The Memecoin Supercycle: Gone or Evolving?
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In the world of cryptocurrency, memecoins have captivated countless investors with their unique charm and limitless potential. From their humble beginnings to their widespread popularity today, memecoins have not only witnessed the crypto market's rapid and continuously changing nature, and its ups and downs, but have led the way in creating an unprecedented cultural phenomenon. As the market continues to evolve, the supercycle of memecoins seems to be quietly shifting. From Solana's glory days to the rise of BNB Chain, what opportunities and challenges lie ahead for memecoins?
The Memecoin Glory Days on the Solana Blockchain
Solana, known for its high performance and low latency, has attracted significant attention from developers and users since its inception, thanks to its unique technological advantages. Beyond claiming the top ranks among Layer-1s from a technical and valuation standpoint, Solana has also made a strong impact within the memecoin space. Over the past year, the issuance of memecoins on the Solana blockchain has surged, with platforms like Pump.fun simplifying the token issuance process and making it easier to create and list memecoins. As a result, Solana has become the primary hub for memecoin launches, with its total value locked (TVL) soaring by over 600% in the last 12 months.
On Solana, memecoins come in all shapes and sizes, encompassing everything from dogs and cats to more quirky themes. According to data from Coinranking, the number of memecoins on Solana has reached 1,936, with a combined market cap of $9.13 billion. These memecoins not only diversify the cryptocurrency market but also, through community-driven efforts, have contributed to the flourishing of the Solana ecosystem.
In the first half of 2024, the trading volumes of decentralized exchanges (DEXs) on the Solana blockchain continued to rise, surpassing many mainstream blockchains and making Solana a hotbed for memecoin trading. Notably, popular memecoins like 
WIF/USDT0.878+1.50%
and
BONK/USDT0.00001426+1.13%
saw rapid price increases in a short period, drawing significant investor attention.However, as the market evolves and competition intensifies, memecoins on Solana also face several challenges. On one hand, as new projects continue to emerge, market attention has become more fragmented, making it difficult for some memecoins to maintain their popularity. On the other hand, the Solana network itself often faces issues related to scalability and stability, which have somewhat hindered the development of its ecosystem. Recently, the memecoin craze on Solana has shown signs of cooling off. Data shows that the daily trading volume of memecoins listed on Pump.fun and traded on Raydium has dropped significantly, reaching its lowest point since Christmas 2024.
BNB Chain's New Memecoin Landscape
As the memecoin boom on Solana began to cool down, BNB Chain quickly emerged as a new hotspot for memecoins, a trend largely attributed to the savvy marketing strategies of CZ (Binance founder Changpeng Zhao).
To trace the origins of the current BNB Chain memecoin craze, we must first mention TST. Initially created as a test token and tutorial for how to issue memecoins on the Four.meme platform, TST quickly became a target for speculation after its contract address was accidentally leaked. As market attention grew, TST transformed from an obscure test asset into one of the hottest memecoins.
If TST was the spark that ignited BNB Chain's rise, then CZ's "dog picture" incident was the catalyst that propelled the memecoin trend on the chain to new heights. CZ's beloved dog, "Broccoli," became the focal point of the hype, and a flood of investors poured into the market, eager to grab a piece of the action in this latest memecoin frenzy.
In addition to the involvement of numerous anonymous developers, Bounce Brand's official participation further escalated the "Broccoli" hype. On the evening of February 13, Bounce Brand launched a new token initially named MAL, after CZ's Belgian Malinois dog. However, after CZ revealed the true name of his dog, Bounce Brand rebranded the already-launched MAL token to BROCCOLI and provided the contract address on BNB Chain.
Driven by CZ's marketing strategy and push, the number of memecoins on BNB Chain rapidly increased, covering a wide range of themes and use cases. These memecoins not only enriched the diversity of the market but also leveraged the power of their communities to fuel the ecosystem's flourishing development.
BNB Chain vs Solana: Which One Takes the Lead?
As the memecoin market continues to evolve, the competition between BNB Chain and Solana has become increasingly intense. To better understand the differences between the two, we can compare aspects such as TPS, trading volume, daily active users, and the number of tokens created.
In terms of TPS (transactions per second), Solana is known for its high throughput and low latency. According to blockchain explorer data, Solana's max theoretical TPS is 65,500, while BNB Chain's peak TPS is around 300-400. The data is clear. Solana has far greater technical capabilities to facilitate faster trading. For a large number of memecoins, Solana can handle high transaction volumes within a short time without bottlenecks. In contrast, although BNB Chain doesn't perform as well as Solana in terms of TPS, it still offers relatively high transaction speeds and more stable transaction processing due to its simpler structure.
When it comes to trading volume, although Solana and BNB Chain have roughly the same 24-hour trading volume, Solana's active user base is almost three times that of BNB Chain. A higher number of active users means more trading demand and on-chain liquidity, which is crucial for the rapid trading and spread of memecoins. As a result, Solana has remained the primary platform for memecoin PVP (player-vs-player) trading for a considerable period, accumulating a large number of active users.
In terms of the number of tokens created, data shows that as of February 2025, a total of 31,162 tokens have been created on the Four.meme platform, with an average of 3,947 tokens created daily. On the Pump.fun platform, a total of 7,605,186 tokens have been created, with an average of 54,368 tokens created daily.
In this competition, both BNB Chain and Solana have their unique strengths, making it difficult to definitively determine which one outshines the other. Solana stands out with its high throughput and low latency, showcasing significant potential in handling large trading volumes. Meanwhile, BNB Chain attracts numerous investors with its stable transaction processing and robust community ecosystem.
Amid this migration wave, MEXC, as a leading player in the cryptocurrency market, has garnered the attention of many investors due to its efficient, convenient trading services and fast token listing speed. Whether it's memecoins on Solana or emerging tokens on BNB Chain, MEXC is quick to seize opportunities and offer users more trading options and opportunities. Particularly in the memecoin space, MEXC has attracted significant investor interest with its rapid listings and professional Meme+ service. Looking ahead, MEXC will continue to uphold its commitment to efficient and convenient service, providing users with a more diversified and high-quality trading experience, and collectively witnessing the bright future of the cryptocurrency market.
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