Source: Cointelegraph Original: "{title}"
BNB Chain is absorbing meme coin trading volume from Solana, with Quai Network's Alan Orwick describing it as a cyclical rotation rather than a lasting shift in dominance.
The Ethereum Virtual Machine (EVM) compatible network BNB Chain, associated with the cryptocurrency exchange Binance, is experiencing a revival in decentralized finance (DeFi) and meme coin sectors, while some of its competitors are facing identity crises.
For most of 2024 and early 2025, Solana dominated the narrative in retail DeFi. It became the preferred network for meme coins associated with celebrities, influencers, and political figures, including former U.S. President Donald Trump.
However, after Argentine President Javier Milei joined the meme coin trend, the ecosystem suffered a reputational blow. His associated project "Libra" was accused of insider trading. This controversy damaged trust in the Solana meme coin space, opening opportunities for competitors.
BNB Chain seized this moment, attracting the lost meme coin trading volume. The chain has its own meme coin platform, Four.meme, which rivals Solana's Pump.fun, and introduced daily competitions to promote new projects and subsidize their liquidity. Some of these meme coins have even been listed on Binance itself.
This momentum is clearly reflected in the trading volume of the network's top decentralized exchange (DEX), PancakeSwap. Over a two-week period starting Tuesday (March 15), PancakeSwap led DEX trading volume across all EVM chains on nine separate days, according to Dune Analytics.
PancakeSwap on BNB Chain dominated DEX trading volume in the latter half of March. Source: Dune Analytics
"Notably, the recent surge in PancakeSwap's trading volume may stem from renewed retail enthusiasm for BNB meme coins. In other ecosystems, meme-related trading volume has declined in recent weeks, while BNB Chain has seen significant growth in this area," said Justin Barlow, head of business development and investment at Sei Foundation.
In a written analysis shared with Cointelegraph on March 27, Barlow reviewed data from CoinGecko and found that just two BNB meme coins accounted for about 13% of PancakeSwap's daily trading volume.
Related: TRUMP meme coin influx into Solana DEXs sparks insider trading allegations
BNB Chain was launched in 2020 as Binance Smart Chain, positioned as a low-cost, fast, and EVM-compatible alternative to Ethereum, at a time when high gas fees and limited Layer 1 options made Ethereum less accessible.
It quickly attracted developers and users but became notorious for scam projects and faced criticism for its centralization. As regulatory pressure on Binance increased, activity on the chain decreased, while more decentralized and innovative ecosystems like Ethereum Layer 2 and Solana gained momentum.
PancakeSwap has become central to BNB Chain's revival, maintaining high trading volumes across the network. According to DefiLlama, over the two weeks starting Tuesday (March 15), BNB Chain led DEX trading volume across all blockchains—during the same period PancakeSwap dominated the EVM DEX landscape.
With Binance-related BNB Chain dominating in the latter half of March. Source: DefiLlama
"DEX trading volume is a clear signal of user engagement and interest in DeFi, and sustained activity on platforms like PancakeSwap indicates that retail interest in BNB Chain and its meme coin ecosystem is growing," Barlow said. An ancillary benefit of the increase in DEX trading volume is the rise in earnings for liquidity providers.
In addition to DEX trading volume, BNB Chain recently led the industry in active addresses among EVM networks and ranked second across all blockchain ecosystems in the past week, only behind Solana.
The revival of BNB Chain is closely tied to the boom in meme coins. In February, BNB Chain released its 2025 technical roadmap, reaffirming its commitment to supporting the meme coin ecosystem.
"We are excited to see many meme tool providers integrating with BNB Chain. We will continue to work closely with them in 2025 and beyond," the announcement stated.
Just days later, Binance founder Changpeng Zhao posted on X that his dog is named Broccoli, sparking a wave of Broccoli-themed meme coins on BNB Chain. Zhao added that he would not issue meme coins himself but might "interact with several tokens on the network."
Source: Changpeng Zhao
Since then, meme coin activity has surged. One example occurred on Thursday (March 27); according to Lookonchain, a trader reportedly invested $232 in the Mubarak meme coin and made a profit of $1.1 million.
Smart traders turned $232 of Mubarak meme coins into $1.1 million. Source: Lookonchain
BNB Chain has also outperformed competitors in several core DeFi metrics. It recently surpassed Solana and Ethereum Layer 2 networks in daily fee generation.
To further support this momentum, BNB Chain launched the "BNB Chain Meme Liquidity Support Program" on February 18. The program provides $200,000 in permanent liquidity for high-performing meme coins.
"Meme coins are definitely driving recent activity. You can see a sharp increase in the number of newly created tokens and the rise in small transaction sizes, which typically accompany speculation on meme coins. When the total value locked remains stable but trading volume surges, it usually indicates retail trading is driving the difference—and right now, this vitality is heavily concentrated in the meme space of BNB Chain," Rachel Lin, CEO of DEX SynFutures, told Cointelegraph.
Related: XRP and Solana compete for the next cryptocurrency ETF approval
Data shows that the meme coin space on Solana is cooling down. According to Solscan, the number of token issuances fell to about 26,300 on Tuesday (March 22), the lowest level since last November.
Daily trading volume also dropped to less than $43 million on Wednesday (March 1), according to Nansen, marking the lowest figure since last November.
Solana's trading volume has also declined alongside the cooling of meme coin activity. Source: Nansen
Even in a downtrend, Solana's activity levels remain significantly higher than those of BNB Chain. Nansen's data indicates that Solana's lowest trading day still exceeds BNB Chain's peak volume of 7.8 million transactions. But the momentum seems to be shifting.
BNB Chain's trading volume is rising but still far behind Solana. Source: Nansen
Solana's meme coin launchpad Pump.fun is also showing signs of fatigue. Less than 1% of new tokens meet the platform's requirements to become tradable. The combination of declining levels points to a cooling period for the Solana meme coin market.
But this does not necessarily mean a long-term change in dominance, said Alan Orwick, co-founder of Quai Network. "This pattern reflects the cyclical nature of speculative interest across the entire blockchain ecosystem, ultimately bringing new vitality to DeFi."
"This rotation seems to be influenced by regional preferences, with increased participation from Asian markets driving activity on Binance-related platforms," Orwick said.
Lin from SynFutures added that the key difference in momentum between Solana and BNB Chain lies in their audiences: "Solana is increasingly becoming localized for cryptocurrency traders, while BNB Chain attracts a more global, retail-first audience. We are not seeing one chain dominate long-term, but rather a rotation of capital and attention based on differing user behaviors and trading economics."
BNB Chain's rise during Solana's slowdown highlights the rapidly changing and cyclical nature of the crypto market, especially in the meme coin space. While Solana still leads in total activity, BNB Chain has proven it can attract retail attention and drive meaningful trading volume when the timing is right. With strong support from Binance, dedicated liquidity programs, and viral meme momentum, BNB Chain has regained relevance in DeFi.
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