BNB, the native token of the BNB chain and largely used for discount fees on Binance, fell more than 2% in the last 24-hour period in the middle of a trading volume and as a BNB chain Memecoin trade relaxes.
The token dropped from $ 1,308 to a low level of $ 1,255 earlier in the session and rose to $ 1,270 where it is currently shopping. The sale was met with high-volume purchases near $ 1,255- $ 1,280 area, signaling potential institutional accumulation at lower prices, according to Coindesk Research’s technical analysis model.
Despite a modest rejection, BNB fought to regain key resistance near $ 1,320, leaving brief bearish pressure intact.
This turbulence came when the BNB chain hit a record 5 trillion gas used in a single day, powered by 24 million swap transactions that account for 77% of the total network activity, according to Dune Data.
A new standard gas fee of 0.05 GWEI, now adopted across the most important ecosystemparts such as Binance and Trust Wallet, has made on-chain trade cheaper and faster.
“The scope of the increase is difficult to ignore and it is easy to get caught by the headline numbers. But what this really shows is that society remains one of the strongest forces driving blockchain participation,” Max Rabinovitch, Chief Strategy Officer at Chiliz, told Coindesk.
“Digital society thrives on shared purpose and mood, whether it is an internet sub-culture, a real sports club or a specific tool. In BNB’s case, its growth reflects an active trade community that is deeply engaged,” Rabinovitch added. “However, price movements aside are another reminder that society is still the backbone of the digital asset space.”
BNB’s drop, it’s worth pointing out, came after the token rose more than 45% in a month to become the third largest cryptocurrency at market value, behind just Bitcoin and Ether.
Growing accumulation of companies also played a role in the rally. Earlier this year, CEA Industries revealed that its BNB holdings moved to 480,000 tokens.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
