The release of Binance founder and former CEO Changpeng Zhao (CZ) is imminent, the U.S. Bureau of Prisons (BOP) has confirmed.
Zhangpeng Zhao’s return could have market implications due to his key role in the crypto industry.
Altcoins to watch as Zhangfeng Zhao's release approaches
As BeInCrypto reports, Changpeng Zhao is set to be released on September 29 , leaving traders with 12 days to adjust their positions. Amidst the uncertainty in the cryptocurrency markets, some traders may find opportunities surrounding this event. Those watching the altcoin market will be paying attention to five tokens that could react to CZ’s release.
Binance Coin (BNB)
The release of Changpeng Zhao provides upside potential for Binance Coin (BNB). As Binance’s native token, BNB is directly tied to the success of the platform, and any major events, especially those involving CZ, could have a significant impact on its price.
For example, when CZ announced its cooperation with the US Department of Justice and appointed Richard Tung as CEO , the price of BNB fell 10% to $244 within an hour. Similarly, when Changpeng 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 Cryptocurrency Exchange for You?
Ahead of Zhangpeng Zhao’s impending release, BeInCrypto analysts speculate that BNB could recover to $600 . Currently, BNB is trading at $541.62.
Ethena (ENA)
Ethena (ENA) is a synthetic dollar protocol that provides a crypto-native alternative to traditional banks through internet bonds. In March, it gained attention as part of Binance’s coin mining program, allowing users to mine ENA by staking BNB and the stablecoin FDUSD.
As a major participant in Binance’s coin mining initiative, ENA continues to build credibility and exposure among users looking for alternative investments and yield-generating assets. Due to its integration within the Binance ecosystem, ENA may experience volatility as the attention surrounding the release of CZ increases.
At the time of writing, ENA is trading at $0.2267, up more than 6% since the opening of the session on Wednesday.
REZ
The selection of the Renzo Protocol (REZ) token follows Binance Labs, the venture capital and incubation arm of Binance, investing in Renzo Protocol in February.
“Renzo’s technology solves the complexity of liquid restating, allowing more users to participate in liquid restating,” said Yi Yi, Binance Co-Founder and Head of Binance Labs.
The protocol abstracts all staking complexities from end users, enabling easy collaboration with EigenLayer node operators and Active Validation Services (AVS). Likewise, its liquid re-staking token, ezETH, provides users with exposure to re-staking while maintaining liquidity.
Backed by Binance Labs, the Renzo protocol, REZ, is poised to respond to CZ’s release later this month. At the time of writing, Renzo is trading at $0.0360, up nearly 8% since the session opened on Wednesday.
ARKM
Binance is also investing in ARKM, an “intel-to-earn” token aimed at improving blockchain transparency. In a November blog post, Binance said their investment aims to facilitate “on-chain insights” at scale across the blockchain ecosystem.
The exact amount that Binance Labs invested in ARKM was not disclosed, but news of their support sent the ARKM token up 30%, reaching a market cap of $100 million on November 15. At the time of writing, ARKM is trading at $1.01, according to BeInCrypto data.
Sleepless AI ( AI)
Sleepless AI (AI) is a Web3 and AI-powered gaming platform that leverages blockchain and AI technologies to revolutionize the gaming industry. Similar to Ethena (ENA), users can mine AI tokens by staking BNB, FDUSD, and TUSD.
Sleepless AI, which is included in Binance’s coin mining program, is a token worth noting. Its price has increased by more than 8% in the last 24 hours and is currently trading at $0.3997, according to BeInCrypto data.
