Dogecoin’s Founder Stacking BNB: Time To Buy?

Billy Markus, the founder of Dogecoin, also known as Shibetoshi Nakamoto, is in the headlines after stating that he sold all his BabyNeiro tokens in exchange for BNB, Binance’s native token.

Markus, who famously sold all his Dogecoins to buy a car for $10,000 in 2015, which is now worth over $90m, remains a frequent trader or recipient of tokens. Given BNB’s poor market performance, it is less surprising that his latest foray has sparked controversy.

Billy Markus decided to sell BabyNeiro tokens, which aren’t too popular, in exchange for 12.2 tokens of BNB, estimated to be $7,243. Notably, Markus has accumulated cryptocurrencies as tips in different wallets.

Lookonchain specified his earnings from selling free tokens he received, to be a whopping $780K just this year. This has raised eyebrows among traders and investors.

Earlier on, Markus’ activities in the market were moving indicators for the rest of the community. His choice to sell his Dogecoins for $10,000 in 2015 was questioned widely, and his sale became a meme. Had he held on to his investments, the value would have been over $9 million.

Fast forward to today. Markus has decided to exchange his crypto gains for BNB again as the token performance looks mixed on the chart.

BNB Prices Struggling to Post Gains

Binance Coin (BNB) is valued at $596.77 and is down by approximately 0.12% within the last 24 hours. The cryptocurrency has decreased recently and stabilized between $600 and $700. BNB trades at a market cap of $86.92 billion -0.30% down from today’s same period.

The daily trading volume has declined by a large margin to 7.40% to a value of $1.45 billion in the last 24 hours, with an average volume-to-market cap ratio of 1.67%. Nonetheless, not a single day has gone by without the emergence of new records.

BNB remains dominant in the overall crypto market and is fourth in market capitalization among all existing cryptocurrencies. The fundamentals of this token are still strong, as its supply circulation is at 145.66 million.

This is its total supply, meaning there is no supply inflation pressure on the asset. When zooming in on the technical aspect, a bullish pennant is seen in the structure of the BNB, which is a continuation pattern with a bullish breakout after a series of bullish trends.

The price ranges between $590 and $600. Nevertheless, a breakout above the upper trendline of the pennant means that the bullish move will continue and may reach subsequent resistances, which could be around $610 or higher.

The MACD signal at the base indicates that the blue MACD line has a slightly bullish signal above the orange signal line.

The histogram is slightly above zero, which means that while the bullish signal is relatively weak, there is potential to enhance its strength if only a breakout happens. Another crossover where the MACD line is again more distant from the MACD signal line may as well reaffirm a ‘buy’ signal.