BNB Falls 2% as Memecoin Trades Retrace Amid Record Network Usage
BNB, the native token of BNB Chain and widely used for transaction fee discounts on Binance, dropped more than 2% in the past 24 hours as memecoin trading activity unwound and volumes surged.
The token slipped 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 could signal potential institutional accumulation.
Despite the partial rebound, BNB failed to reclaim key resistance near $1,320, maintaining short-term bearish pressure.
The decline coincided with a network milestone: BNB Chain recorded 5 trillion gas used in a single day, fueled by 24 million swap transactions, accounting for 77% of total network activity, per Dune Analytics. The new standard gas fee of 0.05 Gwei, adopted by Binance and Trust Wallet, has made on-chain trading faster and cheaper.
Max Rabinovitch, Chief Strategy Officer at Chiliz, noted that BNB’s rise reflects the strength of its trading community, highlighting the ongoing importance of community engagement in the digital asset ecosystem.
BNB’s pullback comes after a 45% surge over the past month, propelling it to the third-largest cryptocurrency by market capitalization, behind bitcoin and ether. Corporate accumulation, including CEA Industries’ 480,000-token holdings, also played a role in the rally.
