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The drop comes even after Coinbase added BNB to its listing roadmap this week, signaling support for the cryptocurrency issued by its biggest rival, Binance.
With a 14% drawdown from its $1,369 all-time high reached on Monday, the main question remains whether the upside is over for the Binance-linked token.
Coinbase Adds BNB To Listing Roadmap
BNB, the native token of Binance’s ecosystem, has failed to extend its record rally.
The pullback to $1,170 as of publication time comes even as adoption increases. A Hong Kong subsidiary of China Merchants Bank has tokenized a USD $3.5 billion money market fund on the BNB Chain, issuing two tokens, CMBMINT and CMBIMINT, for accredited investors.
 
Adding to the bullish momentum, the token was added to Coinbase’s official asset listing roadmap, with trading expected to start once “market-making support and sufficient technical infrastructure” are in place.
BNB has outperformed Bitcoin and Ethereum over the past year, soaring 97% to $1,165 from $593 a year before. It has recently surged to new all-time highs, peaking at about $1,370 on Monday as the crypto market attempted to recover from the record $19 billion in liquidations over the weekend. In fact, the token briefly flipped Tether’s USDT and Ripple-promoted XRP to become the third most valuable crypto. The impressive performance coincides with U.S. regulators adopting a more collaborative approach to the industry.
Launched in 2017 via an initial coin offering tied to Binance, the asset — which can be used for transaction fees on Binance’s platform — is currently the fourth-biggest crypto by market cap, worth $164.9 billion, according to crypto data provider CoinGecko.
BNB’s corporate treasury accumulation also received a boost after it was recently reported that Hong Kong-listed investment bank China Renaissance was in talks to raise $600 million for a BNB-focused treasury.
That being said, the token’s ability to continue its parabolic surge could depend on Bitcoin’s recovery, which, in turn, is dependent on positive macro factors and the return of institutional interest.