Binance Coin (BNB) has recently surged strongly, attracting widespread attention in the market. Although founder Changpeng Zhao (CZ) has stepped down as CEO of Binance, he remains active in the spotlight of the crypto world. Is this round of skyrocketing prices a signal of BNB's move towards independence after "de-CZification," or is it a carefully orchestrated narrative by capital? Who are the real beneficiaries? Is BNB truly heading towards a long-term value reassessment, or is it on the brink of a new round of on-chain cycle bubbles?
In May of this year, at the Token2049 conference held in Dubai, an interview with CZ garnered far more attention than other segments. Unlike the usual process, the organizers unusually cleared the venue and closed the doors before the interview began, creating a tense atmosphere. A crowd had gathered outside, waiting in a cramped space, and once the doors opened, hundreds rushed in, quickly filling the venue. This scene seems to clearly reveal a fact: despite CZ stepping down as Binance CEO, his core influence in the crypto industry has not diminished; rather, he remains at the center of the stage.
This extraordinary level of enthusiasm is not merely a continuation of personal worship but also provides a contextual backdrop for BNB's recent strong rebound.
In mid-July, BNB briefly broke through $850, setting a new historical high. On-chain data shows that in the past month, BNB's price has increased by nearly 23%, with its market capitalization peaking close to $120 billion, ranking among the top four cryptocurrencies by market cap.
Multiple market dynamics indicate that BNB's recent rise seems to be driven by both institutional accumulation and increased on-chain activity. According to publicly disclosed information, Nano Labs announced plans to purchase $1 billion worth of BNB as company reserve assets and incorporate it into their long-term treasury strategy. Additionally, small to medium-sized enterprises such as Windtree Therapeutics, CEC Industries, and Liminatus Pharma have also stated that they are allocating a certain proportion of BNB for asset preservation and technological collaboration.
More importantly, the U.S. publicly listed company CEA Industries (formerly known as VAPE) also announced on July 28 that it had completed a PIPE financing of up to $500 million in partnership with 10X Capital, specifically to establish a reserve treasury centered around BNB as a core crypto asset. Following this announcement, its stock price surged over 800% in a single day, further accelerating the market sentiment for BNB.
In terms of on-chain activity, after the BNB chain completed the Maxwell upgrade at the end of June, the block processing efficiency significantly improved. The upgrade led to an increase in the number of active addresses on-chain; according to Ainvest data, the number of active addresses on the BNB chain rose by over 37% month-on-month in July.
However, from a technical perspective, BNB experienced a slight pullback after reaching a high this week, currently fluctuating around $800. In the short term, $820 constitutes a strong resistance level, while support is focused on the range of $788 to $770.
Although BNB and its underlying BNB Chain hold a significant position in the smart contract and DeFi fields, BNB faces several structural challenges in the fierce market competition. The BNB Chain has attracted a large number of users and projects due to its lower transaction fees and faster confirmation speeds, which somewhat alleviates the issues of Ethereum network congestion and high gas fees. However, behind this performance advantage lies a higher degree of centralization in the BNB Chain. Binance, as the core of the ecosystem, has strong control over on-chain nodes, which contradicts the original intention of blockchain decentralization and has become a major reason for industry skepticism regarding its security and governance transparency.
Moreover, the BNB Chain ecosystem still shows deficiencies in innovation capability and diversity. Although it has attracted several DeFi projects, the overall depth and breadth of the ecosystem are difficult to compare with Ethereum, especially in the areas of NFTs, cross-chain protocols, and Layer 2 expansion, where its layout is relatively weak. Some developers and investors worry that the BNB Chain's reliance on Binance exchange resources also limits the ecosystem's autonomous development and openness.
At the end of 2023, CZ stepped down as CEO of Binance, which is seen in the industry as a key move for Binance to achieve a more professional management team and a more institutional brand. Binance has also repeatedly emphasized that the company is transforming towards decentralized governance and compliant operations. However, there remains significant disagreement in the market and industry regarding the authenticity and depth of the "de-CZification" narrative.
Firstly, as the founder of Binance, CZ's personal image is highly intertwined with the Binance brand, enjoying extremely high recognition and influence in the crypto industry over the years. Although he has stepped down as CEO, he remains the main spokesperson and strategic promoter for Binance and the BNB ecosystem. Secondly, the governance structure of the Binance chain and BNB is still controlled by the core team of Binance, with CZ's team deeply involved in BNB's capital reserves, ecosystem incentives, and major decisions.
Therefore, many believe that "de-CZification" currently manifests more in adjustments to management positions and external communication strategies rather than in substantial brand decoupling or power decentralization. It resembles a narrative packaging centered around capital and brand reshaping, aimed at boosting institutional investor confidence and alleviating external regulatory pressure.
BNB's recent surge undoubtedly brings it back into the spotlight of the crypto market. However, behind the price spike and technological upgrades, the ecological bottlenecks and governance doubts faced by BNB cannot be ignored. Whether the path of de-CZification is genuine and profound, or merely a "new story" crafted for the capital market, remains to be seen over time. Standing at the crossroads of bubbles and value, BNB's future trajectory depends not only on market sentiment and capital flows but also on continuous innovation in the ecosystem and genuine changes in governance structure. For investors, rationally assessing its fundamentals and long-term value is far more critical than chasing short-term gains.
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Original article: “The Breakout Path of Binance Coin (BNB): Tech-Driven, Capital-Orchestrated, or Market Illusion?”
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