BNB Bulldozes Past $600, Asserting Dominance Over Solana

BNB has crossed $630 for the first time in over two years, helping the coin to reassert its leadership position over close rival Solana.

Binance Coin (BNB) experienced a significant price increase on Thursday, surpassing the $600 mark for the first time since December 2021. 

Data from CoinGecko revealed that the Binance-associated cryptocurrency went up to as high as $630 in intraday trading after experiencing a 15.64% increase over the past 24 hours.

Maintaining Dominance 

With this performance, BNB maintains the lead over its closest rival, Solana (SOL). Notably, both crypto assets have been fighting for the top four spot and have continued to flip in recent months.

While BNB was already in the fourth position, the latest price rally further solidified its dominance over SOL. According to CoinGecko, BNB’s market cap currently stands at $91.07 billion, while SOL has a lower market cap of $76.42 billion.

Why Is BNB Rising?

BNB’s recent impressive price performance can be attributed to several factors, including gains in the broader market, quarterly token burn schedules, and the growing interest in and activities around the BNB Chain ecosystem.

The BNB Chain recently announced an upcoming major upgrade dubbed “BEP 336.” Drawing concepts from Ethereum’s EIP 4844, the upgrade aims to “optimize how data is stored and processed on the blockchain, significantly reducing transaction costs and enhancing network performance.” BEP 336 is expected to be deployed on the BNB Chain mainnet in June.

Meanwhile, SOL remains a strong contender despite BNB’s current lead. Within the same 24 hours, SOL also exhibited an impressive 11.66% gain to reach $172. This positive trend between BNB and SOL extended to other crypto assets associated with cryptocurrency exchanges (CEX) and Solana projects. OKB jumped 9.5%, while Solana-based JUP and WIF surged 15% and 20% respectively.