.

Read more: Who Is Changpeng Zhao? A Deep Dive Into the Ex-CEO of Binance

Overall, the potential impact of Changpeng Zhao’s release from prison on Binance-related tokens offers investment opportunities. It highlights the interconnected nature of the cryptocurrency market, with the potential for notable price swings in tokens linked to Binance’s ecosystem.

The post Binance’s Changpeng Zhao Release May Boost These 5 Altcoins appeared first on BeInCrypto.