Although the market is difficult to evaluate, Binance is seizing the opportunity to continue expanding the influence of the Four and BNB ecosystem.
1. The Binance Market Driven by Four.meme
Recently, the market on the BNB Chain has captured the attention of the Crypto market. Although investors have doubts about the performance and sustainability of the BNB Chain, it has indeed led to a surge in the issuance and trading of a large number of BNB assets and a wave of rising prices for BNB-related tokens.
Source: Coinmarketcap
Source: Four.meme
This rotation is closely linked to the promotion by Four.meme. First, Binance founder CZ shared a video on X, demonstrating how to issue tokens using the Four.meme platform. The test token in the video was TST, which began to gain traction in the market on February 6, reaching a market cap of 5 million before plummeting nearly to zero. CZ later made an objective response to the token, stating that it was not an official issuance but included a purchase link. Since then, TST has attracted market attention and speculation due to CZ's positive response, ultimately creating a result of reaching a market cap of 500 million dollars in just three days of trading on Binance's spot and futures markets.
This event has encouraged everyone to further search for the next "TST" on Four.meme. Recently, on February 13, the Broccoli token issued on Four reached a market cap of 120 million in just three days. In Binance Cex, the BNX token has also led the surge of BNB-related tokens, rising from a price of 0.16 to a peak of 1.1 dollars within a week since February 8, creating a sevenfold increase in a week. Subsequently, tokens such as BNB, CAKE, BAKE, and LISTA also experienced a wave of increases, but overall, BNX's performance has been the most sustained and robust.
Source: Binance
2. FOUR is BNX
In September 2024, BNX initiated a proposal to change its brand to Four, in anticipation of the launch and incubation of its meme platform, Four.meme, on July 2. This proposal was officially passed on September 23, 2024, but the name change has not yet been implemented. The recent strong surge of BNX and the popularity of Four may soon lead to the realization of this name change.
Regarding the BNX team, industry insiders believe it has always been Binance's "right-hand man," adhering to the principle of "wherever Binance needs, BNX will go." Its business has spanned options, gaming, and asset issuance platforms. The layout of Four should be a key step for Binance to activate the BNB Chain, and from the current perspective, it is indeed the best time for further development.
It can be said that FOUR is BNX, and BNX is Binance. The greatest benefit of Binance's emphasis on the on-chain ecosystem may arise from Four.meme, and the potential release of Four.meme will also benefit the price of BNX.
3. Four.meme Aims to Create the First "Pump" of BNB Chain
From the launch of this round of Four.meme market, it is not difficult to see that Four.meme aims to replicate the successful cases of Pump.fun and GMGN to invigorate the BNB Chain ecosystem and further enhance the utility and price of BNB.
From a vertical perspective of the BNB Chain, there are other pump-type platforms such as Burve and Grafun, but in terms of market attention, asset issuance quantity, and interaction and support with the BNB Chain, no other platform compares to Four. Simply looking at the case of CZ teaching token issuance using the Four.meme platform, it is undeniable that Four.meme holds the position of the first Pump on the BNB Chain.
In a horizontal comparison with Sol Chain projects, in the past 24 hours, Pump.fun generated $2.74 million, GMGN $383,544, and Four.meme $115,825. If the popularity of BNB can continue or even expand further, Four's revenue should be between 1/3 and 1 of GMGN's. Defillama estimated the expected annual revenue of Pump.fun and GMGN based on the revenue data of the past 30 days, which are $1.572 billion and $258.11 million, respectively. Traditional financial companies can have a PE of over 10 times, and projects like Pump.fun are among the few in the Crypto market that can generate sustainable cash flow, with a conservative PE of over 10 times.
Revenue data source: Defillama
Currently, the market cap of BNX is $0.35 billion. The 10x PE valuation of Pumpfun is 43.6 times that of BNX, and the 10x PE valuation of GMGN is 7.37 times that of BNX. If Four's revenue is 1/3 of GMGN's, the expected valuation would be 2.45 times that of GMGN. Simply put, if BNX officially becomes the platform token of Four, it is conservatively estimated to have an increase of 2.45 to 7.37 times from the current price.
4. Conclusion
Since the market crash following Trump's token issuance, the market has experienced several weeks of lukewarm conditions. With the promotion of Four, a new wave of Cex and on-chain market hotspots has returned. Although the market is difficult to evaluate, Binance is seizing the opportunity to continue expanding the influence of Four and the BNB ecosystem.
Four is BNX. If Four can achieve further potential release, it will continuously benefit the price of BNX.
Based on valuation comparisons, under stable development, there is still an increase potential of over 2.45 times for the price of BNX.
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