BNB’s Break Above $1,100 Boosts Ecosystem Tokens as Traders Favor Utility
BNB’s climb past $1,100 has shifted investor focus toward BNB Chain tokens, with PancakeSwap’s CAKE jumping nearly 30% in the past 24 hours and ASTER up around 18%. Meme coins like FLOKI and Simon’s Cat (CAT) have remained largely flat, highlighting a preference for tokens with tangible on-chain activity and revenue potential.
The rally has been bolstered by endorsements from Binance founder Changpeng Zhao, which have drawn attention to BNB Chain projects and the ecosystem overall. Market participants often rotate into ecosystem tokens when the base asset rises, typically favoring fee-generating protocols first, followed by higher-beta and memecoin plays.
CAKE’s price surge coincided with deeper liquidity in core pools and tighter spreads across major pairs, while ASTER’s gains reflect demand for higher-risk exposure as BNB advances. BNB itself reclaimed the $1,100 level and held it throughout U.S. trading hours, suggesting spot demand rather than leverage is driving the move.
BNB-linked futures saw more than $97 million in liquidations over 24 hours, second only to Ether, according to Coinglass. Yet, total value locked (TVL) on the BNB Chain rose only 2%, signaling limited long-term allocation. PancakeSwap recorded roughly $1.3 million in trading fees over the same period, far below July’s daily average of over $5 million.
