Binance Coin's Price Skyrockets 15x to All-Time High, Saved by Three Bull Market Lifelines

CZ's new book, titled "Binance Life," has sparked a violent uptrend in the token of the same name, hitting this cycle's price high, surging 15x from the late March low.

This comes at a time when cryptocurrency trading volume is dismal, the wealth effect is sharply shrinking, Bitcoin's peak is nearly halved, essentially placing the crypto industry at the bottom layer of the tech asset sector with a 15x surge.

"Binance Life" Candlestick Chart

The 15x increase has brought about a much larger wealth effect than just the "Binance Life" token. On Binance, there has been a long-lost phenomenon of a 24-hour doubling pump for altcoins, leading to familiar fund rotations such as NFTs, Chinese memes, or the Polkadot ecosystem. A pump of "Binance Life" has slightly revitalized the crypto market that had fallen to a low.

This event has once again unfolded on Binance.

Because of these artificial bulls in a bear market, they have appeared twice in the past when most needed.

On January 28, 2019, BTT was open for subscription on Binance Launchpad, and the window lasted for 18 minutes. With an allocation of $7.12 million, it sold out in 18 minutes. Priced at $0.00012, it surged over 10x above the issue price after 8 days.

That was a time in the ultra bear market when everyone was directionless. What Binance Launchpad directly addressed was providing ordinary investors with an entry to get early chips. This had never happened before. If you bought it, you were just a step ahead of others. Scarcity was real, and FOMO occurred naturally.

In March 2022, BTC plummeted by 34% from an all-time high of $68,700 to $37,800. Most people had not decided whether to exit or continue waiting when STEPN's governance token, GMT, completed its subscription on Binance Launchpad at a price of $0.01.

On April 24, GMT was priced at $4.1144, marking a 411x increase from the issue price, with a peak circulating market cap of $24.6 billion. Google Trends data showed that "STEPN" reached a peak global search popularity score of 100 in that week, almost in sync with the price peak. In June, daily active users reached 1 million. Copycat projects subsequently emerged, with at least 17 Move-to-Earn projects following suit.

Comparing to BTT, GMT adds another layer to the narrative. BTT sells scarcity. GMT sells a story backed by behavioral logic, where you can earn while walking, it is explainable and shareable. It accurately captures two collective emotions in the post-pandemic era: a desire for outdoor activities and a fantasy of crypto gains. A Binance-endorsed platform + a compelling product narrative = the ignition point in a bear market.

Four years later, just when the cryptocurrency community needed a project to numb its nerves, "The Binance Life" emerged. Along with the release of Zhao Changpeng's new book and the start of a network-wide reading week, past events were revisited, public opinion remained heated, and it also set a new historical high for a meme coin.

BTT needs a trading protocol, GMT needs a pair of sneakers and a mobile app. What "The Binance Life" needs is a phrase, a meme, and the title of a book.

In terms of the process, "The Binance Life" was not as organic as in previous years. The IEO that made food delivery drivers reject orders at 8 p.m. to snatch new coin allocations is surely a memory for veteran players. Earning while running directly transformed the definition of Web3 into a trend. This time, there were hardly any new faces in the market, but in conjunction with the release of an out-of-the-box book, the exotic coins on Binance brought back the long-lost volatility, seemingly even more thirst-quenching than the previous two instances.

Of course, this is not a macro bull market; money is not yet flowing to Bitcoin, let alone altcoins. But even in a brief artificially induced bull run, some are surprisingly moved.