BNB's long-term bull market logic: a resonant cycle of capital, users, and narratives

Author: Viee, Core Contributor at Biteye

1. The BNB ecosystem continues to experience positive news, and the market continues to shift its focus.

Since mid-October, the BNB Chain ecosystem has continued to gain momentum, with a series of key events. Traditional financial institutions have entered the market. China Merchants Bank International has launched a $3.8 billion USD money market fund through BNB Chain, and YZi Capital has announced an investment of approximately $100 million in projects within the BNB ecosystem. These positive developments have further solidified BNB Chain's leading position in the industry. Just yesterday, with the news of CZ's pardon, market sentiment saw another significant boost. The last cloud of regulatory uncertainty shrouding the BNB ecosystem has been lifted. This restoration of trust has become the starting point for a new wave of capital, user engagement, and narrative resonance for BNB Chain. Meanwhile, BNB Chain integrated with the prediction market platform Polymarket, enabling users to deposit and withdraw funds directly through the BNB Smart Chain (BSC), opening up a new "prediction + trading" scenario. BNB also launched on major CEX platforms, Robinhood and Coinbase, further enhancing global financial access. Regarding stablecoins, StraitsX announced support for native issuance of USDT on BSC, further enhancing on-chain payment and settlement capabilities. A strategic partnership with the Better Payment Network (BPN) aims to build a multi-stablecoin-driven global settlement network, enhancing payment capabilities on BSC. The "Binance Life" Chinese meme token launched on the Binance Futures platform and the Base App, keeping market funds and attention focused on the BNB ecosystem. Furthermore, Four.meme, in partnership with the BNB Chain ecosystem, has completed the first two tranches of its ongoing $45 million "Rebirth Support" BNB airdrop program, rapidly repairing the confidence gap left after the October 11th crash. Looking back at this market cycle, despite the sharp market decline on October 11th, BNB was one of the few mainstream assets to quickly recover and drive a simultaneous resurgence in on-chain popularity. From community enthusiasm to capital inflows, BNB Chain is forging a trifecta of "platform narrative + user growth + capital repatriation." If 2021 marked the golden age of the Ethereum ecosystem, then 2025 could be BNB Chain's home turf.

II. Three forces behind the BNB Chain narrative 2.1 Narrative breakthrough: “Binance Life” triggers a chain reaction

One ​​of the key catalysts for BNB Chain’s recent rise in popularity is the launch of the Binance perpetual contract for the meme coin “Binance Life”. This not only dispels the old perception that "Chinese memes can't be listed on major exchanges," but also signals the beginning of the export of native project narratives on the BNB chain to centralized platforms, fostering stronger mainstream acceptance. Furthermore, "Binance Life" has now expanded to the Base App, extending the influence of narratives beyond the boundaries of a single chain. Furthermore, Binance recently officially launched a dedicated Chinese trading pair section, which may further boost the exposure of Chinese-language projects. From an ecosystem perspective, this wave of meme craze centered around Chinese culture is no longer limited to "content play" but has driven product upgrades on the platform and adjustments to project narrative strategies. This has not only boosted on-chain activity but also begun to drive attention back to other products and tracks within the Binance ecosystem (such as Alpha and Pre-TGE), opening up a wider radius of influence for BNB Chain. 2.2 Solid On-Chain Foundation: Low Cost, High Performance, and a Large User Base The ability to attract a large amount of capital and user return is also closely related to the performance and cost advantages of the chain itself. Previously, BNB Chain further shortened the block time and halved the gas fee, driving a surge in on-chain activity. According to statistics from DefiLlama and others, BNB Chain's daily on-chain transaction volume reached a peak of 30 million transactions in early October; in terms of DEX transactions, BNB Chain's daily transaction volume has even surpassed Ethereum and Solana recently.

2.3 Binance Ecosystem Combination: Issuance Platform + DEX + CEX to Create Ample Liquidity

The explosion of BNB Chain is inseparable from the Binance Ecosystem Liquidity Support System. First of all, Binance Alpha and Aster provide a "mini-Binance"-like environment, allowing popular on-chain tokens to be quickly listed for trading. In addition, Four.Meme The emergence of launch platforms like [BNB Chain] has greatly enriched the BSC project offerings, providing a low-cost, one-click token issuance channel and rapidly enabling a wide variety of memes to flourish on the chain. Furthermore, Binance's official wallet recently launched the "Meme Rush" feature, standardizing and guiding the on-chain meme token issuance process in a phased manner. These steps constitute BNB Chain's unique "closed liquidity loop." Following the token's Alpha launch, followed by spot trading on Aster DEX and Binance futures, and ultimately listing on Binance's main board, each step has driven the price of the token upwards. Third, BNB Chain's wealth-creating effect spreads, and on-chain enthusiasm remains high. At the peak of the meme craze in early October, over 100,000 addresses participated in the BNB Chain meme craze, and nearly 70% of early traders were profitable. Several BNB Chain meme coins have seen their market capitalization soar. These memes often achieve viral success thanks to key factors, including narratives aligned with community sentiment, ample on-chain liquidity, and a catalyst of community interaction. Following the sharp market correction on October 11th, BNB Chain became one of the few public chains to maintain stable prices and positive data. According to the latest data, as of October 20th, BNB Smart Chain's daily active addresses exceeded 2.58 million, an increase of over 20% from the month's low. Daily on-chain transactions also reached 18.77 million, still above the level at the beginning of the month. According to the trend chart, BNB Chain's active addresses have been climbing steadily since May, rising from a daily average of less than 1.5 million. After first exceeding 3 million in mid-July, the number has experienced several strong increases driven by the meme craze. The number of transactions has also been climbing for three consecutive months since June, with a significant surge in early October, reaching nearly 28 million daily transactions. Although it has subsequently declined, it has remained strong above 20 million. This data confirms that BNB Chain's current market enthusiasm is not due to hype, but rather to the simultaneous growth of real users and on-chain activity. From user retention to interaction frequency, it demonstrates a "second growth curve" of a positive ecosystem cycle. Fourth, how can I find the next wave of opportunities on BNB Chain? Based on the experience of this round of market fluctuations, the following key channels and signals can be used as reference. To determine whether an Alpha project has explosive growth potential, four signals can be used as a starting point: First, rising popularity. When the project name, logo, and memes appear frequently on X and Telegram, and the number of comments and interaction rates suddenly increase, it often means that market attention is focusing. Second, community engagement. Pay attention to the number of holding addresses, group activity, and secondary creation output. Whether a project can achieve widespread virality depends on whether users are actively creating content, rather than simply waiting for a rise in price. Third, interaction with celebrities like CZ. Likes and reposts are considered the strongest signals. Finally, there's capital accumulation. On-chain whale addresses continuously buying shares within a short period of time is a classic sign of "smart money entering the market," and these signals are typically most concentrated in the hours before a price action. When these four signals appear simultaneously, it signifies that a project's narrative, community, and funding are resonating—this is the critical moment when an Alpha project enters its breakout zone. Specific operational aspects: 1. Keep a close eye on Binance Alpha project announcements; trading activity is expected to increase in the short term. Furthermore, Binance previously launched the Pre-TGE Prime Sale, an advanced version of the original Pre-TGE with a larger scale and longer sales cycle. The participation process consists of three steps: First, deposit BNB to subscribe (over-allocation, open to everyone). After the subscription is complete, tokens will be distributed proportionally. Trading will begin on the Binance Alpha Market after the project's TGE. 2. Track real-time updates with XHunt. XHunt has launched a new BNB Feed feature that integrates important updates related to the Binance ecosystem and includes AI-powered summaries. It also supports sound alerts and pop-up notifications, making it ideal for Alpha traders to react quickly 24/7. 3. Participate in early trading on on-chain DEXs like PancakeSwap and Aster. For discerning on-chain traders, being the first to spot new tokens experiencing a surge in trading volume on DEXs like PancakeSwap is an effective way to capitalize on these rising stocks. 4. Use Binance Wallet's "Meme Rush" feature. Binance Wallet has launched the Meme Rush feature. Simply put, Meme Rush is a launchpad launched in partnership with Fourmeme. It differs from regular launchpads in two key ways: First, participation is limited to users using the Binance app's built-in Web3 wallet (who have completed KYC). Second, the internal migration limit is higher. So, how can we use Meme Rush to find and participate in early-stage meme projects? The interface is generally divided into three core areas, representing different stages of a project: New Coins, Upcoming Releases, and Migrated. New Coins: This area features a mixed bag of projects, with higher risk and noise levels. It's suitable for experienced investors who enjoy mining ultra-early alpha projects for preliminary research and screening.

>Upcoming: This section lists projects that are about to be released from the internal market to the external market. This section is for projects with funds available to purchase. If you're not too picky, you can keep an eye on the interesting projects in this list.

>Already Migrated: This section lists projects that have been released from the internal market to the external market. This section is now available for purchase by all users. This is also a selection of the best of the best.

In addition to chain scanning features like Meme Rush, Binance Wallet also provides a decision-making tool - the KOL monitoring list. The most innovative feature of this feature is that it ties the wallet address to the KOL's identity. While other products let you track a string of anonymous addresses, Binance Wallet allows you to directly track the KOL's portfolio. It clearly displays a specific KOL's complete holdings and detailed transaction history, allowing you to intuitively analyze different KOLs' holdings, win rates, and investment styles.

V. Long-term Outlook: Market Sustainability Driven by the Flywheel Effect of BNB and BNB Chain

As this round of BNB Chain market evolves, a question worth paying attention to is: Can this rise driven by the resonance of funds, users and narratives be transformed into a long-term bull market for the BNB ecosystem? 5.1 Flywheel Effect: A Positive Feedback Loop from Trading to Price From a fundamental perspective, BNB Chain is forming two powerful “flywheel effects” that support the sustainability of the market: (1) Trading-burning flywheel: The surge in on-chain trading volume provides direct support for the BNB price. As the fuel of the BSC network, BNB’s economic model includes a dual deflationary mechanism: on the one hand, Binance automatically burns BNB every quarter, and on the other hand, BEP-95 is implemented on the BSC chain in real time, directly destroying part of the transaction fees to reduce supply. Under the current meme trading craze, a large amount of BNB is continuously consumed. The continuous burning caused by this trading demand strengthens the scarcity of BNB. Therefore, this round of BNB price increase is not only driven by market sentiment, but also reflects the unique intrinsic value and deflationary mechanism of the BNB Chain ecosystem. When users continuously trade Meme coins on the chain, the intrinsic value of BNB is invisibly pushed up, thus forming a virtuous cycle of "the higher the usage - the more it is destroyed - the higher the price". (2) Ecological-capital flywheel: The capital inflow brought by the expansion of the BNB Chain ecosystem should not be underestimated. On the one hand, new projects are constantly emerging to attract investors to enter the market. To participate in the hot opportunities on the BSC chain, users must purchase BNB as gas or trading pair base positions, which brings continuous buying. On the other hand, many Meme coin winners eventually choose to exchange part of their profits for BNB or invest in other projects in the BNB ecosystem in order to realize their profits, leaving most of the funds in the BNB Chain internal circulation. In the long run, as the BNB Chain continues to launch technological upgrades, the types of applications and user scale that can be carried on the chain will further expand, injecting new growth points into the ecosystem. As long as the two wheels of ecological prosperity and capital inflow continue to roll, the BNB coin price and the entire ecosystem market value are expected to maintain a strong upward trend. 5.2 BNB Chain's Long-Term Value and Long-Term Bull Market Logic If the flywheel explains the mechanics of BNB's price rise, then the long-term bull market logic for BNB Chain lies in its ability to generate sustained ecological momentum. On-chain data reveals that BNB Chain's rise isn't a bubble, but rather is supported by genuine on-chain activity. As mentioned above, core metrics like active addresses, trading volume, and TVL all hit record highs, demonstrating that the underlying driving force behind this meme market comes from real user participation and capital flows, rather than pure speculation. From an ecosystem perspective, the success of this Meme Season is a concentrated reflection of the power of the community: CZ's interaction with the "Big 1" (Yi Hai) became a catalyst for communication; the cohesiveness of the Chinese-speaking community gave the narrative a vibrant life force; and the support of leading traditional brokerages and institutions boosted BNB adoption. The combination of these three factors forms the true underlying logic behind BNB Chain's long-term bull run—a resonant cycle of capital, users, and narrative. Meanwhile, BNB has also achieved breakthroughs in institutional adoption: it has been listed on major platforms, including Robinhood and Coinbase, and several publicly listed companies have announced plans to purchase BNB. More importantly, this round of BNB ecosystem enthusiasm demonstrates a healthier internal cycle: capital has a mechanism for revolving within the ecosystem, user growth is genuine, and the narrative is supported by cultural connotations and community consensus. Therefore, BNB Chain's upward trend may be entering a long-term phase of positive feedback loop development. Sixth, Conclusion: BNB Chain's recent rise is not only a market victory, but also a self-validation of the ecosystem. It demonstrates to the outside world that, over the long haul of the crypto cycle, users and liquidity are the most solid defenses. Whether it's the popularity of the meme, on-chain activity, or capital flows, BNB Chain is forming its own "resonance system"—transactions drive buzz, buzz generates traffic, and traffic feeds back into price. This is the natural selection of market forces and the inevitable echo of community consensus. Of course, BNB's long-term bull run can't rely solely on short-term sentiment; it must continue to be built on real transactions, robust mechanisms, and user trust. Only when these fundamentals are solid will prices become meaningful. From this perspective, the second half of BNB Chain's run isn't just a continuation of the previous round of hype, but rather a new phase: from short-term booms to long-term development; from wealth-creating myths to ecological value. The BNB cycle may have just begun.