BNB meme szn!" Binance founder Zhao Changpeng (CZ) set the tone for this craze with a tweet on the X platform. In just a few days, a meme coin named "4" created 21 millionaires, while another trader turned $3,500 into $7.9 million, achieving an astonishing return of 2260 times.
The core platform of this carnival, Four Meme, surpassed $1 million in single-day revenue on October 3, setting a historical record. However, by October 10, the plot took a sharp turn, with multiple popular BNB Chain Meme’s value dropped by more than 30%, with some coins evaporating 90% of their value overnight.
01 Data Pivot: A Panoramic View of the BNB Chain Meme Craze
Since the beginning of October, the trading volume of Meme coins on the BNB Chain has shown explosive growth, with on-chain data providing solid evidence of this frenzy.
According to data from the blockchain analysis company Bubblemaps, over 100,000 traders participated in Meme coin trading based on the BNB Chain, with approximately 70% of participants achieving profitability.
Total profits reached 516 million USD, while total losses were 114 million USD.
This wealth effect is specifically reflected in: 1 trader earning over 10 million USD, 40 traders earning over 1 million USD, and 900 traders earning over 100,000 USD.
According to DEXScreener’s data, during the peak on October 9, BNB Chain occupied 19 out of the top 20 popular tokens it tracks, with Solana being the only exception.
In terms of on-chain fees, the performance of BNB Chain is equally remarkable. According to Artemis data, starting from October 5, the on-chain fees of BNB Chain have surpassed. Tron Become number one on the entire network.
On October 8, the on-chain fees of BNB Chain reached 3.2 million USD, far exceeding the second place Tron with 1.3 million USD.
02 Wealth Creation Machines: The Birth Stories of Celebrity Meme Coins
Among the many BNB Chain meme coins, a few star projects have emerged as wealth-generating engines in this frenzy.
The leading token is named "4", inspired by the meme of Zhao Changpeng raising four fingers, symbolizing his resolution to eliminate fear, uncertainty, and doubt (FUD) proposed in 2023.
This token rose 25% on Monday, with a trading volume of $146 million and a market cap that once reached $243 million.
Other outstanding tokens include PALU and Customer Xiao He ("Binance Life"), with a total trading volume exceeding $335 million, experiencing growth of 2246% and 415% respectively during the same period.
"Broccoli" - The token issued after Zhao Changpeng announced his dog’s name earlier this year has risen again, with a 10% increase in 24 hours.
The explosion of these Meme coins has formed a positive cycle with the price increase of BNB itself. BNB recently peaked over 1,300 dollars, at one point reversing. XRP and USDT became the third largest encryption currency by market cap.
03 Ecological Support: How does BNB Chain become a breeding ground for Meme Coins?
The BNB Chain becoming the center of the meme coin craze is no coincidence, but rather a result of its technological characteristics and ecological support working together.
The BNB Chain processes about 2 million transactions daily, which is 50% higher than in 2024. The low gas fees (around $0.10 per use) and a throughput of up to 3,000 TPS make the BNB Chain very suitable for large-scale token creation.
The network upgrade at the beginning of 2025 allows for more high-traffic processing, making it possible to create a large number of tokens recently.
The high throughput of the Four Meme platform benefits from the implementation of EIP-7702 (account abstraction) by the BNB Chain, which is scheduled for deployment in 2025.
In addition to the technical foundation, BNB Chain also provides ample financial support for ecological development. On October 8, BNB Chain announced the establishment of a $1 billion Builder Fund, aimed at increasing support for founders of BNB ecological projects.
The "One BNB" architecture of BNB Chain (composed of BSC, opBNB, and BNB Greenfield) provides the necessary scalability, speed, and security for data management required by advanced AI applications.
04 Risk Exposure: The Hidden Concerns Behind the Carnival and the Truth About the Crash
However, behind this Meme coin frenzy lies serious structural issues that were laid bare during the crash on October 10.
One of the main issues is the high concentration of token holdings. A user from platform X, StarPlatinumSOL, pointed out that a single wallet controlled nearly 39% of the PALU supply at its peak, while also holding 23% of Binance Life and 14% of 4 tokens.
Insufficient liquidity is also concerning. The liquidity pools of many Meme coins are extremely weak, with the total supply ratio deposited in the liquidity pools being less than 2.5%.
This structure allows a small inflow of funds to drive up the market value, but once sell orders increase, it will similarly accelerate the price collapse.
The "Meme Rush" platform launched by Binance on October 9 has further intensified market volatility. This new platform, in collaboration with Four.Meme and available exclusively to Binance wallet users, aims to curb fake trading volumes through KYC requirements and a fair issuance mechanism.
The result unexpectedly triggered a sell-off - traders rushed to sell their existing tokens in preparation for migrating to the new platform.
At the same time, BNB itself has dropped nearly 6.5% from its historical high of $1,357 to about $1,246, further accelerating the correction in the Meme coin market.
05 Future Direction: Outlook on the BNB Chain Ecosystem After the Meme Craze
Despite the drastic fluctuations in the Meme coin market, the overall ecosystem of BNB Chain continues to develop, demonstrating long-term value beyond Meme coins.
DeFiLlama data shows that the BNB Chain TVL has been steadily increasing. By April 2025, the BNB Chain TVL was approximately $8 billion, and in just six months, its TVL has reached $16.38 billion, with a growth rate of over 100%.
BNB Chain is also continuously advancing in RWA (real-world assets), stablecoins, and AI. BNB Chain has the most complete RWA stack, with compliant issuance, secondary liquidity, and DeFi functionalities all within one ecosystem.
Many mainstream companies have chosen to issue RWA on the BNB Chain, including Circle, VanEck, and Ondo.
At the same time, BNB Chain is also vigorously promoting the development of the stablecoin ecosystem, launching the stablecoin "0 transaction fee transfer" campaign. Since the launch of this campaign on September 20, 2024, BNB Chain has borne over 5 million dollars in Gas fees for users.
From a more macro perspective, the success of BNB Chain today is not accidental, but rather the result of years of accumulated efforts. As pointed out in an article published by He Yi on Binance Square, the prosperity of BNB Chain stems from its entrepreneurial philosophy of "Tao, Fa, Shu, Qi."
Without the support of BNB Chain, Four.meme might not have achieved the success that surpasses Pump.fun, and Aster would not exist as a presence that surpasses Hypeliquid.
Future Outlook
Binance founder Zhao Changpeng once stated on the X platform: "I never saw this coming." However, this Meme frenzy, which he inadvertently ignited, vividly illustrates the madness and fragility of speculative capital on the BNB Chain.
Looking to the future, the "One BNB" three-chain architecture of BNB Chain is building a solid infrastructure for truly sustainable blockchain applications such as RWA and AI. While the stories there may not be as exciting as those of Meme coins, they may nurture a more solid future.
