The BNB Chain, a potential network of Ethereum virtual machines (EVM) competition linked to Cryptocurrency Exchange Binance, is experiencing a revival of decentralized finance (Defi) and Memecoin space, just as some of its rivals face an identity crisis.
In most of 2024 and early 2025, Solana ruled the story of retail debts. It became a network of Memecoin’s choices tied to celebrities, influencers and political figures, including US President Donald Trump.
However, the ecosystem was hit with a high reputation after Argentine President Javier Mairei jumped on the Memocoin bandwagon. His related project, “Libra,” was accused of insider trading. The controversy infused Solana’s trust in the Memocoin sector, opening the door for its competitors.
The BNB chain seized the moment and captured the amount of memo coins that had been evacuated. The chain has a four-memo platform, a four-memo platform comparable to Solana’s Pump.Fun, introducing daily competitions to promote new projects and subsidize liquidity. Some of these memecoins continue to secure a list of the binance itself.
This momentum is clearly reflected in the network’s top distributed exchange (DEX), PancakesWap trading volume. According to data from Dune Analytics, in two weeks of stretching starting March 15, Pancakeswap led Dex volumes on all EVM chains over nine days.
BNB chain Pancakeswap dominates the second half of March with Dex volume. sauce: Dune analysis
“It is worth noting that Pancakeswap’s recent volume spikes are likely due to new retail enthusiasm for BNB Memecoins. Unlike other ecosystems where meme-related volumes have declined in the last few weeks, the BNB chain has grown significantly in this sector.
In a written analysis shared with Cointelegraph on March 27th, Barlow reviewed Coingecko’s data and found that only two BNB memokins, who are responsible for around 13% of Pancakeswap’s daily trading volume, are responsible for.
Related: Insider trading claims surface as Trump’s memo coin floods SolanaDexs
Reversal of the BNB chain’s good fortune
The BNB chain was launched as a Binance Smart chain in 2020 and positioned it as a high cost, fast, EVM compatible alternative, and as a replacement for Ethereum when high gas prices and limited layer-1 options reduced accessibility to Ethereum.
It quickly attracted developers and users, but it built a reputation for fraudulent projects and faced criticism of centralization. As regulatory pressures on Binance were installed, activity on the chain declined, and decentralized, innovative ecosystems like Ethereum Layer 2 and Solana gained momentum.
Pancakeswap is at the heart of the BNB chain’s revival, maintaining massive trading across the network. According to Defillama, the BNB chain led all blockchains on DEX Volume for eight days, starting March 15th. This is the same stretch that Pancakeswap ruled the EVM Dex landscape.
The Binance-Linked BNB chain dominated the second half of March. sauce: defill
“DEX volumes are a clear signal of user engagement and interest in Defi, and sustained activity on platforms like PancakesWap suggests an increase in retail interest in the BNB chain and its MemeCoin ecosystem,” Barlow said. A by-product of DEX volume growth is higher yields for liquidity providers.
In addition to DEX volumes, the BNB chain has recently led the industry with aggressive addresses among EVM networks. Over the past week it was second only to Solana across all blockchain ecosystems.
Binance-backed growth, Memocoin liquidity, Broccoli
The revival of the BNB chain is closely linked to the memokine boom. In February, the BNB chain released its 2025 high-tech roadmap, reaffirming its commitment to supporting the MemeCoin ecosystem.
“We are pleased that many of our Meme Tool providers are integrated with the BNB chain. We will continue to work closely together from 2025 onwards,” the announcement said.
A few days later, Binance founder Changpeng Zhao posted to X that his dog’s name was Broccoli. Zhao added that he himself will not issue Memecoin, but is likely to “interact” with some tokens on the network.
sauce: Changpeng Zhao
Since then, Memocoin’s activity has skyrocketed. One example came in late March. According to LookonChain, in current trade, one trader reportedly invested $232 in Mubarakme Coin in $1.1 million.
Savvy Trader flips the $232 Mubarak Memecoin to $1.1 million. sauce: Lookonchain
BNB Chain also outperforms its competitors on several core definition metrics. Recently I’ve surpassed both the Solana and the Ethereum L2 in daily prices.
To further support the momentum, the BNB chain launched its “BNB Chain Meme Liquidity Support Program” on February 18th. The initiative will provide $200,000 of permanent liquidity to top-performing memocoin.
“Memokines are absolutely driving recent activities. You can see it with a rapid increase in the number of newly created tokens and an increase in smaller trade size increases that often accompany Mimecoin’s speculation. Synfutures told Cointelegraph.
Related: XRP and Solana compete for the next Crypto ETF approval
Solana vs. BNB: Who owns Memecoin Crown?
Data suggest that Solana’s Memecoin sector is cooled. According to Solscan, the token launch fell to about 26,300 on March 22nd. This is the lowest since November.
According to Nansen, the lowest figure since November, daily trading volume also reached below 43 million on March 1st.
The amount of transactions in Solana is on a downward trend along with the activity of Cooling Memo Coin. Source: Nansen
Even in the downtrend, Solana’s activity level remains significantly higher than in the BNB chain. Nansen’s data shows that Solana’s lowest trading date is still above the peak of the BNB chain of transactions of 7.8 million. However, the momentum appears to be changing.
Transactions in the BNB chain are rising, but still far behind Solana. Source: Nansen
Pump.Fun, Solana’s Memecoin Launchpad, also has seen signs of fatigue. Less than 1% of new tokens meet the platform’s requirements to become traded. The decline in binding levels refers to the cooling period for Solana’s Memecoin market.
However, this does not necessarily indicate a change in long-term control, said Alan Orwick, co-founder of Quai Network. “This pattern reflects the cyclical nature of speculative interest throughout the blockchain ecosystem, ultimately bringing updated energy to Defi.”
“This rotation appears to be influenced by regional preferences, with participation in Asian markets driving drives on Binance-related platforms,” Orwick said.
Lin from SynFutures added that the key difference in the momentum between Solana and the BNB chain is the audience. “Solana has become more native of crypto traders, but BNB chains attract a more global retailer crowd. Not necessarily one chain is dominant in the long run, looking at rotations of capital and attention based on user behavior and economics of trading.”
The rise of the BNB chain amid Solana’s slowdown highlights the rapidly moving, periodic nature of the crypto market, particularly in the Memecoin space. Solana is still leading the raw activity, but the BNB chain has proven that it can attract retail attention and drive meaningful volumes when the moment is right. Bnb Chain has recovered Defi’s relevance with strong support from Binance, a dedicated liquidity program and viral meme momentum.
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