Binance Coin (BNB) has surged 13% in the past 24 hours, reaching $721 today (Thursday). This strong rally has outpaced the broader crypto market, driven by increasing demand for BNB in memecoin trading and Binance Chain’s latest developments.

With Binance co-founder Changpeng Zhao (CZ) teasing potential meme coin launches, investors noted BNB’s growing role in this emerging sector.

The latest surge in BNB’s price closely followed unexpected speculation triggered by CZ’s casual remarks on social media. On Wednesday, CZ responded to a discussion on X (Twitter) about his Belgian Malinois dog, leading to a wave of interest in a possible dog-themed memecoin.

Honest newbie question. How does this work? I share my dog's name and picture, and then people create memcoins? How do you know which one is "official"? or does that even matter?

(I see many people asking for a name and a picture. 😂) https://t.co/ZcvEhzgwmM

— CZ 🔶 BNB (@cz_binance) February 12, 2025

CZ’s Memecoin Hints Send BNB Soaring

Community members eagerly speculated about a new meme coin linked to CZ, questioning how such projects gain legitimacy. Binance had already outlined meme coin trading as a focal point in its 2025 roadmap, released on Feb. 11.

Since then, BNB’s price has climbed over 17%, reflecting increased market confidence in Binance’s ecosystem. With memecoin transactions requiring BNB for gas fees and liquidity, demand for the token has risen sharply.

BNB’s strong price action has led to a significant market shift, as it surpassed Solana (SOL) in total valuation. With a market cap of $104 billion, nearly $10 billion higher than SOL, BNB is now the fifth-largest cryptocurrency. Over the past week, BNB gained 22%.

Market Conditions and Binance Chain Upgrade

The broader crypto market has been turbulent, with Bitcoin struggling to stay above $96,000 after a failed push past $98,000. Most altcoins have also seen steep losses, contributing to a 2% drop in overall market capitalization over 24 hours to $3.18 trillion, according to CoinMarketCap data.

However, Binance’s blockchain ecosystem has remained resilient, bolstered by news of an upcoming upgrade. Binance Chain plans to introduce faster transactions, AI-driven features, and gasless payments, further strengthening its position in the smart contract space.

CZ recently confirmed the update on X, highlighting the blockchain’s sub-second block times and artificial intelligence integration. Despite its recent decline, Solana has maintained strong traction in the decentralized exchange (DEX) sector.

BNB Chain is leveling up in 2025.

What’s new: Faster transactions, streamlined user experience, integration of AI, & refined developer tools.

Here’s what’s changing and why it matters to you 🧵👇 pic.twitter.com/uQ13gYwyAp

— BNB Chain (@BNBCHAIN) February 11, 2025

The token’s price action remains closely tied to ecosystem developments, meme coin trends, and overall market sentiment. With Binance Chain set for a major upgrade and meme coin speculation fueling investor interest, BNB could see further upside in the near term.