BNB “mindshare” has surged over 250% in just a week, according to Messari, with one analyst pointing to a market shift toward high-throughput, low-cost chains.
The native token of BNB Chain crossed over $1,330 for the first time on Wednesday, after registering a gain of over 27% in the last week, according to data aggregator CoinGecko, nearly a week after clocking its previous high of $1,111.
Crypto market intelligence firm Messari said in an X post on Wednesday, BNB’s’ mindshare, which measures public attention, discussion, and awareness, has seen a 251% spike to 5.09% in the last seven days, while its price gains have come alongside “very bullish sentiment.”
Speaking to Cointelegraph, Rachael Lucas, an analyst at Australian cryptocurrency exchange BTC Markets, said the surge in sentiment is likely due to BNB benefiting from a shift in market focus toward high-throughput, low-cost chains with active ecosystems.
The token terminal lists BNB Chain fees at an average of $0.46, while an upgrade to increase the gas limit to 100 million per second and reduce the block time to 750 milliseconds went live on Tuesday, up from a 3-second block time and a 47 million gas limit per second.
Memecoins and market cap flip spur investor interest
Two of the most significant developments for BNB in the last week have centered on its rising market capitalization and growing interest in memecoins.
The token’s market capitalization was hovering around $140 billion on Oct. 1 and has since climbed to a peak of over $183 billion on Wednesday, securing a spot as the third-largest cryptocurrency by market capitalization.
“Its recent flip of XRP and Tether in market cap underscores growing investor confidence in BNB’s long-term positioning,” Lucas said.
Traders have also been pocketing significant gains on small-cap memecoins on the BNB Chain over the past week, with some of the most successful traders prioritizing BNB-native memecoins over all others.
“The memecoin boom has driven retail engagement, while innovations like onchain access to macroeconomic data are attracting DeFi developers.”
Ecosystem growth and institutional interest also play a factor
BNB announced a $1 billion builder fund on Wednesday to support developers building projects on the chain, including artificial intelligence, trading, wallets and payments-related.
Lucas said initiatives like the builder fund “signal a strong commitment to developer growth, while a surge in memecoin trading has pushed BNB Chain’s network fees and usage to record highs.”
BNB Chain is leading the market in terms of 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 credibility. While short-term technicals suggest BNB may be overbought, the underlying fundamentals, including real utility and growing developer traction, provide a solid foundation,” Lucas added.
BNB launched its Maxwell upgrade in June, which aimed to create faster blocks, among other goals, and the Lorentz Hard Fork in April, which introduced reduced block times and enhanced validator networking.
User metrics have jumped as well
The blockchain’s total locked value has been steadily rising and has tapped $9.26 billion, while the number of active addresses spiked to 73.24 million last month, reaching the highest recorded level.
Related: ‘Diamond hand’ investor turns $1K into $1M as BNB tops $1,000
“BNB’s outperformance amid broader market softness suggests capital is rotating into ecosystems showing real usage and growth,” Lucas said.
“While comparisons to past cycles warrant caution, BNB’s fundamentals, not just price action, are driving this momentum.”
Magazine: Bitcoin to see ‘one more big thrust’ to $150K, ETH pressure builds
