BNB, the native token of Binance’s BNB chain, has reclaimed the spotlight after rising to a new all-time high, cementing its position as the world’s third largest crypto by market cap.
Data from Cryptoslate shows BNB hitting an all-time high of $1,335 on October 7, before pulling back slightly to around $1,306 as of press time.
The token has remained up over 6% over the past 24 hours, making it one of the market’s top performers throughout the day. In the past week, BNB has gained almost 30%, extending its monthly rally to around 50%.
That wave allowed BNB to overtake XRP in total market value. As of press time, BNB’s capitalization stands at $182.6 billion, surpassing XRP’s $178 billion.
The token now trails only Bitcoin and Ethereum in global rankings, representing about 32% of ETH’s $568 billion market cap.
BNB’s growing utility
BNB’s latest rally reflects more than market enthusiasm as it reflects the digital asset’s growing utility and networking activity across the BNB chain ecosystem.
Decentralized exchanges like Aster have seen a sharp increase in trading volumes, driving demand for BNB as the chain’s core gas and governance token.
According to Defillama factsThe total value of BNB Chain locked (TVL) has grown by more than 7% in the past 24 hours, reaching approximately $4.5 billion. During the same period, network costs were $4.51 million, while protocol revenue climbed to $2.23 million.
Furthermore, active addresses on the BNB chain have also increased, with more than 73 million registered in September and 15 million already registered this month.
Venture capital firm YZI Labs noted That BNB’s core principles remain “built for mass adoption,” pointing to several key catalysts behind its post-ATH performance.
According to the company, this includes expanding on-chain momentum, wide overhang, deflationary tokenomics through dual fire mechanisms, and low transaction costs after the Maxwell Hard Fork.
It added that institutional players have also started integrating BNB for treasury and liquidity management, indicating a deeper layer of adoption.
Memecoin momentum
BNB’s meeting coincided with a renewed wave of speculative trading on the blockchain network.
Blockchain Analytics Platform Bubblemaps reported A sharp increase in Memecoin activity, describing the ongoing “BNB Memecoin season” as one of the most profitable in recent cycles.
According to the company, more than 100,000 on-chain traders participated in new token launches, with around 70% seeing profits.
Some of the best-performing projects include the $4 Memecoin, Binance Life and Palu, which saw dozens of early traders earn between $100,000 and $1 million in profits.
This influx of speculation and capital movement into the network has created a perfect storm for BNB’s momentum – cementing its role as both a utility token and a bellwether for broader activity on Binance’s blockchain.
