BNB Experiences Significant Increase in Awareness as Token Reaches New Peak

BNB’s “mindshare” has surged over 250% in just a week, according to Messari, with one analyst highlighting a market shift toward high-throughput, low-cost chains.

The native token of BNB Chain surpassed $1,330 for the first time on Wednesday, registering a gain of over 27% in the past week, according to data aggregator CoinGecko, nearly a week after reaching its previous high of $1,111.

Crypto market intelligence firm Messari stated in a post on X that BNB’s mindshare, which measures public attention, discussion, and awareness, has experienced a 251% rise to 5.09% in the last seven days, coinciding with “very bullish sentiment.”

In a conversation with Cointelegraph, Rachael Lucas, an analyst at Australian cryptocurrency exchange BTC Markets, indicated that the rise in sentiment is likely due to BNB capitalizing on a market focus shift towards high-throughput, low-cost chains with vibrant ecosystems.

The token terminal lists BNB Chain fees at an average of $0.46, with an upgrade to increase gas limits to 100 million per second and reduce block time to 750 milliseconds going live on Tuesday, improving from a 3-second block time and a 47 million gas limit per second.

Memecoins and market cap flip spur investor interest

Two key developments for BNB in the past week have revolved around its increasing market capitalization and rising interest in memecoins.

The token’s market capitalization was hovering around $140 billion on Oct. 1, climbing to a peak of over $183 billion on Wednesday, making it the third-largest cryptocurrency by market capitalization.

“Its recent surpassing of XRP and Tether in market cap highlights growing investor confidence in BNB’s long-term positioning,” Lucas commented.

Traders have also been reaping significant profits from small-cap memecoins on the BNB Chain over the past week, with many successful traders focusing on BNB-native memecoins over others.

“The memecoin phenomenon has boosted retail engagement, while innovations such as on-chain access to macroeconomic data are drawing in DeFi developers.”

Ecosystem growth and institutional interest also play a factor

BNB announced a $1 billion builder fund on Wednesday to support developers creating projects on the chain, including those related to artificial intelligence, trading, wallets, and payments.

Lucas noted that initiatives like the builder fund “demonstrate a strong commitment to developer growth, while heightened memecoin trading has pushed BNB Chain’s network fees and usage to record levels.”

BNB Chain is leading 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, further enhances credibility. While short-term indicators suggest BNB may be overbought, the underlying fundamentals, including real utility and increasing developer engagement, provide a strong foundation,” Lucas added.