BNB overtakes XRP to become the third-largest cryptocurrency, backed by rising network activity and stronger trading volumes.
BNB, the native token of Binance’s BNB Chain, has climbed to a new record high, securing its position as the world’s third-largest cryptocurrency by market capitalization with the price of $1,335 on Oct. 7 before easing slightly to around $1,323.77 at press time.
The token is up more than 6% in the past 24 hours and nearly 30% over the week, extending its monthly rally to about 50%. This rise lifted BNB’s total market value to $183.42 billion, surpassing XRP’s $171 billion. BNB now trails only Bitcoin and Ethereum, accounting for roughly 32% of ETH’s $568 billion market cap.
Network growth and real utility
BNB’s recent rally stems from more than short-term speculation. It shows growing utility within the BNB Chain ecosystem, where trading volumes and on-chain activity have accelerated.
According to Coingecko, total value locked (TVL) on BNB Chain rose up to 3% in the past 24 hours to roughly $9.24 billion. Over the same period, network fees reached $4.51 million, while protocol revenue climbed to $2.23 million.
Network participation has also expanded.
The chain recorded over 73 million active addresses in September and another 15 million in early October, showing continued user growth.
Venture capital firm YZi Labs described BNB’s fundamentals as “built for mass adoption,” citing on-chain momentum, broad staking utility, deflationary tokenomics through dual burn mechanisms, and lower transaction costs after the Maxwell hard fork. The firm added that some institutional players have started using BNB for treasury and liquidity management, suggesting a broader layer of adoption within the corporate sector.
Just months ago, BNB’s rally toward the $800 mark was already accompanied by a sharp rise in derivatives activity, futures open interest jumped nearly 19%, and trading volumes climbed by more than a third. Earlier forecasts had placed BNB near $1,100 by late 2025. With the token already well beyond those assumptions, the market seems to be rewriting its own timeline.
What we’re seeing now appears to be the continuation of that buildup, as both on-chain activity and speculative participation have accelerated since.
Memecoin activity fuels the rally
BNB’s upswing has also aligned with renewed speculative interest in memecoins across the network. Analytics firm Bubblemaps described the ongoing “BNB memecoin season” as one of the most profitable trading waves in recent months.
BNB memecoin szn is real
— Bubblemaps 泡泡地图 (@bubblemaps) October 7, 2025
Over 100k onchain traders bought into new memecoins, and 70% are in profit:
• 1 made $10M+
• 40 made $1M+
• 900 made $100K+
• 6,000 made $10K+
• 21,000 made $1K+
🧵 https://t.co/FlbU2r2tap pic.twitter.com/9g5VvmLWQO
Bubblemaps analysis. Source.
More than 100,000 on-chain traders have taken part in new token launches, with around 70% recording profits. Standout tokens such as $4 memecoin, Binance Life, and PALU delivered substantial returns, with dozens of early traders earning between $100,000 and $1 million.
This influx of retail speculation has added liquidity to the network and helped sustain BNB’s momentum.
As capital moves across the chain and user activity builds, BNB continues to serve as both the network’s core utility token and a key measure of its overall growth.
Oleksii Shumak
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