The BNB chain’s native token BNB is up more than 3% in the past 24 hours as a combination of institutional momentum and strategic selling shaped its trading session at the start of the weekend.
The token rose from $1,056 to $1,087, reaching a high of $1,131 in early morning trading before retreating slightly. It is outperforming the broader crypto market, which is up 2.43% in the last 24 hours, according to the CoinDesk 20 (CD20) index.
Profit taking near resistance levels could be the cause of the late decline. Trading volume reached 204,000 tokens, almost three times the daily average, underscoring the active participation of market players, according to CoinDesk Research’s technical analysis data model.
Behind the price action is a wave of growing adoption. Coinbase recently added BNB to its list of assets considered for full platform support following the launch of the exchange’s new “Blue Carpet” initiative.
On top of that, China Merchants Bank International (CMBI) tokenized its dollar money market fund on the BNB chain, issuing two tokens, CMBMINT and CMBIMINT, to accredited investors.
BNB Chain, the blockchain that powers BNB, also reached a milestone with more than 3.6 million daily active addresses last week, according to DeFiLlama, the highest in its history.
Corporate accumulation has also grown; Hong Kong-listed investment bank China Renaissance reportedly plans to invest $600 million to build a BNB-focused treasury.
Still, BNB remains 17% below its all-time high of $1,370. The token’s recent volatility, marked by a $79 intraday spread range, suggests traders are struggling to value growing demand against broader market unease.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
