Binance is the largest cryptocurrency exchange in the world in terms of trading volume, a feature that has earned it a unique reputation within the trading community. It was founded in 2017 by Chinese-born Canadian businessman Changpeng Zhao, who created high-frequency trading software in the past. Binance was originally based in China before being moved to Japan right before the Chinese government restricted crypto companies and mining endeavors. Eventually, the headquarters moved to Malta, and there is no official head office at the moment, with the company operating through several local subsidiaries.
Binance coin, also known as BNB, operates on Binance Chain, the exchange’s proprietary decentralized ledger designed to support efficient and quick transactions. The cryptocurrency utilizes smart contract functionality to govern issuance, trading, and the movement of tokens and ensure the continuous transparency and security of both the tokens and the transactions. Over the last few years, meme coins have become increasingly popular among crypto traders, and it seems that Binance Chain is where they’ll be now.
What are meme coins?
Meme coins are a subcategory of cryptocurrencies that started as internet memes. Online culture and jokes are the overarching themes, so if you’re not well-versed in either of them, you’re unlikely to understand their appeal. Meme coins are sometimes derided by other crypto investors as a result of their much lower value when compared with standard crypto. The belief is that meme coins are, as a result, entirely devoid of value, utility, or authenticity and that investing in them is not just a waste of time but of funds as well since meme coins are unlikely to amount to anything according to their view.
However, many point out that meme coins are a gateway to other cryptocurrencies, given their accessibility and the lower risks that come with buying, selling, and trading assets at lower prices. A lot of the hype surrounding meme coins comes from the fact that they provide users with a strong sense of community due to their fundamental nature as inside jokes. Some analysts have already started discussing the potential for meme coins moving to the BNB chain from Solana, which has so far been the uncontested winner when it comes to platforms hosting meme coins. What has changed?
BNB vs Solana
Solana has emerged as a prime blockchain for the meme coin community for several reasons. First, there are the technical capabilities, with the blockchain being capable of handling more than 65,000 TPS, a characteristic that makes it perfect for the fast-paced meme coin environment. Solana is also the only blockchain that embraced meme culture to a considerable degree, fostering a unique and vibrant ecosystem where these assets can develop and thrive. Marketing and memes are foundational parts of Solana, so it should come as no surprise that the accessibility the network provides and the sheer ease of token creation have made it the default hub for meme coins.
Solana has also recorded steady adoption over time in both decentralized finance and non-fungible tokens, something that parallels the hype and community-driven nature of the meme coins. Across web3 solutions, Solana has always been a leading blockchain when it comes to delivering internet culture vibes to the community, and it was indeed instrumental in making meme coins into the cultural phenomenon they are today through a combination of celeb endorsements, viral marketing, strategic partnerships, and ability to drive and encourage strong community engagement. Its integration of the pump.fun launchpad for the blockchain has enabled users to create crypto tokens and trade them almost instantaneously, as well as launch them on decentralized cryptocurrency exchanges, a procedure known among community members as “graduation.”
However, recent data indicates that the Solana meme coin sector has started cooling off over the last few months. According to Solscan, the leading explorer of the Solana ecosystem, token launches dropped to roughly 26,300 in the first quarter of 2025, the lowest figure since November. The daily transaction volume hit a low of 43 million on March 1st, another new low not recorded since the fourth quarter of the previous year. However, Solana’s activity levels remain relatively robust. The lowest transaction day on Solana outperformed BNB Chain. Yet, many investors believe that the momentum is shifting nonetheless.
Pump.fun is displaying signs of fatigue, with fewer than 1% of the new coins meeting the requirements to become tradable. Some think that this doesn’t necessarily mean that there will be a shift in market dominance in the long-term, but there’s no denying the fact that the BNB chain will become more visible and influential within the sector.
BNB’s market entry
BNB chain launched in 2020 when it was known as Binance Smart Chain. It was marketed as a low-cost, reliable, efficient, and fast trading alternative that is EVM-compatible. At the time, this was a huge deal as the limited layer-1 options and sky-high fees had chipped away at ETH’s accessibility for most investors. Users and developers were attracted to the platform, although some expressed apprehension about the likelihood of it becoming more centralized over the long term. Regulatory pressures brought additional uncertainty to the ecosystem, with some moving to Solana and layer-2 solutions on Ethereum in response. In fact, this was one of the factors why these two gained momentum and reached new heights.
However, things have changed significantly since then. The BNB chain is enjoying a resurgence at the moment, with high-volume trading taking place across the network. As of March 15th, the BNB chain led all other blockchains in terms of DEX volume, a metric that looks into the total amount of a holding that has been traded during a certain timeframe. In this sense, DEX measures how many units of a crypto coin have been purchased or sold on an exchange. These figures indicate that interest and engagement are picking up speed on the blockchain. Retail interest is starting to be more noticeable as well, and the meme coin ecosystem is growing as well.
Right now, the BNB chain is soaking up meme coin volume. The chain developed its own platform dedicated to the category known as Four.meme, and some coins have managed to secure Binance listings as well. However, it remains to be seen whether the enthusiasm will last or not.
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