This October, a month that usually favors Bitcoin, has seen an unexpected shift – Binance’s ecosystem has taken center stage.
What traders call “Uptober,” a nickname for Bitcoin’s traditionally bullish month, started with enthusiasm as the U.S. government faced a shutdown. But that optimism didn’t last. Prolonged political uncertainty, new trade concerns, and the aftershock of a massive $19 billion liquidation event cooled investor sentiment across the board. Bitcoin, usually the star of October, struggled to regain footing.
In contrast, Binance’s native token, BNB, became the standout performer. The asset not only climbed roughly 6% since the month began but also reached new all-time highs twice. The surge came as the BNB Chain experienced a wave of memecoin activity and intensified competition in the decentralized perpetuals market through its trading platform, Aster.
Memecoin mania, typically associated with Solana and its Pump.fun launchpad, shifted this month to the BNB Chain. The tipping point came after Binance co-founder Changpeng Zhao shared a post about a BNB-based memecoin – a move that coincided with a user turning a $3,000 investment into $2 million. Within days, the share of memecoin launches on Solana plunged, while BNB Chain’s Four.meme platform took the lead. By early October, Four.meme was responsible for the majority of new token launches and had even overtaken its rival in daily revenue.
Data from Bubblemaps revealed that more than 100,000 traders joined the memecoin frenzy on the BNB Chain, with the majority reporting profits. The spike in activity helped boost network statistics as well. According to Nansen, BNB Chain topped all blockchains in total fees for the week and ranked second in active addresses and transactions – impressive metrics considering that onchain activity across the sector had slowed.
But the euphoria was short-lived. Soon after, the broader crypto market suffered its largest-ever liquidation event, wiping out $450 billion in capitalization. Even so, BNB Chain tried to maintain momentum by distributing a $45 million airdrop to its active memecoin traders.
Meanwhile, Binance itself faced mounting scrutiny. Analysts pointed to a price oracle malfunction that briefly mispriced wrapped assets like wBETH and USDe on the exchange, leading to distorted valuations across leveraged platforms. Some traders alleged they lost funds as orders failed during the chaos, though Binance denied causing the crash. The exchange attributed the sell-off to wider market panic following President Trump’s tariff threats against China, admitting only that “technical glitches” had occurred. Binance eventually compensated affected users with $283 million.
Despite the controversy, BNB’s rally continued, with the token reaching another record high of $1,370 by mid-October. Around the same time, Aster – Binance’s decentralized exchange for perpetuals – briefly topped the charts with over $41 billion in daily trading volume. However, DefiLlama later removed its data, citing verification issues, which fueled doubts about the platform’s reported performance.
Even with these blemishes, the broader takeaway is clear: in a month when Bitcoin faltered, BNB stole the spotlight. Driven by memecoin speculation, soaring network fees, and an ambitious decentralized trading ecosystem, BNB turned what should have been Bitcoin’s “Uptober” into a celebration of its own resilience and dominance.
Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.
