BNB’s 129% Rally Mirrors Solana’s 2024 Surge as Distribution Drives Growth

BNB, the native token of the BNB Chain, has climbed 129% over the past year, outpacing both Bitcoin and Ether, though it has dipped more than 2.5% in the last 24 hours from a fresh all-time high above $1,300 earlier this week. The token traded within a $62 range from Oct. 9–10 before closing near $1,250, according to CoinDesk Research.

Experts say the rally is fueled less by hype and more by Binance’s scale and ecosystem reach. Jack O’Holleran, CEO of SKALE Labs, told CoinDesk: “We’re in a phase of the cycle that’s focused on reach over tech. Distribution is the key factor driving growth right now. That reach advantage is translating directly into adoption, with $14.8 billion in inflows last quarter and BNB Chain activity surging.”

Jasper De Maere, strategist at Wintermute, compared BNB’s rally to Solana’s late-2024 surge, noting how gains in a layer-1 token often trigger wider ecosystem liquidity. “BNB’s rally, fueled by gas-fee cuts, RWA incentives, and liquidity programs, ignited on-chain activity across yield, DeFi, and meme sectors,” he said, highlighting tokens like CAKE, HENA, HONEY, and MANTA as main beneficiaries.

De Maere explained the phenomenon as the “L1 wealth effect,” where rising token prices generate USD gains that are reinvested within the ecosystem. “As long as BNB prices hold near highs and bridged capital doesn’t leave, liquidity recycles internally between sectors. Only when outflows accelerate does the loop truly end,” he added.

While signs of exhaustion could appear if stablecoin balances drop or capital exits BNB Chain, the ecosystem continues to internally recycle wealth, echoing Solana’s earlier trajectory.