BNB wins ‘Uptober’ amid Binance market crash scrutiny

In October, BNB, Binance's native token, has achieved new all-time highs twice, distinguishing itself in a month traditionally favorable for Bitcoin. Despite the overarching uncertainty due to a U.S. government shutdown and a significant market crash that wiped out $19 billion in positions, BNB remains approximately 6% up since the beginning of the month. A surge in memecoin trading on the BNB Chain and competition with other platforms like Hyperliquid have contributed to this performance. Notably, memecoin launches on BNB Chain surged after a tweet by Binance’s co-founder, leading to a frenzy that shifted much of the memecoin activity away from Solana. However, Binance faces growing scrutiny over its alleged role in the market crash due to a price oracle malfunction. Analysts have raised concerns about how Binance valued certain assets, affecting leveraged trades across platforms. Despite these issues, BNB's strong performance highlights its resilience amid market challenges.

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