BNB, the native token of BNB Chain and widely used for trading fee discounts on Binance, fell more than 2% in the last 24 hours amid increasing trading volume and slowing BNB Chain memecoin transactions.
The token fell from $1,308 to a low of $1,255 earlier in the session, returning to $1,270, where it is currently trading. According to CoinDesk Research’s technical analysis model, the sell-off was accompanied by large volume buying near the $1,255-$1,280 range, signaling potential institutional accumulation at lower prices.
Despite a modest rebound, BNB struggled to regain key resistance near $1,320, leaving near-term bearish pressure intact.
This turbulence came as BNB Chain hit a record 5 trillion gas used in a single day, driven by 24 million swap transactions, accounting for 77% of the network’s total activity, according to Dune data.
A new standard gas tax of 0.05 Gwei, now adopted by key ecosystem partners such as Binance and Trust Wallet, has made on-chain trading cheaper and faster.
“The scale of the rise is hard to ignore, and it’s easy to get caught up in the big numbers. But what it really shows is that the community remains one of the most powerful forces driving participation in blockchain,” Max Rabinovitch, chief strategy officer at Chiliz, told CoinDesk.
“Digital communities thrive on shared goals and feelings, whether it’s an Internet subculture, a real-world sports club, or a specific public service. In BNB’s case, its growth reflects an active and deeply engaged business community.” » added Rabinovitch. “However, price movements aside, this is another reminder that community remains the backbone of the digital asset space.”
It is worth pointing out that BNB’s drop came after the token surged more than 45% in a month to become the third largest cryptocurrency by market capitalization, behind bitcoin and ether.
Growing corporate accumulation also played a role in the recovery. CEA Industries revealed earlier this year that its BNB holdings had grown to 480,000 tokens.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
