Why is the BNB price up today?

BNB price has jumped by around 15% in the last 24 hours to reach $724.70 on Feb. 13, outperforming the broader cryptocurrency market. Key catalysts driving BNB prices higher today are:MyShell IDO launch on Binance Wallet.New BNB Chain Roadmap for 2025.Binance co-founder Changpeng Zhao teasing memecoin launches on BNB Chain.A classic technical indicator highlighting $970 as the upside target.Let’s examine these bullish catalysts in detail.MyShell IDO launch sparks BNB buying frenzyBNB’s rally today appeared after the highly anticipated MyShell Initial DEX Offering (IDO) launch on the Binance Wallet.Things to know:The MyShell IDO launched at 10:00 am Beijing time on Feb. 13 and concluded at 10:00 pm, marking a record-breaking oversubscription.MyShell aimed to raise 1,270 BNB, pricing each SHELL token at 0.00003175 BNB, setting the project’s initial valuation at $20 million.However, the IDO saw a massive 27,959 BNB in total subscriptions—more than 20 times the initial target.The overwhelming demand for SHELL tokens coincided with BNB price gains.Binance partnered with PancakeSwap decentralized exchange to launch MyShell IDO, boosting CAKE price by around 50% in one day.Many BNB Chain-based tokens surged in the same period, further indicating a growing underlying demand for BNB.Binance co-founder teases new memecoinBNB’s price boom closely follows Binance co-founder and former CEO Changpeng Zhao’s (CZ) interest in launching a memecoin on the BNB Chain.As it happened:On Feb. 12, 2025, CZ engaged in a conversation on X (Twitter) that accidentally triggered memecoin speculation.He mentioned that he owns a Belgian Malinois dog, prompting community members to ask for its name and photo—likely to create a dog-themed memecoin.CZ expressed curiosity about the process of determining an “official” memecoin and asked how such projects gain legitimacy.Binance has focused on memecoin launches in its 2025 roadmap, released on Feb. 11.BNB’s price has increased by over 17% since the roadmap release.Memecoin trading requires BNB for gas fees, liquidity, and swaps, directly increasing demand.Earlier, Solana price rallied due to a similar memecoin frenzy across its blockchain network.BNB hints ‘BARR Bottom’ breakoutBNB’s gains today are part of a possible Bump-and-Run-Reversal (BARR) Bottom indicator.Key points:The BARR Bottom pattern consists of three phases: Lead-in, Bump, and Run.The recent breakout confirms BNB price has entered the final “Run” stage, signaling bullish continuation.BNB initially followed a steady downtrend, sharply declining in early February.Found strong support near the 200-day EMA (~$624), prompting aggressive buying.The breakout above the descending trendline and $705 resistance confirms the pattern.The projected upside target is $970, based on the pattern’s measured move.Minor resistance is expected at $780-$800, a local top level in December.RSI has climbed to 63.5, signaling increasing buying pressure but still below overbought levels.Analyst Crypto Rand supports the upside outlook due to the ongoing “strong bounce,” predicting a BNB price boom toward $1,000 in the coming weeks.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.