BNB Chain Memecoins Take a 30%+ Tumble: Is Binance’s ‘Meme Rush’ Over?
A wave of volatility has swept through the BNB Chain memecoin market, with many tokens experiencing significant price drops, leading some to question if the "meme rush" is losing steam. This downturn follows a period of intense speculation and trading activity, fueled in part by social media buzz surrounding Binance and its founder, Changpeng Zhao (CZ).
Over the past 24 hours, numerous memecoins built on the BNB Chain have plummeted in value, with losses ranging from 60% to 95%. This sharp correction comes after CZ clarified that his social media posts should not be interpreted as investment advice or endorsements. In response to concerns about developers sending tokens to his wallet or using his tweets to promote their coins, CZ stated, "My tweets are not endorsements. I'm just tweeting normally now; any overlap with memes is coincidental".
This statement triggered a rapid sell-off, as traders rushed to exit their positions. Liquidity evaporated quickly, and the market capitalization of many tokens, both new and old, experienced dramatic declines. The prices of BNB memecoins on PancakeSwap plummeted. While some investors made substantial profits during the initial surge, many others were caught off guard by the sudden correction. One trader withdrew 5,090 BNB (approximately $6.6 million) from Binance to invest in meme tokens, only to see significant losses as prices crashed.
The recent surge in memecoin trading on the BNB Chain was notable. PancakeSwap, a decentralized exchange (DEX) on the BNB Chain, saw record trading volumes, reaching $80 billion in September. This was the platform's busiest month since November 2021. In the first nine days of October, the volume already surpassed $30 billion. The intense trading activity also pushed BNB to a record high of $1,350 before it fell back to $1,270.
Binance has been actively involved in the memecoin space. Binance Wallet recently launched "Meme Rush," a platform designed to provide users with early access to new meme tokens. Developed in partnership with Four.Meme, Meme Rush aims to create a fairer and more transparent environment for meme coin trading. The platform features a three-stage token lifecycle—New, Finalizing, and Migrated—to manage the launch process. The initiative allows verified Binance Wallet users to discover, trade, and support early-stage meme tokens. Projects that participate in Meme Rush gain exposure to Binance's extensive user base and benefit from a structured launch process. Top-performing tokens may also be considered for listing on Binance Alpha.
Despite the memecoin market's volatility, the BNB Chain's broader ecosystem remains active. Although BNB's price has decreased, high-volume buying near $1,255–$1,280 suggests potential institutional interest. The chain also reached a record 5 trillion gas used in a single day, driven by 24 million swap transactions. This situation mirrors previous cycles observed on Solana and Base, where speculative trading surges were followed by abrupt corrections. Analysts caution against "FOMO-driven" trading and advise focusing on established memecoins rather than new, volatile tokens.
