BNB Meme Coin Frenzy Creates Overnight Millionaires and Costly Mistakes

BNB’s meme coin craze minted dozens of millionaires overnight, but some whales lost millions in FOMO-fueled trades.

BNB Chain is dominating new token activity, according to fresh data from Bubblemaps. Over the past 24 hours, the network has seen nearly 35,000 new tokens launched, and far surpassed other blockchains. The surge was accompanied by an on-chain trading volume of roughly $10 billion.

To put this into perspective, Solana followed with around 16,000 new tokens and $2.3 billion in volume, while Coinbase’s Layer 2 Base recorded about 30,000 tokens but with a far smaller $27 million in trading.

BNB Meme Coin Season Is Here

In its latest post on X, Bubblemaps attributed the on-chain activity to a renewed wave of speculative capital on small-cap meme coins on BNB Chain. The frenzy has drawn over 100,000 traders into newly launched tokens, and nearly 70% are currently in profit. The scale of gains is striking. Data shows that one trader netted over $10 million, 40 made $1 million or more, and thousands earned five- to six-figure profits.

Tokens such as PALU briefly exploded after what appeared to be a subtle nod from Binance founder and former CEO, Changpeng “CZ” Zhao, minting over 100 new six-figure earners. Other breakout tokens like 币安人生, PUP, and 4 also generated massive windfalls and produced dozens of millionaires and tens of thousands of smaller winners.

The meme coin frenzy has caught the eye of industry observers, including CZ, who described the trend as “BNB meme szn” and admitted that he didn’t expect it at all.

Lookonchain, however, issued a cautionary note to the traders against FOMO-driven moves after tracking a whale’s costly meme coin spree on BNB Chain. The wallet, identified as 0x2fcf, withdrew 5,090 BNB ($6.65 million) from Binance to buy several trending meme coins, but the bet has backfired. Within 24 hours, the whale spent 3,475 BNB ($4.54 million) on several tokens, all now sitting at massive losses.

Network Undeterred

Individual missteps aside, BNB Chain continued to benefit from a wave of new participants. The network has recently surpassed its long-term rival Solana in active addresses for the first time since last year. This surge was fueled by the hype surrounding decentralized exchange Aster, which has driven massive user engagement and boosted on-chain activity across the ecosystem. The growing demand for the network has also lifted its native token.

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As a result, BNB has emerged as one of the best-performing assets over the past week, climbing nearly 26%. It now trades close to its all-time high of over $1,300, pushing its market capitalization above $181 billion and overtaking Ripple’s XRP to become the world’s third-largest cryptocurrency.