BNB, Supported by Binance, Rises to Become the Third Largest Cryptocurrency by Market Capitalization

BNB, the native cryptocurrency of the BNB Chain—developed by Binance as a layer-1 blockchain—has risen to become the third-largest digital asset by market capitalization.

After surpassing $1,100 for the first time on Friday, BNB (BNB) achieved a significant new milestone on Tuesday by overtaking Ripple-backed XRP (XRP) as the third-largest crypto asset by market cap.

At the time of publication, BNB was trading at $1,326, up nearly 30% in the past week, with a market capitalization of $182 billion, according to data from CoinGecko.

This milestone coincides with the increasing adoption of BNB in various sectors, including the launch of a government-backed BNB fund in Kazakhstan. At the same time, some market analysts have raised alarms about possible price manipulation contributing to the sharp increase compared to other cryptocurrencies.

BNB’s $38 billion surge stands out amid broader crypto rally

While BNB’s growth aligns with broader advances in the cryptocurrency market, its performance has been distinctly stronger than major peers like Bitcoin (BTC) and Ether (ETH).

Since October 1, Bitcoin’s market capitalization has increased by about 5%, whereas BNB’s market cap surged approximately 28% in just seven days, adding $40 billion to its valuation.

Ether, the second-largest cryptocurrency with a market cap of around $568 billion, experienced an 8.4% increase in market value during the same timeframe.

In comparison, it took BNB more than two months earlier this year to add a similar amount to its market cap when its value was about $100 billion in mid-July, approximately the same level it maintained at the start of 2025.

Since October 1, the total cryptocurrency market capitalization has risen by just 5.5%, while Bitcoin and Ether have gradually been losing dominance.

Community questions drivers of growth

BNB’s rapid gains have ignited debate across social media, with some commentators speculating about potential market manipulation behind the token’s swift ascent.

Members of the Solana (SOL) community on Reddit questioned BNB’s utility compared to tokens such as SOL. In response, several commentators pointed toward potential price manipulation.

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“BNB is essentially like the FTX token. I can’t wait until it gets exposed for price manipulation with evidence. It’s going to be glorious,” stated one of the top-voted commenters.

Allegations of manipulation have also surfaced on X, where DeFiTracer alleged that Binance was “buying millions of BNB to liquidate shorts,” suggesting that the exchange might be actively influencing price movements for BNB.

Does CZ hold 64% of BNB circulating supply?

Despite the growing speculation about market manipulation on social media, Binance and its executives, including founder Changpeng “CZ” Zhao, have yet to address the rumors.

CZ posted on X on Tuesday to say, “Keep building on BNB Chain,” while the official BNB Chain account shared an analysis from BNB supporter Momin Saqib.

“While the wider industry feels like it’s still in search of direction, BNB has quietly been delivering the strongest performance in the sector,” Saqib noted, citing BNB Chain’s 60 million monthly active addresses and new all-time highs for BNB.

With BNB’s market cap at $182 billion, CZ could potentially hold up to $116 billion in the crypto asset, as earlier reports indicated he possessed 64% of BNB’s circulating supply as of June 2024.