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BNB increases on a Binance Twitter investment as Bitcoin, Ether, Cardano, and XRP decline

Along with the majority of the other top 10 cryptocurrencies by market capitalization, excluding stablecoins, bitcoin and ether experienced declines in Monday morning trading in Asia. After the world’s largest cryptocurrency exchange and the token’s issuer, Binance Global Inc., announced on Friday that it had invested in Twitter Inc., BNB saw its gains increase.

According to data from CoinMarketCap, in the 24 hours leading up to 8 a.m. in Hong Kong, Bitcoin dropped 0.9% to US$20,631 and Ether dropped 1.8% to US$1,590. Cardano lost 3.4% to US$0.40 and XRP dropped 2.5% to US$0.45, while Polkadot increased 0.2% to US$6.65. BNB increased by 3.1% to US$313.76, extending its seven-day gains to 13.6%.

Binance said on Friday that it will contribute US$500 million to Elon Musk, the CEO of Tesla, and his US$44 billion acquisition of Twitter, the world’s largest social media platform.

Leading memecoin Dogecoin dropped 3.5% to $0.1177 after experiencing a 95% increase over the previous week after longtime supporter Musk bought Twitter. On Sunday, Dogecoin reached $0.1494, its highest price since early May, moving it up two spots to eighth place on CoinMarketCap’s list of the top 10 cryptocurrencies. 

Musk has suggested that the platform will eventually integrate cryptocurrencies more deeply. This could include enabling users to use Dogecoin to pay the US$3 monthly fee for Twitter Blue, the company’s premium service.

Shiba Inu token, a copycat memecoin, suffered the most losses, dropping 7.6% to $0.00001193. However, it moved up two ranks on CoinMarketCap’s ranking, passing Dai and Tron thanks to its 17.5% rise over the previous seven days. Sunday’s price of US$0.00001488 was the highest since late August.

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