The BNB token, part of the BNB Chain, saw an increase of over 3% in the past 24 hours, driven by a mix of institutional interest and tactical selling as it heads into the weekend.
The price jumped from $1,056 to $1,087, reaching a high of $1,131 during early trading before experiencing a slight retreat. This performance surpasses the broader cryptocurrency market, which rose by 2.43% in the same period, per the CoinDesk 20 (CD20) index.
A potential reason for the minor decline could be profit-taking at resistance levels. Trading volume surged to 204,000 tokens, nearly triple the daily average, highlighting robust participation from traders according to CoinDesk Research’s technical analysis.
Supporting this price movement is an increase in adoption. Coinbase has recently included BNB in its assets being evaluated for full platform integration following the launch of its new “Blue Carpet” initiative.
Moreover, China Merchants Bank International (CMBI) has tokenized its USD money market fund on the BNB Chain, launching two tokens, CMBMINT and CMBIMINT, for accredited investors.
Additionally, BNB Chain achieved a new record with over 3.6 million daily active addresses last week, as reported by DeFiLlama, marking the highest level in its history.
Corporate acquisitions have also intensified, with Hong Kong-listed investment bank China Renaissance reportedly planning to create a $600 million BNB-focused treasury.
However, BNB is still 17% shy of its all-time peak of $1,370. The token’s recent price volatility, highlighted by a $79 intraday range, indicates that traders are grappling with how to assess rising demand amidst overall market apprehension.
Disclaimer: Portions of this article were generated with assistance from AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For further details, consult CoinDesk’s complete AI Policy.
