BNB, the native token of Binance’s BNB Chain, has vaulted into third place among global cryptocurrencies by market capitalization, overtaking Ripple’s XRP after a blistering rally that pushed its price above $1,300.
The token climbed nearly 30% in the past week, reaching $1,326 on Tuesday and lifting its market capitalization to around $182 billion, according to CoinGecko. The move caps a remarkable run that saw BNB add roughly $40 billion in value in just seven days — a sharp contrast to Bitcoin’s modest 5% gain and Ether’s 8% rise over the same period.
BNB now trails only Bitcoin and Ether, with XRP and Tether’s USDT ranking fourth and fifth, respectively.
Rapid Climb, Rising Questions
The rally has outpaced the broader crypto market, which grew just 5.5% since October 1. The jump coincides with expanding real‑world adoption of the BNB ecosystem, including a government‑backed BNB fund in Kazakhstan, designed to support blockchain innovation.
Still, not everyone is convinced the surge reflects organic demand. Traders across Reddit and X have voiced concerns about potential price manipulation, comparing BNB’s trajectory to that of FTX’s now‑defunct exchange token.
BNB is essentially like the FTX token. Can’t wait till it gets called out for the price manipulation with evidence.
A pseudonymous X user, @DeFiTracer, accused Binance of “buying millions of BNB to liquidate shorts,” suggesting the exchange might be directly influencing market activity. Binance has not publicly responded to these claims, and founder Changpeng “CZ” Zhao has remained largely silent, posting only, “Keep building on BNB Chain,” on Tuesday.
Market Power and Influence
Analysts have noted that BNB’s market cap expansion — from roughly $100 billion in mid‑July to $182 billion this week — underscores the network’s growing footprint. Momin Saqib, a crypto commentator who focuses on BNB Chain developments, wrote that “while the broader industry feels like it’s still waiting for direction, BNB has quietly been putting up the strongest numbers in the industry,” citing 60 million monthly active addresses.
Even so, concerns persist about concentration of ownership. Reports from mid‑2024 indicated that CZ held roughly 64% of BNB’s circulating supply — a stake that, at current prices, could be worth more than $116 billion.
That concentration, coupled with Binance’s dominant role in the token’s ecosystem, has left some investors uneasy about transparency and control.
Despite the controversy, BNB’s rapid ascent has reinforced its position — at least for now — as a dominant force in the crypto landscape, highlighting both the enthusiasm and the suspicion that continue to define digital asset markets.