- China is planning to unlock cryptocurrencies soon, according to Tron founder Justin Sun.
- Analysts expressed mixed reactions, with many speculating a rally for Chinese memecoin BIAO.
The increased interest and acceptability has prompted many governments to rush to regulate and control the crypto space.
While other countries are taking steps to politically support crypto in the United States, China has remained silent so far.
However, recent rumors suggest that China is now set to lift its ban on cryptocurrencies after three years. The rumors come from Tron founder Justin Sun, who tweeted:
“China Lifts Crypto Ban. What’s the Best Meme for That?”
But despite intense discussions, no official information or reliable source has supported this claim.
Mixed reactions from crypto analysts
The rumors have been met with equal parts skepticism and enthusiasm, with various analysts expressing excitement about the potential positive impact of millions of new users in the crypto space.
For example, blchs noted via his official X page (Twitter) that,
“China’s decision to lift its ban on cryptocurrencies could be a game-changer, potentially bringing over 100 million new users to the crypto space in 2024.”
However, others have expressed reservations, arguing that the continent cannot legalize cryptocurrency. As Gine Zne simply stated:
“…probably impossible.”
The mixed market sentiment showed that the market was undecided on the issue due to a lack of credible information.
Memecoin BIAO Drops Clues?
Source: X
Despite mixed reactions, analysts are betting big on BIAO.
BIAO is the leading meme in China, and the news has left everyone excited about a possible surge. Crypto analyst Toney predicted a 133% surge. In his analysis, he noted that,
“$biao @biaoerc20 WTF $biao is up 50% in 24 hours. Looks like something big is coming. Biao is the most popular meme in China. China is about to unlock Crypto. x100 from here.”
The news from the Chinese market has caused a buzz around BIAO, boosting its price in the market. The memecoin was trading at $0.002873 at press time, after rising 28% on the daily charts and 119% on the weekly charts.
According to CoinMarketCap, its trading volume increased by 209.7%. Thus, a potentially favorable legal status in China would allow BIAO to reach an all-time high.
Additionally, trading activities would have a positive impact on the Tron network in terms of revenue streams.
According to Bitcoin Runes Hub, the rise of this meme currency would inject more than a billion dollars into the Tron chain.
The analyst noted that,
“A billion dollar cryptocurrency is coming to the TRON chain soon. And it will be $FOFAR, $BIAO or $SUNDOG. $BIAO is the biggest meme in Asia with a team that is also doxxed.”
Source: CoinGecko
Despite this increased interest, the market cap of the altcoin market has continued to decline. According to CoinGecko, altcoins have fallen from $1 trillion to $996 million on the daily charts.
Similarly, BTC market cap decreased by 1.69% to $1.16 trillion.
