Source: WeChat Official Account: Chen Bai Lan Bu Bai Lan
The market capitalization of BNB, the native cryptocurrency of the BNB Chain, has surged significantly, surpassing that of Solana (SOL). Binance has recently made headlines due to its founder and former CEO Changpeng Zhao (CZ).
BNB Market Cap Surpasses SOL
In the past week, the price of BNB has risen by 11%, with its market capitalization exceeding $10.32 billion, thus surpassing SOL. Changpeng Zhao commented on this development, reflecting a forward-looking perspective. He emphasized that this milestone is merely a part of a broader journey.
“This is not a competition. This is just the beginning,” CZ remarked.
The performance of the BNB Chain further underscores its appeal, processing 68.3 million transactions in the past 30 days. Data from Dune shows that BNB accounts for over 6% of the total transaction volume, second only to Solana. Consequently, it has effectively become the leading Ethereum Virtual Machine (EVM) chain in terms of monthly transaction volume.
Meanwhile, the BNB Chain ecosystem is witnessing a resurgence of meme coins, particularly with the emergence of the Four.meme platform. Data from Dune indicates that the platform facilitated the creation of over 12,000 meme tokens in just one day. Despite facing competition from Solana’s Pump.fun and Tron’s SunPump, voter turnout suggests that the BNB Chain community is increasingly interested in meme-based cryptocurrencies. However, malicious activities continue to pose ongoing threats that could disrupt the platform’s performance.
As BNB maintains its upward trajectory and platforms like Four.meme gain attention, the interplay between technological advancements and market sentiment remains a focal point for industry observers.
Analysts Highlight BNB’s Technical Rebound
Meanwhile, BNB is also the best-performing cryptocurrency among the top 30, soaring by 12% to around $711. It is one of the few tokens showing positive price movements amidst an overall market downturn. Cryptocurrency analyst Zeus expressed optimism about BNB’s price, noting CZ’s influence.
“I don’t think everyone is optimistic enough about BNB. We are at a peak of criminal activity, and CZ is one of the biggest players in that field, arguably the biggest. Every chart I see makes me more optimistic, and I think we will seriously consider the BNB Chain…” Zeus wrote.
The analyst also stated that interest from investors may shift from Solana to the BNB Chain, as people perceive Solana to be more efficient. They believe this could significantly impact BNB’s price.
Additionally, the analyst mentioned that the listing of new meme coins, such as TST and CHEEMS, on Binance may have also propelled this growth. The introduction of these new coins and CZ’s continued promotion of the BNB Chain have bolstered market confidence in the ecosystem.
Increased trading activity on Binance, the world’s largest cryptocurrency exchange, may also have played a crucial role in BNB’s recent performance.
Data from BeInCrypto shows that as of the time of writing, BNB is trading at $705, having risen nearly 11% in the past 24 hours.
