BNB’s recent rally appears to be tightly linked to a surge in activity on the Binance Smart Chain (BSC), according to a new report by CryptoQuant, which highlights an unprecedented level of user engagement on the network.

The analytics firm revealed that daily active addresses on BSC have hit an all-time high of 3.62 million, marking the most active period in the chain’s history.

The milestone came shortly after BNB’s powerful run that began in June and gained speed through September, culminating in a peak of $1,311 on October 8. CryptoQuant’s data shows that network participation and price performance have become increasingly synchronized, suggesting that new user inflows tend to intensify whenever prices rise sharply.

Analysts noted that this pattern represents a new phase of market behavior for BNB. Historically, price and network usage often diverged, but since September 2025, they’ve moved almost identically. The report argues that the latest spike in addresses likely reflects “FOMO-driven demand” following BNB’s rapid appreciation.

Still, the data also reveals a slight pullback. After reaching its record, the number of daily active addresses has dipped below 3 million, raising concerns that momentum could fade if activity fails to recover. CryptoQuant emphasized that holding above this threshold is essential to keep the bullish structure intact.

“Maintaining over three million active users daily is key to sustaining the current uptrend,” the report stated. “If participation continues to decline, it may indicate a local top and increase the probability of a sharper correction.”