BNB, the native cryptocurrency of the BNB Chain – the layer 1 blockchain developed by Binance – has climbed to become the third largest digital asset by market capitalization.
After surpassing $1,100 for the first time on Friday, BNB (BNB) hit another milestone on Tuesday by overtaking Ripple-backed XRP (XRP) as the third-largest crypto asset by market capitalization.
At press time, BNB traded at $1,326, up almost 30% over the past seven days, with a market cap of $182 billion, according to Coigecko data.
This breakthrough coincides with the growing adoption of BNB in various regions, including the launch of a government-backed BNB fund in Kazakhstan. Meanwhile, some market observers have raised concerns about potential price manipulation underlying the sharp increase compared to other cryptocurrencies.
BNB’s $38B Surge Stands Out Amid Broader Crypto Rally
While BNB’s rally aligns with broader gains in the crypto market, its growth has stood out from that of larger peers like Bitcoin (BTC) and Ether (ETH).
Since October 1, Bitcoin’s market cap has increased by around 5%, while BNB’s market cap has surged by around 28% in just seven days, adding $40 billion to its value.
Ether, the second largest cryptocurrency with a market capitalization of around $568 billion, saw an 8.4% increase in market value over the same period.
For comparison, it took BNB more than two months earlier this year to add a similar amount to its market cap, when its value stood at around $100 billion in mid-July, roughly the same level it held at the start of 2025.
Since October 1, the total crypto market cap has only increased by 5.5%, while bitcoin and ether are gradually losing dominance.
Community Issues Drivers of Growth
BNB’s outsized gains have sparked controversy on social media, with some commentators speculating about possible market manipulation behind the token’s rapid rise.
Some market watchers in the Solana (Sol) community on Reddit have questioned the usefulness of BNB compared to tokens like Sol. Several commentators were quick to point out potential price manipulation.
Related: Crypto Trader Turns $3,000 Into $2 Million After CZ Post Sends Memecoin Soaring
“BNB is basically like the FTX token. I can’t wait for it to be called out for price manipulation with evidence. It’s going to be glorious,” wrote one of the top-voted commenters.
Allegations of manipulation also circulated on
Does CZ hold 64% of the BNB circulating supply?
Despite growing speculation of market manipulation on social media, Binance and its senior executives, as well as founder Changpeng “CZ” Zhao, have yet to comment on the rumors.
CZ took to
“While the broader industry feels like it’s waiting for direction, BNB has quietly put up the strongest numbers in the industry,” Saqib wrote, referring to the BNB Chain’s 60 million monthly active addresses and new BNB records.
With BNB’s market cap reaching $182 billion, CZ could personally hold as much as $116 billion in the crypto asset, as previous reports suggest that Zhao held 64% of the circulating supply of BNB as of June 2024.
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