- Per Tron founder Justin Sun, China is looking to unban crypto soon.
- Analyst have expressed mixed reactions, with many speculating a rally for Chinese memecoin BIAO.
Increased interest and acceptability have seen many governments rush to regulate and control the crypto space.
While other countries are making moves with political endorsement for crypto in the U.S., China has remained silent so far.
However, recent rumors suggest that China is now set to unban crypto after three years. The rumors originated from Tron founder Justin Sun, tweet, who asked,
“China unbans Crypto. What’s the best meme for this?”
But despite the heightened discussion, no official information or reliable source supported the claim.
Mixed reactions from crypto analysts
The rumors have been received by skepticism and excitement in equal measures. Various analysts have shared their excitement about the potential positive impact of millions of new users in the crypto space.
For instance, blchs noted through his official X (Twitter) page that,
” China’s decision to unban Crypto could be a game-changer, potentially bringing +100M new users into the crypto space in 2024. “
However, others have shared their reservation, arguing that the mainland can’t legalize Crypto. Inasmuch, Gine Zne simply said,
“…most likely impossible.”
The mixed market sentiment showed that the market was undecided over the issue because of a lack of credible information.
Memecoin BIAO drops hints?
Source: X
Despite the mixed reactions, analysts are betting big on BIAO.
BIAO is the leading meme-coin in China, and the news has left everyone excited about a potential bull run. Crypto analyst Toney predicted a 133% surge. Through his analysis, he noted that,
“$biao @biaoerc20 WTF $biao is up 50% in 24h. looks like something big is coming. Biao is the most popular meme in China. China is about to unban Crypto. x100 from here.”
The news of the Chinese market has caused a buzz around BIAO, thus increasing its market prices. The memecoin was trading at $0.002873 at press time, after a 28% surge on daily charts and 119% on weekly charts.
According to CoinMarketCap, its trading volume has surged by 209.7%. Thus, a potentially favorable legal status in China would see BIAO surge to a record high.
Additionally, trading activities would positively impact the Tron network in terms of revenue inflow.
According to Bitcoin Runes Hub, the surge of this meme-coin would inject over $1 billion into the Tron chain.
The analyst noted that,
“There is coming a $1 billion coin on TRON chain. And it’s gonna be $FOFAR, $BIAO or $SUNDOG. $BIAO is the largest meme in Asia with a doxxed team as well.”
Source: CoinGecko
Despite this increased interest, the altcoin market continued to decline in market cap. According to CoinGecko, altcoins have declined from $1 trillion to $996 million on daily charts.
Equally, the BTC market cap has declined by 1.69% to $1.16 trillion.
