BNB-Meme Coin Explosion: Record Trading Volumes and Investor Wave

In recent days, the surge of meme coins on the BNB Chain has attracted the attention of investors, creating a significant frenzy. Notably, PancakeSwap has stood out in the market with a trading volume of $4.29 billion in just the last 24 hours. According to data from DeFiLlama, the decentralized exchange (DEX) volume on the BNB Chain reached $6.05 billion on October 7, marking the second highest level of the year. Newly minted tokens known as meme coins have created a large wave of speculation, especially through “China-themed” projects.

Among the newly launched tokens, projects such as “币安人生 (Binance Life)”, “客户小何 (Customer Xiaohe)”, and “空气币 (Air Coin)” have garnered attention. These tokens have succeeded in gaining thousands of times in value just hours after their launch, attracting tens of thousands of new investors to the platform. According to data from Bubblemaps, more than 100,000 new on-chain investors joined the BNB ecosystem in just the last 48 hours, and approximately 70% of these investors are in a profitable position.

One of the most significant factors influencing the BNB-Meme season is the prominence of tokens directly associated with Binance and its CEO Changpeng Zhao (CZ). For example, the token named “4ever” was inspired by CZ’s 2023 message to “ignore the FUD”, while tokens like “Broccoli” reference CZ’s humorous posts. Every message CZ sends from his social media accounts causes a new spike in the prices of these coins. In the last 24 hours, the total trading volume of the top 10 meme coins on the BNB Chain has exceeded $82 million.

However, this frenzy brings along risks as well. Previous BNB meme coin projects such as Broccoli and Mubarak are still trading at about 90% below their peak prices. The BNB Chain currently constitutes 11.4% of meme coin activities worldwide, a figure quite close to Ethereum’s 12% market share. Recently, the price of BNB has risen above $1,200, surpassing major assets like Bitcoin and Ethereum. As a result, BNB has managed to surpass XRP, becoming the world's third largest cryptocurrency.

Experts emphasize that the rise in BNB prices has led to the production of more meme coins within the ecosystem and an increase in the volume of transactions conducted through these coins. This creates a self-sustaining cycle that directs investors towards more profitable trading opportunities. While investors pay attention to this frenzy, they must be prepared for potential fluctuations in the market.