BNB Surpasses XRP to Secure Its Place as the Third-Largest Cryptocurrency
BNB, the cryptocurrency supported by Binance, has significantly outperformed the overall crypto market, recording a 28% surge in market capitalization in just the last week. This impressive rise has led to discussions within the community regarding potential underlying factors affecting BNB’s performance.
After reaching a price point of over $1,100 for the first time last Friday, BNB achieved another milestone on Tuesday by overtaking XRP to become the third-largest cryptocurrency by market capitalization. During the publishing of this article, BNB is priced at $1,326, reflecting nearly a 30% increase over the previous week, bringing its market cap to $182 billion, as noted by data from CoinGecko.
This growth corresponds with increasing adoption of BNB in various regions, including the recent launch of a government-backed BNB fund in Kazakhstan. Nonetheless, some analysts have expressed concerns regarding the potential manipulation of BNB’s price amidst its sharp increase compared to other cryptocurrencies.
BNB’s $38 billion Surge Stands Out Amid Broader Crypto Rally
While BNB’s surge is part of a larger uptrend in the cryptocurrency market, its performance stands out against that of major competitors such as Bitcoin and Ether. Since October 1, Bitcoin’s market capitalization has grown by about 5%, compared to BNB’s impressive 28% rise, which added $40 billion to its overall value.
BNB ranked as the third-largest crypto asset after Bitcoin and Ether, with XRP and USDT following in fourth and fifth place
BNB ranked as the third-largest crypto asset after Bitcoin and Ether, with XRP and USDT following in fourth and fifth place, respectively, as of Oct. 7, 2025. Source: CoinGecko
Ether, the second-largest cryptocurrency, has seen about an 8.4% increase in market cap over the same period.
Within two months earlier this year, BNB took a similar timeframe to add a comparable increment to its market cap, with its value hovering around $100 billion in mid-July.
BNB market capitalization since 2020
BNB market capitalization since 2020. Source: CoinGecko
As of October 1, the overall cryptocurrency market capitalization increased by only 5.5%, while Bitcoin and Ether continue to gradually lose their dominance.
Community Questions Drivers of Growth
The substantial gains of BNB have raised eyebrows on social media, with speculations regarding possible market manipulation being made public. Observers within the Solana community on Reddit have questioned BNB’s utility relative to other tokens like SOL, attributing its rapid price increase to possible manipulation.
“BNB is essentially like the FTX token. Can’t wait till it gets called out for the price manipulation with evidence. It’s gonna be glorious,” a top-commenter expressed.
Source: Captain GM
Source: Captain GM
Allegations of manipulation have also emerged on the platform X, where DeFiTracer alleged that Binance is “buying millions of BNB to liquidate shorts,” suggesting the exchange could be actively orchestrating price fluctuations.
Does CZ Hold 64% of BNB’s Circulating Supply?
In light of rampant speculation regarding market manipulation, Binance and its executives, including its founder, Changpeng Zhao (CZ), have yet to respond to these allegations. CZ made a post on X stating, “Keep building on BNB Chain,” while the BNB Chain account shared insights from crypto enthusiast Momin Saqib.
“While the broader industry feels like it’s still waiting for direction, BNB has quietly been achieving the strongest metrics in the industry,” Saqib remarked, referring to BNB Chain’s 60 million active monthly addresses and new peak highs for BNB.
Given BNB’s market cap of $182 billion, reports suggest CZ may personally possess around $116 billion in BNB, as it was reported previously that he held 64% of BNB’s circulating supply as of June 2024.
