BNB Drops 2% as Memecoin Trades Retrace Amid Record Network Activity
BNB, the native token of BNB Chain and widely used for fee discounts on Binance, fell over 2% in the past 24 hours as memecoin trades unwind and trading volumes spiked.
The token declined from $1,308 to a session low of $1,255, later recovering to around $1,270. According to CoinDesk Research, high-volume buying in the $1,255–$1,280 range may indicate institutional accumulation at lower prices.
Despite the bounce, BNB struggled to reclaim resistance near $1,320, leaving short-term bearish pressure in place.
The pullback coincided with a network milestone: BNB Chain recorded 5 trillion gas used in a single day, driven by 24 million swap transactions, accounting for 77% of network activity, according to Dune Analytics. The introduction of a 0.05 Gwei standard gas fee, now adopted by Binance and Trust Wallet, has made on-chain trading cheaper and faster.
Max Rabinovitch, Chief Strategy Officer at Chiliz, said BNB’s growth underscores the strength of its engaged community, emphasizing that digital communities continue to drive blockchain participation.
BNB’s recent decline follows a 45% surge in the past month, making it the third-largest cryptocurrency by market capitalization, behind bitcoin and ether. Corporate accumulation, including CEA Industries’ holdings of 480,000 BNB, also supported the rally.
