I. The Chinese Meme Explosion: Binance Ignites the Phenomenal "Binance Life" Trend

In early October 2025, a single social media post from Binance co-founder He Yi wishing someone to "Enjoy Binance Life" unexpectedly ignited the creative spark within the Chinese crypto community, giving birth to the "Binance Life" meme coin. This concept rapidly gained traction through community dissemination and promotion by Key Opinion Leaders (KOLs), soaring to a market capitalization of $5 billion within days—a staggering 6,000x increase—becoming a phenomenal hotspot. According to DeFiLlama statistics, the daily trading volume on BNB Chain DEXs surged to $6.05 billion, attracting over 100,000 new traders. The initial explosion of Binance-related memes subsequently propelled broader Chinese memes into the spotlight, leading to the emergence of several highly popular memes on BSC, such as:

• PALU: Based on the Binance intern IP, previously shared multiple times by Binance officials and CZ, now listed on Binance Alpha.

• 4: A meme derived from the classic image of CZ, now listed on Binance Alpha.

• Cultivation (Xiuxian): Originated from an article about "Cultivation" (Xiuxian) published by Binance co-founder He Yi on Binance Square, elaborating her entrepreneurial philosophy using Dao, Fa, Shu, and Qi concepts.

• Hakimi: Derived from one of the hottest current internet memes, involving creative edits of cats with a song, not directly related to Binance. Hakimi is now listed on Binance Alpha.

• Customer Service Xiao He: A creative derivative based on He Yi's image, now listed on Binance Alpha.

Capitalizing on this trend, Binance launched the Meme Rush platform. Through a partnership with Fourmeme, it established a closed-loop mechanism of "internal incubation -> migration upon meeting criteria -> external volume release," further amplifying the siphon effect within the BSC ecosystem. Consequently, activity on the BSC chain saw a significant surge, with both the daily number of newly created contracts and on-chain transfer transactions reaching their annual peaks. On October 21st, Limiteless, a prediction market recently launched on Base chain, leveraged the trend by opening a prediction market on whether "Binance Life" would be listed on Binance Spot, with 76% of participants voting in favor. Subsequently, CZ responded to related discussions on X, stating that community discussion helps projects grow. Later that same evening, "Binance Life" was listed on Binance Futures, and Binance officially created a new Chinese Meme section. This indicates that the fervor around Chinese memes continues to intensify.

II. Meme Recession Amid Market Volatility: Extreme Deleveraging Triggers Structural Cooling

On October 11, 2025, the three major US stock indices and risk assets like Bitcoin plummeted, triggering a stampede and a massive wave of liquidations in the crypto market. Reports indicated approximately 1.6 million accounts were liquidated that day, with total liquidations reaching around $19.3 billion, setting a historical record. In this environment of extreme deleveraging, the altcoin sector experienced a waterfall decline, with most tokens falling 80-90% in a single day. On-chain liquidity tightened sharply, with liquidity gaps, transaction congestion, and concentrated selling pressure erupting simultaneously. According to CMC data, the meme coin sector's market cap dropped to $44 billion on October 11th, down nearly 40% from $72 billion the previous day. On October 12th, the meme market slightly recovered to $53 billion, a level not seen since July, predating the late-summer rebound in the meme sector fueled by the Solana ecosystem meme boom. Over the past four months, the total meme market capitalization had remained above $60 billion, driven by Solana and BNB Chain, keeping meme-based tokens in the spotlight for retail investors. However, the recent crash marked a turning point in market sentiment. At the time of writing, the total market capitalization of the meme sector is $57 billion, still significantly below recent levels.

III. Solana Ecosystem Under Pressure: Pump.fun Recedes and BSC Capital Diversion

Since August, the number of new tokens created on the Solana chain has noticeably declined. Solscan data shows that from August to mid-October, the average number of new Solana tokens decreased from 35,000-40,000 to 15,000-20,000. This is partly attributed to the overall cooling crypto market sentiment. Furthermore, as shown in the chart below, in the market share comparison between Fourmeme and Pump.fun since October, Fourmeme's market share peaked at 83.9%, with a peak yield of 87.8%. This indicates that the surge of Chinese memes on BSC since October has diverted significant capital flows. On-chain data shows that BNB Chain DEX volume surged to approximately $6.05 billion on October 8th, marking the second-highest level of the year, indicating a substantial increase in speculative activity within the Binance ecosystem and attracting liquidity that was previously active on the Solana chain.

IV. Conclusion

Overall, the issuance scale of meme tokens on the Solana chain remains considerable, but market activity has significantly cooled. Compared to the previous quarter, both capital flows and social热度 (heat/discussion) for the entire meme sector have noticeably declined. Meanwhile, BSC, leveraging the Binance ecosystem effect and the explosion of Chinese cultural topics, is rapidly becoming a new growth center. The current focus of capital and traffic is shifting from Solana to the BNB Chain, with investor attention noticeably increasing for emerging meme projects on BSC. The Solana ecosystem is still awaiting new narratives and hotspots to reignite community vitality.

It is worth noting that recent popular Chinese memes have also emerged on Solana and Base, the two main public chains for memes. Solana officially tweeted its Chinese name "索拉拉" (Suǒ lā lā), spawning related Chinese memes. The market cap of "Base Life" on Base has also broken through ten million dollars, and other small-cap Chinese memes have appeared on Base. Currently, from "Binance Life" to the successive explosions of projects like "Cultivation" and "Customer Service Xiao He," Chinese memes have secured a certain position within the crypto market. With the continued expansion of the BSC ecosystem and increased participation from creators, more new meme projects inspired by Chinese topics, figures, or internet memes are expected to emerge.