In a noteworthy development, Binance Coin (BNB), the native token of Binance, has reclaimed its position as the fourth largest crypto asset, surpassing Solana with about $5 million in market capitalization. Recall that BNB was pushed down to the fifth position last week by the red-hot Solana.
Impressively, BNB surged over 13.40% in the last 24 hours and a 1.3% gain today trading at $328.2, at the time of writing. This increase propelled the token to surpass Solana in market capitalization, reclaiming the coveted fourth position with a market cap of $50 billion, compared to Solana’s $45 billion.
What propelled BNB’s former Decline?
The token’s recent surge comes a month after it faced a significant decline which was the aftermath of a regulatory crackdown. and the CEO stepped down.
Binance exchange had been embroiled in legal troubles for some time which led to the firm paying a sum of around $4.3 billion to the U.S. authorities to settle charges of money laundering and fraud brought against the company. CEO Changpeng Zhao also steps down from his role.
Despite its legal troubles, the exchange still retains its position as one of the leading exchanges. Moreover, the native token has bounced back to its former position as the fourth-largest crypto asset marking the highest level for BNB in the past six months.
What Could be the Catalyst behind BNB’s Current surge?
Bnb’s upward trajectory comes following the announcement of Binance’s 42nd project on Launchpool – Sleepless AI (AI). Sleepless AI brands itself as an innovative gaming project that uses artificial intelligence and blockchain technology to create a unique gaming experience. Using AIGC and LLMs to create story-based gameplay and interactions with characters, it aims to revolutionize the gaming industry, offering enticing rewards in the era of AI dominance.
The introduction of Sleepless AI offers Finance traders the opportunity to farm AI tokens as they could stake BNB, FDUSD, and TUSD for seven days starting December 28, 2023.
BNB’s impressive performance after the legal settlement reflects investor’ confidence and enthusiasm in the network, contributing to the token’s climb in the crypto rankings. The reclaimed position underlines Binance’s enduring influence and adaptability within the ever-evolving cryptocurrency landscape.
