BNB, the native crypto for the BNB chain, has experienced a significant surge in market capitalization, surpassing Solana (SOL).
It follows Binance exchange’s recent streak of headlines fueled by its founder and former CEO, Changpeng Zhao (CZ).
BNB Market Cap Outperforms SOL
Over the past week, BNB’s price has increased by 13%, elevating its market cap to over $104 billion, thereby flipping SOL.
Binance’s founder and former CEO, Changpeng Zhao (CZ), commented on this development, reflecting a forward-looking perspective. He emphasized that this milestone is merely an early step, with more strides to come.
“Not a competition. But just the beginning,” CZ remarked.
The BNB Chain’s performance, processing 68.3 million transactions in the past 30 days, further highlights the traction. Data on Dune shows BNB accounts for over 6% of the total transactions, only second to Solana.
With this, it has effectively become the leading Ethereum Virtual Machine (EVM) chain by monthly transactions.
Concurrently, the BNB Chain ecosystem is witnessing a resurgence of meme coins, particularly with the emergence of the Four.meme platform. Data on Dune shows that this platform has facilitated the creation of over 12,000 meme tokens in a single day.
Despite sector competition from Solana’s Pump.fun and Tron’s SunPump, the turnout suggests a growing interest in meme-based cryptocurrencies within the BNB Chain community. Nevertheless, actions such as malicious attacks remain a consistent threat, interrupting platform performance.
As BNB continues its upward trajectory and platforms like Four.meme gain traction, the interplay between technological advancements and market sentiment remains a focal point for industry observers.
Analysts Highlight Technical Bounce for BNB
Meanwhile, BNB also posted the strongest gains among the top 30 cryptocurrencies, surging 12% to around $711. It stood out as one of the few tokens to show positive price movement while the broader market struggled. Crypto analyst Zeus expressed optimism about BNB price, citing CZ’s influence.
“I don’t think everyone is bullish enough on BNB. We’re in peak crime season and CZ is one of the, if not the greatest criminals in the space. Every chart I look at makes me feel more bullish, I think we get a serious move to BNB chain…,” Zeus wrote.
The analyst also suggests a potential shift of investor interest from Solana to the BNB chain due to perceived better efficiency. This, in their opinion, could significantly influence BNB’s price.
Additionally, analysts suggest that listing new meme coins, such as TST and CHEEMS, on Binance might have contributed to the surge. These listings and CZ’s continued promotion of the BNB Chain have strengthened market confidence in the ecosystem.
The increased trading activity on Binance, the world’s largest crypto exchange, may have also played a crucial role in BNB’s recent performance.
BeInCrypto data shows BNB is trading for $713.93 as of this writing, representing a nearly 13% surge in the past 24 hours.
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