The BNB Chain’s native token, BNB, soared more than 3% in the past 24 hours, as a mix of institutional momentum and strategic selling shaped its early weekend trading session.
The token rose from $1,056 to $1,087, peaking at $1,131 early in the morning before pulling back slightly. It is outperforming the broader crypto market, which is up 2.43% in the past 24 hours, based on the CoinDesk 20 Index (CD20).
Profit taking near resistance levels could be the cause of this late decline. Trading volume reached 204,000 tokens, nearly three times the daily average, highlighting the active participation of market participants, according to CoinDesk Research’s technical analysis data model.
Behind the price development is a growing wave of adoption. Coinbase recently added BNB to its list of assets being considered for full platform support following the launch of the exchange’s new “Blue Carpet” initiative.
In addition to this, China Merchants Bank International (CMBI) has tokenized its USD money market fund on the BNB chain, issuing two tokens, CMBMINT and CMBIMINT, for qualified investors.
BNB Chain, the BNB-powered blockchain, also hit a milestone with over 3.6 million daily active addresses last week, according to DeFiLlama, the highest in its history.
Corporate accumulation has also increased, with Hong Kong-listed investment bank China Renaissance reportedly planning to spend $600 million building a treasury focused on BNB.
Nonetheless, BNB remains 17% below its all-time high of $1,370. The token’s recent volatility, marked by an intraday spread range of $79, suggests traders are struggling to price in growing demand amid the broader market malaise.
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.
