BNB, the native token of the BNB Chain — the layer-1 blockchain developed by Binance — has officially climbed to the third spot among the world’s largest digital assets by market capitalization.
After breaking past $1,100 on Friday, BNB reached a new milestone on Tuesday, surpassing Ripple’s XRP. At press time, BNB was trading around $1,326 — up nearly 30% in the past week — with a total market capitalization of $182 billion, according to CoinGecko data.
This impressive surge comes alongside growing adoption of BNB across various regions, including the launch of a government-backed BNB fund in Kazakhstan. However, some analysts have raised concerns about potential price manipulation, as BNB’s performance has far outpaced other major cryptocurrencies.
A $38 Billion Surge in Just Days
Although the broader crypto market has been on an uptrend, BNB’s rally stands out. Since October 1, Bitcoin’s market cap has risen about 5%, while BNB’s has skyrocketed by 28% in only seven days — adding roughly $40 billion in value.
For comparison, it took BNB over two months earlier this year to grow its market cap by the same amount, when it hovered around $100 billion in mid-July.
Meanwhile, Ethereum, the second-largest cryptocurrency with a market capitalization of around $568 billion, has recorded an 8.4% increase over the same period. Overall, the total crypto market cap has grown just 5.5% since the start of the month, while Bitcoin and Ethereum have been gradually losing dominance.
Speculation and Manipulation Concerns
BNB’s explosive rise has sparked intense debate on social media. Users on Reddit — particularly from the Solana community — questioned BNB’s utility compared to tokens like SOL, suggesting that the rally may be artificially driven.
“BNB is basically like the FTX token. Once the price manipulation gets exposed, it’ll be glorious,” one top comment read.
Similar allegations have surfaced on X (formerly Twitter), where DeFiTracer claimed that Binance is “buying millions of BNB to liquidate shorts,” implying the exchange may be directly influencing the price.
Does CZ Control 64% of BNB’s Circulating Supply?
Despite the growing speculation, neither Binance nor its founder Changpeng “CZ” Zhao have commented publicly. CZ simply posted on X: “Keep building on BNB Chain,” while the official BNB Chain account reshared an analysis by BNB-focused crypto commentator Momin Saqib, who praised the network’s strong metrics — including 60 million monthly active addresses.
With BNB’s market cap now at $182 billion, previous reports suggesting CZ holds around 64% of BNB’s circulating supply would mean his personal holdings could be worth as much as $116 billion.
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