Binance Chain Overtakes Solana In Memecoin Trading Volume

Binance Chain is the dominant blockchain for memecoin activity, as its trading volume has surpassed Solana. BNB Chain holds 45% of the total memecoin DEX volume while Solana and Ethereum are sitting on 25% and 20% respectively.

Binance Chain Flips Solana In Memecoin Trading Volumes

After months of memecoin trading volume dominance, activity levels on Solana are cooling down. According to on-chain data, BNB Chain has overtaken Solana as the blockchain with the largest memecoin trading volume.

Per the data, BNB Chain makes up 45% of the total memecoin DEX volume, outpacing Solana and Ethereum by 2x. Back in April, the Binance Chain memecoin DEX volume contributed only 25% of the pie before climbing northwards to its present levels in July.

Solana controls only 25% of the trading volumes, declining from a 40% dominance in April. The steep 15% drop for Solana leaves it in second place after a meteoric 12-month run that saw it become the dominant blockchain for memecoin trading.

Binance Chain’s rise to the top of the charts is intricately linked to the Binance Alpha Program, an initiative designed to improve memecoin visibility and liquidity. While the Alpha program typically serves as an incubation hub for promising projects, not all Binance Chain-based memecoins rise to the top of the charts. Bondex (BDXN) price collapsed after its Binance listing, triggered by massive profit-taking on the exchange.

Cardano and Ethereum Are Playing Catchup To Sector Leaders

According to the data, Ethereum holds a steady 20% memecoin trading volume share while Base clings to 5%. The quartet of Arbitrum, Avalanche, Unichain, and Celo makes up 5% of the sector’s trading volume as the ecosystem heats up to a boil.

Despite the flippening by Binance Chain, Solana memecoins are still pulling impressive levels. Solana-based TRUMP memecoin skyrocketed 3,000% in less than 24 hours, while memecoin launch pad Pump.fun is plotting a $1 billion raise.

Cardano is keen on triggering its memecoin ecosystem activity in an attempt to rub shoulders with market leaders. Last week, Input Output partnered with SNEK, the largest memecoin on Cardano, in a strategic collaboration to improve ecosystem activity.

Amid Binance Chain’s flippening, Bloomberg analyst Eric Balchunas is predicting the rise of a memecoin-based ETF by 2026.