BNB Chain迷因币暴跌30%以上：币安的“Meme Rush”结束了吗？

At a time when market sentiment was high and the memecoin craze was in full swing, Binance officially launched the “Meme Rush” campaign. This event was expected to spark a new wave of enthusiasm for memecoin trading on the blockchain. However, unexpectedly, it became a turning point for the price increase of BNB-chain memecoin tokens. Within just a few days, the prices of most memecoin tokens plummeted, and liquidity significantly decreased. The risks associated with the concentrated holdings of certain large investors became apparent. The once-prosperous meme market is now facing the challenge of “the tide turning back”: will this memecoin craze really end here?

Key points:

● Binance’s “Meme Rush” campaign promoted fair trading practices at first. However, traders waited for the product to be launched, leading to a sell-off.

● A single wallet holding a large number of memecoin tokens raised concerns about manipulation and caused significant price drops.

● Low liquidity and excessive trading volume contributed to the sell-off of memecoin tokens within the BNB Chain ecosystem.

After a strong rise earlier this week, the prices of several BNB-chain memecoin tokens plummeted by more than 30% on Thursday. This sell-off occurred as the price of the BNB Chain itself dropped by 100 dollars in a single day. As of this writing, the price has fallen to 1,246 dollars. Does this mean the memecoin craze on the BNB Chain is over? Were there any signs of this before the sharp drop?

Price of BNB Chain memecoin tokens on decentralized exchanges, 24-hour chart. Source: DEX Screener

The market value of most of the affected meme coins is less than $50 million. However, there are a few exceptions that performed well during challenging times, such as PALU, GIGGLE, 4, and Binance Life. Some analysts believe that market sentiment changed after Binance announced the launch of its new platform, Meme Rush, on Thursday. Meme Rush is a collaboration between Binance and Four.Meme, and it is available only to users with Binance wallets. In addition to the standard bond curve model and listing on the DEX after reaching a fully diluted valuation of $1 million, Meme Rush also introduces the possibility of issuing new tokens on Binance Alpha, allowing all Binance users to receive these new tokens. This initiative aims to curb fake trading activities through KYC requirements and fair issuance mechanisms, although it has received some criticism.

Source: X/henloitsjoyce

User henloitsjoyce believes that “low-end” products like memecoin launchpads do not align with the performance goals or key metrics of centralized exchanges. The real reason for the success of memecoin may lie in their lack of regulation and oversight. Nevertheless, traders are likely to sell their existing BNB Chain memecoin tokens in order to switch to the newly launched platform.

BNB Chain memecoin tokens are affected by high concentration and fake trading volumes.

Even if there was an impulse to take profits and rotate funds before the next wave of memecoin issuance, it would still take several factors to cause a 40% plunge within just a few hours. The excessive concentration of tokens in top wallets, relatively low liquidity, and artificially inflated trading volumes are likely the main reasons for the sharp decline in BNB memecoin prices.

Source: X/StarPlatinumSOL

User StarPlatinumSOL claimed that a single wallet controlled nearly 39% of PALU’s supply during peak periods, as well as 23% of Binance Life’s supply and 14% of 4’s supply. Additionally, it was reported that one wallet executed batch transactions worth over $100,000 for multiple tokens, indicating that the trading volume might be inflated. The user also pointed out that some memecoin funds were stored in liquidity pools, but these funds accounted for less than 2.5% of the total supply.

Unlike traditional order books, most DEXes operate through automated market makers based on liquidity pools. This isn’t a unique challenge for the BNB chain. When only a small portion of the token supply is locked in liquidity pools, inflows can significantly increase market value. However, once selling orders increase, the same structure can lead to rapid price drops.

Source: X/Bubblemaps

更令人担忧的是，X 账户 Bubblemaps 观察到 ，就在币安前联合创始人赵长鹏(CZ)发布一张带有该 memecoin 标志的图片的几分钟前，一个钱包购买了价值约 10 万美元的 PALU。这一时机引发了人们对协同交易活动的猜测。Bubblemaps 还指出，“内部人士”在某些项目中持有异常大的份额，例如 YEPE，据报道内部人士控制着约 60% 的供应量。

BNB 本身周二从 1,357 美元的历史高点下跌了 9.5%，这进一步加速了整个 memecoin 市场的回调。最终，BNB 链 memecoin 的持续性可能取决于 BNB 能否重返 1,300 美元的水平，以及币安钱包的启动计划是否成功。