Binance-Backed BNB Becomes 3-d Largest Coin By Market Cap

BNB, the native cryptocurrency of the BNB Chain — the layer-1 blockchain developed by Binance — has climbed to change into the third-largest digital asset by market capitalization.

After breaking above $1,100 for the first time on Friday, BNB (BNB) achieved a brand new main milestone on Tuesday by overtaking Ripple-backed XRP (XRP) because the third-largest crypto asset by market cap.

On the time of publication, BNB traded at $1,326, up almost 30% up to now seven days, with a market capitalization of $182 billion, according to CoinGecko knowledge.

This breakthrough coincides with the rising adoption of BNB in numerous areas, together with the launch of a government-backed BNB fund in Kazakhstan. In the meantime, some market observers have raised considerations about potential worth manipulation underlying the sharp rise relative to different cryptocurrencies.

BNB’s $38 billion surge stands out amid broader crypto rally

Whereas BNB’s rally aligns with broader good points throughout the crypto market, its progress has stood out from that of main friends like Bitcoin (BTC) and Ether (ETH).

Since Oct. 1, Bitcoin’s market capitalization has climbed about 5%, whereas BNB’s market cap has surged about 28% in simply seven days — including $40 billion to its worth.

Ether, the second-largest cryptocurrency with a market capitalization of about $568 billion, recorded an 8.4% enhance in market worth over the identical interval.

For comparability, it took BNB greater than two months earlier this yr so as to add the same quantity to its market cap, when its worth stood at round $100 billion in mid-July — roughly the identical degree it held at first of 2025.

Since Oct. 1, the overall crypto market capitalization has increased by solely 5.5%, whereas Bitcoin and Ether have been progressively shedding dominance.

Group questions drivers of progress

BNB’s outsized good points have sparked controversy throughout social media, with some commentators speculating about potential market manipulation behind the token’s fast rise.

Some market watchers within the Solana (SOL) neighborhood on Reddit questioned BNB’s utility in comparison with tokens like SOL. A number of commentators promptly pointed to potential worth manipulation.

Associated: Crypto trader turns $3K into $2M after CZ post sends memecoin soaring

“BNB is basically just like the FTX token. Can’t wait until it will get referred to as out for the worth manipulation with proof. It’s gonna be superb,” one of many top-voted commenters wrote.

Manipulation allegations have additionally circulated on X, the place DeFiTracer accused Binance of “shopping for tens of millions of BNB to liquidate shorts,” suggesting the trade could also be actively driving worth actions for BNB.

Does CZ maintain 64% of BNB circulating provide?

Regardless of mounting hypothesis of market manipulation on social media, Binance and its high executives, in addition to founder Changpeng “CZ” Zhao, have but to touch upon the rumors.

CZ took to X on Tuesday to post “Preserve constructing on BNB Chain,” whereas the official BNB Chain account reposted evaluation by BNB-focused crypto fanatic Momin Saqib.

“Whereas the broader trade feels prefer it’s nonetheless ready for route, BNB has quietly been placing up the strongest numbers within the trade,” Saqib wrote, referring to BNB Chain’s 60 million month-to-month energetic addresses and new file highs of BNB.

With BNB’s market cap reaching $182 billion, CZ might personally maintain as a lot as $116 billion within the crypto asset, as earlier studies advised that Zhao held 64% of BNB’s circulating supply as of June 2024.