“The token’s price action is driven partly by Coinbase considering BNB for a listing and China Merchants Bank International tokenizing a MMF on the BNB Chain.”, — write: www.coindesk.com
The token rallied from $1,056 to $1,087, peaking at $1,131 in early morning trading before pulling back slightly. It’s outperforming the broader crypto market, which rose 2.43% in the last 24 hours, based on the CoinDesk 20 (CD20) index.
Profit-taking near resistance levels could be the cause of the late dip. Trading volume hit 204,000 tokens, almost three times the daily average, underscoring active participation from market players, according to CoinDesk Research’s technical analysis data model.
Behind the price action is a wave of growing adoption. Coinbase recently added BNB to its list of assets being considered for full platform support after the launch of the exchange’s new “Blue Carpet” initiative.
On top of that, China Merchants Bank International (CMBI) tokenized its USD money market fund on the BNB Chain, issuing two tokens, CMBMINT and CMBIMINT, for accredited investors.
BNB Chain, the blockchain that powers BNB, also hit a milestone with over 3.6 million daily active addresses last week, according to DeFiLlama, the highest in its history.
Corporate accumulation has also grown, with Hong Kong-listed investment bank China Renaissance reportedly planning a $600 million investment to build a BNB-focused treasury.
Still, BNB remains 17% below its all-time high of $1,370. The token’s recent volatility, marked by a $79 intraday spread range, suggests traders are struggling to price-in rising demand against broader market unease.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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The firm’s top researcher says the structural bull case is intact, pointing to AI capex, stablecoins and tokenization as tailwinds even after this month’s shakeout.
- Alex Thorn says the structural bull market in crypto remains intact despite the Oct. 10 sell-off and softer risk appetite.
- He flags AI capital spending, stablecoins and tokenization as the three major tailwinds for the next leg higher.
- Near term is fragile — leverage washout, thinner liquidity and weaker digital asset treasury (DAT) flows — but he remains constructive on BTC, ETH and SOL.
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