BNB’s “mindshare” has skyrocketed by over 250% within a week, as reported by Messari, with one analyst noting a market transition towards high-throughput, low-cost chains.
The BNB Chain’s native token surpassed $1,330 for the first time on Wednesday, reflecting a gain of over 27% in the past week, according to data aggregator CoinGecko, just days after reaching its previous peak of $1,111.
Crypto market intelligence firm Messari announced on X Wednesday that BNB’s mindshare, reflecting public attention and awareness, surged 251% to 5.09% in the last week, coinciding with a “very bullish sentiment.”
Rachael Lucas, an analyst at Australian cryptocurrency exchange BTC Markets, shared with Cointelegraph that the increase in sentiment is likely attributed to BNB’s advantage from a market shift toward high-throughput, low-cost chains with thriving ecosystems.
The token terminal reports average BNB Chain fees at $0.46. Additionally, an upgrade to increase the gas limit to 100 million per second and reduce block time to 750 milliseconds went live on Tuesday. Previously, the blockchain had a three-second block time and a 47 million gas limit per second.
Memecoins and market cap flip spur investor interest
Recent developments surrounding BNB have largely centered on its increasing market capitalization and heightened interest in memecoins.
The token’s market capitalization was around $140 billion on October 1, climbing to a peak of over $183 billion on Wednesday, making it the third-largest cryptocurrency by market capitalization.
“The recent overtaking of XRP and Tether in market cap highlights increasing investor confidence in BNB’s long-term positioning,” Lucas remarked.
Traders have also made significant profits from small-cap memecoins on the BNB Chain this past week, with many successful investors focusing on BNB-native memecoins over others.
“The memecoin boom has sparked retail engagement, while innovations such as on-chain access to macroeconomic data are enticing DeFi developers.”
Ecosystem growth and institutional interest also play a factor
On Wednesday, BNB announced a $1 billion builder fund aimed at developers working on projects across the chain, including artificial intelligence, trading, wallets, and payment services.
Lucas stated that initiatives like the builder fund “signal a strong commitment to developer growth, while a surge in memecoin trading has propelled BNB Chain’s network fees and usage to record highs.”
BNB Chain leads the market in DEX volume, with over $6 billion recorded and $5.57 million in chain fees, according to blockchain analytics platform Lookonchain.
“Institutional interest, such as CEA Industries’ treasury allocation, adds further legitimacy. While short-term indicators suggest BNB may be overbought, the underlying fundamentals, including real utility and rising developer traction, provide a robust foundation,” added Lucas.
BNB introduced its Maxwell upgrade in June, aimed at enhancing block speeds, among other objectives, and the Lorentz Hard Fork in April, which included reduced block times and improved validator networking.
User metrics have jumped as well
The blockchain’s total locked value has been consistently increasing and has hit $9.26 billion, while the number of active addresses surged to 73.24 million last month, reaching the highest level recorded.
Related: ‘Diamond hand’ investor turns $1K into $1M as BNB exceeds $1,000
“BNB’s performance amidst a softer broader market indicates capital is shifting towards ecosystems that demonstrate genuine use and growth,” Lucas stated.
“While comparisons to previous cycles warrant caution, BNB’s fundamentals—beyond mere price movement—are driving this momentum.”
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