BNB’s price rose by 7% between Sept. 11 and Sept. 13, climbing above $550 for the first time in two weeks. This outperformed the broader altcoin market, which only saw a 2% increase during the same period. Despite struggles to maintain levels above $600 in recent months, BNB remains the third-largest cryptocurrency, just behind Bitcoin and Ether.
BNB/USD (right) vs. altcoin market cap (left). Source: TradingView
The price increase has been linked to multiple factors, including Binance’s Changpeng “CZ” Zhao’s release from US custody and developments surrounding the Binance Launchpad.
CZ’s Release and Binance Launchpad Developments
A key driver behind the recent price surge is the release of Binance founder CZ from US custody. He was sentenced to four months in prison for failing to maintain an Anti-Money Laundering program. CZ’s release from custody and upcoming Launchpad projects, such as Hamster Kombat (HMSTR) and Catizen (CATI), have contributed to increased optimism among traders.
Source: peach_1340
Hamster Kombat, a mini-app game on Telegram, and Catizen, a cat-themed gaming platform, will distribute millions of tokens to BNB and FDUSD stakers, further enhancing BNB’s appeal.
BNB Chain Expands Beyond DeFi
BNB’s value is supported by increasing activity on the BNB Chain, which includes applications beyond decentralized finance (DeFi). The network has seen a 12% rise in decentralized application (DApp) volume, reaching $5.45 billion. Projects like Cellula, a metaverse game, and StarryNift, a social metaverse, are attracting more users.
BNB chain top Dapps ranked by 7-day volumes, USD. Source: DappRadar
The recent surge in BNB Chain activity, combined with strong expectations around CZ’s release and rumors of a BNB restocking program, has sparked optimism. With these developments, BNB appears well-positioned to reach $600 in the near term.
