Overtaking Retail Giants
BNB – the native token of the Binance ecosystem – has officially surpassed the market capitalizations of sportswear giant Nike and food delivery platform DoorDash. Beyond that, it is now closing in on the market caps of Interactive Brokers and Michael Saylor’s MicroStrategy.
This achievement has been further strengthened by the rise of BNB “treasury” companies, which keep injecting capital to drive growth. Earlier, blockchain infrastructure firm Nano Labs announced a $500 million convertible notes deal to acquire BNB, and more recently, BNC revealed its own $160 million acquisition bid.
At the time of writing, BNB is trading around $795, up more than 15% for the month. On July 23, the coin hit its all-time high (ATH) of $800, only to break that record five days later by closing the day at $844.
BNB Chain is now home to numerous DeFi protocols, NFT projects, and a variety of other use cases. Over the past 24 hours, most of the top 20 NFT collections on Binance Marketplace have been in the green. PancakeSwap – the leading decentralized exchange (DEX) built on BNB Chain – has also benefited significantly, with its native token, CAKE, gaining more than 10% over the month.
Heading Toward New Highs?
The majority of discussions about BNB on X (Twitter) are positive, reflecting strong investor confidence, further supported by growing adoption and rising prices.
Prominent analyst Ali Martinez has compared BNB’s current price structure to that of Bitcoin, suggesting that the coin may be entering the early stages of a major bullish cycle, with a highly optimistic potential for a new all-time high.
