A significant boost from meme coin traders has driven the surge of Binance blockchain activity, allowing it to overtake Solana in daily DEX trading volume for the first time. With endorsements from Binance founder CZ BNB Chain is emerging as a major hub for meme tokens
BNB Chain has surpassed Solana in daily decentralized exchange (DEX) trading volume for the first time.
On March 16, BNB Chain recorded a trading volume of $1.64 billion, driven by a surge in meme coins like Mubarak (MUBARAK) and TaTaTu (TTU). This surge represents a 13% increase over the past week, while Solana saw a 28% drop during the same period.
BNB Chain, once known primarily for its DeFi ecosystem and low-cost transactions, has successfully repositioned itself as a dominant player in the ever-growing meme-coin market. Following a period of regulatory scrutiny and shifting industry dynamics, the network has leveraged both its infrastructure advantages and strategic branding to capture a significant share of this lucrative market.
While Ethereum and Solana have traditionally been the leading networks for meme coin activity, BNB Chain has aggressively repositioned itself to become a major hub for these tokens.
A major factor in this resurgence has been the endorsement of Binance founder Changpeng Zhao (CZ). Even after stepping down from Binance leadership, CZ has remained an influential force within the crypto community, using his personal social media presence—especially on X (formerly Twitter)—to champion specific projects. His indirect endorsements of tokens like TST Token, Broccoli, Mubarak, and others have drawn significant attention, fueling speculation and trading activity on BNB Chain.
Meme coin platforms, such as Four.meme, which launched on BNB chain in 2024, also contributed to the influx of new users to the blockchain.
As traders flock to BNB Chain for the popular crypto theme, the network has claimed the top spot in DEX volume.
Among the most popular DEXes on the BNB chain are:
Increased activity on the BNB Chain triggered by meme coin traders positively affected the chain's native token price. BNB token raised at least 20% since November 2024, trading above the important mark of $600.
Before meme coins, the main driver of BNB's price increase was its regular token burns. The team pledged to burn half of its 200 million token supply, effectively buying them back from investors.
After the latest 30th quarterly burn round at the end of 2024, the total token supply stands at around 142 million.
The next large burn is expected at the end of March, which is projected to remove 1.6 million BNB from circulation, valued at around $1 billion.
Given such costs of maintaining the project's tokenomics, sharing a few X posts from CZ seems like a reasonable trade-off.