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 for a series of events involving its founder and former CEO, Changpeng Zhao (CZ).
BNB Market Capitalization Surpasses SOL
Over the past week, the price of BNB has increased by 11%, raising its market capitalization to over $10.32 billion, thus surpassing SOL. Changpeng Zhao (CZ), the founder and former CEO of Binance, commented on this development, reflecting a forward-looking perspective. He emphasized that this milestone is merely part of a broader journey.
“This is not a competition. This is just the beginning,” CZ remarked.
The performance of the BNB Chain further highlights 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. As a result, 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 a single day. Despite facing competition from Solana’s Pump.fun and Tron’s SunPump, voting rates indicate that the BNB Chain community is increasingly interested in meme-based cryptocurrencies. However, malicious attacks remain a persistent threat that can disrupt platform performance.
As BNB continues its upward trend 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
At the same time, BNB is also the largest gainer among the top 30 cryptocurrencies, surging by 12% to around $711. While the overall market is struggling, it is one of the few tokens showing positive price movements. Cryptocurrency analyst Zeus expressed optimism regarding BNB’s price, citing CZ’s influence.
“I don’t think everyone is sufficiently optimistic about BNB. We are at a peak of criminal activity, and CZ is one of the biggest criminals in the field, if not the biggest. Every chart I see makes me more optimistic, and I believe we will seriously consider the BNB Chain…” Zeus wrote.
The analyst also noted that due to perceptions of Solana’s greater efficiency, investor interest might shift from Solana to the BNB Chain. They believe this could significantly impact BNB’s price. Additionally, the listing of new meme coins such as TST and CHEEMS on Binance may have also driven this growth. The listing of these new coins, along with CZ’s ongoing promotion of the BNB Chain, has bolstered market confidence in the ecosystem.
The increase in trading activity on Binance, the world’s largest cryptocurrency exchange, may also have played a crucial role in BNB’s recent performance.
As of the time of writing, BeInCrypto data shows that BNB is trading at $705, having risen nearly 11% in the past 24 hours.