Binance Coin's Market Capitalization Exceeds Solana's in Wake of Changpeng Zhao's Vigorous Advocacy
Crypto Giants Battle It Out – BNB Outshines Solana
promoting new heights, Binance's native coin, BNB, has snatched the lead from Solana (SOL) in terms of market capitalization.
Last week, BNB witnessed a whopping 13% price surge, pushing its market cap over $104 billion, relegating Solana to second place. The man behind Binance, Changpeng Zhao – famously known as CZ – acknowledged this impressive milestone, hinting at even more growth in the future.
"No sweat, just the beginning," CZ boldly stated during the celebration.
The BNB Chain's recent statistics speak volumes, as it processed an impressive 68.3 million transactions in the last 30 days, coming in second only to Solana in transaction volume. As found on Dune, BNB accounts for roughly 6% of the total transactions, demonstrating its substantial presence in the market.
With this feat, BNB establishes itself as the leading Ethereum Virtual Machine (EVM) chain by monthly transactions.
Meanwhile, the resurgence of meme coins, notably the Four.meme platform, has added another layer to the overall vibrancy of the BNB Chain. According to Dune's data, this popular platform single-handedly launched around 12,000 meme tokens in a single day. Although competitors like Solana's Pump.fun and Tron's SunPump remain fierce contenders, the meme-oriented crypto community within the BNB Chain shows no signs of slowing down – not even in the face of malicious attacks that have hindered platform performance at times.
Successfully navigating this competitive landscape, BNB maintains steady growth while the crypto world watches with keen interest, especially as the platform continues to gain traction and adapt to ever-evolving market trends.
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Technical Analysis Suggests a Bright Future for BNB
Thriving among the top 30 cryptocurrencies, BNB shot up a remarkable 12% to around $711. Though the broader market underwent uncertainty during this period, BNB persevered and emerged as one of the few crypto tokens with visible positive movement.
Analyst Zeus – known for his uncanny insights into the market – expressed confidence in BNB's future. He described CZ as a formidable force, capable of steering BNB to new heights.
"The crypto world isn't giving BNB enough credit. We're mired in 'crime season', and CZ is one of the sharks in this pool. Every chart I look at paints a picture of a bullish future for the BNB chain...," Zeus According to Zeus, BNB's sizable price increase could be attributed to the enhanced efficiency of the BNB Chain when juxtaposed with Solana's network. This perceived superiority might potentially shift investor focus from Solana to BNB, fueling further growth for BNB.
Moreover, analysts believe that the recent introduction of meme coins, such as TST and CHEEMS, on Binance has had a positive impact on BNB's price. Add to that CZ's persistent promotion of the BNB Chain, and it's no surprise that confidence in the ecosystem has been bolstered.
Finally, the surging trading activity on Binance, the world's most prominent crypto exchange, has undoubtedly played a part in the recent performance of BNB. Currently, BNB trades at $713.93, representing a robust 13% increase in the last 24 hours, according to BeInCrypto's latest data.
Analysts Divulge their Insights on BNB's Rise
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References:
[1] CoinGecko. (n.d.). Cryptocurrency Market Cap Rankings. Retrieved from https://www.coingecko.com/en/market_cap
[2] CoinMarketCap. (n.d.). Cryptocurrency Market Capitalization Rankings. Retrieved from https://coinmarketcap.com/charts/
[3] DeFi Pulse. (n.d.). Total Value Locked (TVL) Rankings. Retrieved from https://defipulse.com/rankings
[4] CoinMarketCap. (2021). Binance Coin (BNB). Retrieved from https://coinmarketcap.com/currencies/binance-coin/
[5] CoinGecko. (2021). BNB. Retrieved from https://www.coingecko.com/en/coins/binance-coin
- Binance's native coin, BNB, has outshined Solana in terms of market capitalization, surpassing the $104 billion mark after witnessing a 13% price surge.
- The man behind Binance, Changpeng Zhao, acknowledged this impressive milestone, hinting at even more growth in the future.
- BNB is thriving among the top 30 cryptocurrencies, with a remarkable 12% increase to around $711.
- Analyst Zeus expressed confidence in BNB's future, describing CZ as a formidable force who could steer BNB to new heights.
- The enhanced efficiency of the BNB Chain, as compared to Solana's network, might attract investor focus, potentially fueling further growth for BNB.
- The recent introduction of meme coins on Binance, such as TST and CHEEMS, has had a positive impact on BNB's price.
- CZ's persistent promotion of the BNB Chain has bolstered confidence in the ecosystem.
- The surging trading activity on Binance, the world's most prominent crypto exchange, has undeniably played a part in the recent performance of BNB.
