Recently, the overall market environment has been declining, with Bitcoin fluctuating around $85,000. The market's focus has shifted to the BNB Chain, where CZ and Yi He have been supporting BNB Chain's MemeCoins, and the beneficial effects of $mubarak have stirred countless investors. According to data from Defillama, the TVL of BNB Chain has increased by about 5% in the past week. The daily trading volume of BNB Chain's DEX is approximately $2 billion, while Solana's DEX daily trading volume is about $1 billion. As of the time of writing, BNB Chain's DEX daily trading volume ranks first among public chains. In the short term, PVP has shifted from the Solana chain to the BNB Chain. Meanwhile, BNB Chain is also simultaneously enhancing infrastructure upgrades and launching activities such as transaction fee reductions and Binance Wallet IDO. Against this backdrop, market controversies regarding BNB Chain continue to arise. How will the market, which judges success or failure, develop? The following CoinW Research Institute will explore this with you.
Current Status of BNB Chain's MemeCoins
On March 12, the leading sovereign fund company MGX, based in Abu Dhabi, Dubai, announced a $2 billion investment in Binance. This is also Binance's first institutional financing and the largest cryptocurrency financing in history. This event is significant for both Binance itself and the entire cryptocurrency market.
Interestingly, this event triggered a secondary fermentation and initiated a liquidity competition represented by the MemeCoin $mubarak. The incident began after this financing when Binance's official media released an Arab-style meme image, followed by CZ retweeting this content with the phrase Mubarak (an Arabic blessing). The market immediately responded, with community members quickly launching the MemeCoin $mubarak on BNB Chain's leading launch platform, Four.Meme.
As a result, the wealthy Meme meme from the Middle East suddenly became the focus of market speculation. Under the PVP environment, numerous tokens emerged, among which $mubarak (CA: 0x5C85D6C6825aB4032337F11Ee92a72DF936b46F6), retweeted by CZ, was considered an official endorsement by the community, with its market cap once exceeding $15 million. Afterward, CZ also released Mubarak-related elements on Binance Square, and both Binance's official account and Yi He continued to promote Mubarak. The market cap of $mubarak was again raised to $100 million. After CZ publicly bought 1 BNB of $mubarak (wallet address: 0x28816c4C4792467390C90e5B426F198570E29307), the market cap of $mubarak approached $150 million. This marks the second spring for BNB Chain's MemeCoins after $TST.
Who Will Be the Winner of This Game?
In this context, BNB Chain has become the main battlefield for PVP. Various CAs are flying around in the market, giving rise to more distorted token issuance methods. For example, some communities have pointed out that many KOL teams prepare relevant MemeCoin materials in advance and then frantically comment under CZ and Yi He's accounts. Once they receive a reply, they immediately execute the "standard operation" of issuing tokens and harvesting profits. In this PVP war, it is clear that only a few token issuance groups benefit, which is contrary to the true ideals of MemeCoin builders.
The market's response is struggling. On one hand, pure supporters of MemeCoins strongly criticize this zero-sum game that relies on individuals' destructive power. They believe that in terms of capital and traffic introduction, the liquidity competition on BNB Chain is meaningless for the entire industry. In contrast, the previous MemeCoin market driven by $MOODENG on the Solana chain at least combined with top Web2 social platforms and involved real community building, representing another development model for the cryptocurrency industry. The current development trend of BNB Chain is simply a game of harvesting within the circle. How long can the market sustain this? The depletion of liquidity is intensifying. On the other hand, keen observers believe that the market is cruel and that it rewards those who can adapt. According to the previous MemeCoin market on Solana, the current market on BNB Chain is still in a mid-stage. As long as one leaves before the bubble bursts, there are still many investment opportunities in the current market. For instance, even if you are not a PVP enthusiast, you can observe related projects like $CAKE, which have also seen impressive recent gains. Additionally, paying attention to Binance's movements beyond MemeCoins may also present good opportunities, such as the recent IDO activity of Binance Wallet, and the process of voting for new listings is also a form of infrastructure development.
However, regardless of the circumstances, BNB Chain is currently the biggest winner. According to Defillama data, in the past 24 hours, the DEX trading volume of BNB Chain was approximately $2 billion, ranking first among public chains. Among this, MemeCoins accounted for 72.52% of the total trading volume, and BNB Chain's main DEX, PancakeSwap, has also become the decentralized exchange with the highest trading volume. An interesting observation point is that regarding the surge in PancakeSwap's market position, some community members have suggested that PancakeSwap could take the opportunity to implement institutional reforms. The reforms would mainly focus on a tendency towards project value investment, emphasizing the interests of token holders. Specifically, PancakeSwap could establish the fundamentals of projects and publicly disclose real-time financial reports (similar to the stock market), making business promotion the main driving force for project development, and using this as a model for more project parties to practice, transforming crypto investment from venture capital into value investment. The CoinW Research Institute believes this could be an interesting direction for innovation in the entire industry. If leading entities like Binance can spearhead this innovation, the market may see new opportunities.
Source: Defillama
Observations and Reflections
Observing the recent evolution of the market, there are several points worth further consideration.
First, accepting the changes in the market, MemeCoins have become an indispensable part of the cryptocurrency market. Whether it is the recent liquidity competition on BNB Chain or the launch of the Base ecosystem group on Echo backed by Coinbase, many of these projects supported by public chains involve MemeCoins. From the perspective of investing in MemeCoins, focusing on the fundamentals of projects, community building, and market sentiment indicators may be a more effective investment strategy.
Second, actively seeking the next growth point in the market. DeFi Summer established ETH's on-chain empire, while MemeCoins enabled Solana's resurgence. Although major public chains, including BNB Chain, are still engaged in a traffic competition around MemeCoins, the market's vitality is visibly declining. Currently, MemeCoins are not a sustainable market. The market needs to find the next growth point to achieve true forward development. Whether it is RWA, AI Agents, or other possible directions, the market requires more observers.
Finally, the overall performance of the current market environment is poor. Trump's Bitcoin strategic reserve plan has not brought new growth points to the market, and the market hotspots are diverse. In the current environment, surviving until the market's rebirth may be the correct choice for mature investors.
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