The native token of the BNB Chain, BNB, is down more than 2.5% in the last 24 hours, continuing its slide from a new all-time high above $1,300 registered earlier this week.

BNB rose 129% over the past year, outpacing both bitcoin and ether, as renewed momentum in the BNB Chain ecosystem kicked off a new wave of capital rotation.

Trading volatility remains high, with the token swinging within a $62 range from Oct. 9–10 before closing at $1,250, according to CoinDesk Research's technical analysis model.

Jack O'Holleran, CEO of SKALE Labs, told CoinDesk the recent surge appears to be driven by Binance’s scale and user reach rather than hype.

“We're in a phase of the cycle that's focused on reach over tech,” he said. “Distribution is the key factor driving growth right now. That reach adv

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