Meme token traders are migrating to BNB Chain, pushing its trading volume past Solana’s. Activity surged on PancakeSwap, the network’s primary decentralized exchange, as investors sought faster and cheaper transactions.
The shift underscores a growing preference for BNB Chain as a launchpad for new meme tokens, reshaping the competitive landscape among blockchain networks.
The recent spike in meme token activity followed a series of high-profile launches on BNB Chain. Among them, tokens like Mubarak saw short-term rallies, attracting speculative interest.
Binance’s founder and former CEO Changpeng ‘CZ’ Zhao acknowledged the surge in an X post, encouraging developers to build despite market conditions.
However, he warned against aggressive token promotions, citing risks of rug pulls and losses.
DeFi Llama data shows that BNB Chain recorded $1.63 billion in trading volume over the past 24 hours, surpassing Solana’s $1.07 billion.
The increase represents a 13.47% weekly gain for BNB Chain, highlighting its resurgence following a prolonged bear market. While still the largest blockchain, Ethereum remains less relevant for meme token trading due to its high transaction costs and slower speeds.
PancakeSwap Dominates Meme Token Trading
PancakeSwap V2 and V3 remain the most actively used decentralized applications on the BNB Chain. According to DappRadar, the platform has attracted over 60,000 daily users, contributing to the rise in meme token trading.
Other notable applications include OKX DEX, which has also seen an uptick in activity, and Four.meme, a native meme token launchpad ranked among the top five most used dApps on the chain.
BNB Chain’s rise in DeFi activity comes despite being the fourth most active network overall. Its appeal lies in its low-cost structure and accessibility, making it a preferred environment for speculative trading.
PancakeSwap’s trading pairs against CAKE, its native token, have bolstered liquidity alongside a growing market for bridged USDT. The platform also supports various meme tokens, reinforcing its position as the go-to marketplace for speculative assets.
Meme token speculation on the BNB Chain has led to significant price movements. CZ’s Dog (BROCCOLI) emerged as the third-largest market, while Mubarak surged by 262% in its early trading phase. The token gained additional traction after Zhao publicly invested 1 BNB, fueling social media-driven interest. Mubarak also capitalized on its association with the Islamic spring holiday, further boosting demand.
Despite the high trading volume, BNB Chain maintains a more controlled approach to token launches than Solana. Binance’s ecosystem incorporates screening and liquidity management, reducing the risk of pump-and-dump schemes. While this limits the number of new token listings, it enhances market stability and investor confidence.
The renewed interest in meme tokens has driven up BNB’s price. The asset rallied from $599 to $642.11 overnight as demand surged across decentralized exchanges. CAKE also gained 16.5%, climbing to $2.16 and maintaining its status as the most actively traded asset on PancakeSwap.
Data shows the emergence of a ‘BNB season,’ where the chain outperforms its competitors. Open interest in BNB futures surged from $580 million to over $622 million within hours, reflecting bullish sentiment. The token’s price remains sensitive to multiple factors, including Zhao’s social media influence and broader market trends.
