BNB rose to a record $1,114.67, boosted by a short squeeze that liquidated $7.7 million in short positions and recent fee cuts on the BNB Chain. BNB is currently trading near $1,108, and is the top gainer among major cryptos, up 6.1% daily and 17.2% weekly.
BNB's market cap has already surpassed $154B, making it the fourth-largest cryptocurrency. Network upgrades, higher user engagement, and greater institutional demand are driving the growth. Monthly active users have increased to over two million, with daily transactions increasing from one million to ten million.
Analysts point to products like Aster and PancakeSwap driving user growth and stablecoin supply expansions. Speculation about a prospective spot BNB ETF in the US, as well as demand for BNB as a treasury asset, are fueling momentum.
Despite the bullish outlook, technical indicators suggest a likely near-term decline. Support between $1,000 and $1,084 will be critical to sustaining the surge.
