Binance-Backed BNB Becomes 3-d Largest Coin By Market Cap

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

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

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

This breakthrough coincides with the growing adoption of BNB in various regions, including the launch of a government-backed BNB fund in Kazakhstan. Meanwhile, some market observers have raised concerns about potential price manipulation underlying the sharp rise relative to other cryptocurrencies.

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

While BNB’s rally aligns with broader gains across the crypto market, its growth has stood out from that of major peers like Bitcoin (BTC) and Ether (ETH).

Since Oct. 1, Bitcoin’s market capitalization has climbed about 5%, while BNB’s market cap has surged about 28% in just seven days — adding $40 billion to its value.

Ether, the second-largest cryptocurrency with a market capitalization of about $568 billion, recorded an 8.4% increase in market value over the same period.

For comparison, it took BNB more than two months earlier this year to add a similar amount to its market cap, when its value stood at around $100 billion in mid-July — roughly the same level it held at the start of 2025.

Since Oct. 1, the total crypto market capitalization has increased by only 5.5%, while Bitcoin and Ether have been gradually losing dominance.

Community questions drivers of growth

BNB’s outsized gains have sparked controversy across social media, with some commentators speculating about possible market manipulation behind the token’s rapid rise.

Some market watchers in the Solana (SOL) community on Reddit questioned BNB’s utility compared to tokens like SOL. Several commentators promptly pointed to potential price manipulation.

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“BNB is essentially like the FTX token. Can’t wait till it gets called out for the price manipulation with evidence. It’s gonna be glorious,” one of the top-voted commenters wrote.

Manipulation allegations have also circulated on X, where DeFiTracer accused Binance of “buying millions of BNB to liquidate shorts,” suggesting the exchange may be actively driving price movements for BNB.

Does CZ hold 64% of BNB circulating supply?

Despite mounting speculation of market manipulation on social media, Binance and its top executives, as well as founder Changpeng “CZ” Zhao, have yet to comment on the rumors.

CZ took to X on Tuesday to post “Keep building on BNB Chain,” while the official BNB Chain account reposted analysis by BNB-focused crypto enthusiast Momin Saqib.

“While the broader industry feels like it’s still waiting for direction, BNB has quietly been putting up the strongest numbers in the industry,” Saqib wrote, referring to BNB Chain’s 60 million monthly active addresses and new record highs of BNB.

With BNB’s market cap reaching $182 billion, CZ could personally hold as much as $116 billion in the crypto asset, as previous reports suggested that Zhao held 64% of BNB’s circulating supply as of June 2024.