I. Chinese Meme Explosion: Binance Ignites the Phenomenon of "Binance Life"

In early October 2025, a social media post by Binance co-founder He Yi saying "Wishing you a Binance life" unexpectedly sparked the creative enthusiasm of the Chinese crypto community, giving rise to a meme coin called "Binance Life." This concept quickly fermented under community dissemination and KOL promotion, with its market capitalization soaring to $500 million within just a few days, an increase of up to 6000 times, creating a phenomenal hotspot. According to DeFiLlama statistics, the daily trading volume of BNB chain DEX surged to $6.05 billion, attracting over 100,000 new traders. From the initial explosion of Binance-related memes to the subsequent breakout of Chinese memes, several high-profile memes were born on BSC, such as:

• PALU: The Binance intern IP, which has been frequently retweeted by Binance officials and CZ, is now live on Binance Alpha.

• 4: A classic image of CZ reimagined as a meme, now live on Binance Alpha.

• Cultivation: Originating from an article by Binance co-founder He Yi published in Binance Square, which elaborated on his entrepreneurial cultivation philosophy of Dao, Fa, Shu, and Qi.

• Hakimi: One of the hottest memes on the internet currently, combining cats with songs, which has no direct relation to Binance. Hakimi is now live on Binance Alpha.

• Customer Service Xiao He: A reimagined version of He Yi, now live on Binance Alpha.

Binance launched the Meme Rush platform, creating a closed-loop mechanism of "internal incubation - standard migration - external volume" in collaboration with Fourmeme, further amplifying the siphoning effect of the BSC ecosystem. Since then, the activity on the BSC chain has significantly increased, with both the number of newly created contracts and on-chain transaction volumes reaching their peaks for the year. On October 21, the recently launched prediction project Limitless on the Base chain also took advantage of the situation by opening a prediction market on whether Binance Life would go live on Binance spot, with 76% of participants agreeing. Subsequently, CZ responded to the discussion on X, stating that community discussions help project growth. That evening, Binance Life went live on Binance contracts, and Binance officially established a new Chinese meme section, indicating that the popularity of Chinese memes continues to amplify.

II. Meme Retreat Amid Market Turbulence: Extreme De-leveraging Triggers Structural Cooling

On October 11, 2025, the three major U.S. stock indices and risk assets like Bitcoin experienced a sharp decline, triggering a cascade of liquidations in the crypto market—reports indicated that approximately 1.6 million people were liquidated that day, with a liquidation scale of about $19.3 billion, setting a historical record. In this extreme de-leveraging environment, the altcoin sector saw a waterfall decline, with most tokens dropping by 80-90% in a single day. On-chain liquidity tightened significantly, with liquidity gaps, trading congestion, and concentrated selling pressure erupting. According to CMC data, on October 11, the market capitalization of the meme coin sector fell to $44 billion, down nearly 40% from the previous day's $72 billion. On October 12, the meme coin market slightly rebounded to $53 billion, a level not seen since July, earlier than the Solana ecosystem's meme coin boom that triggered a summer rebound in the sector. Over the past four months, the total market capitalization of meme coins remained above $60 billion, continuously attracting retail interest driven by Solana and BNB Chain. However, the recent crash marked a turning point in market sentiment. As of the time of writing, the total market capitalization of the meme coin sector is $57 billion, still far below recent levels.

On October 11, 2025, the three major U.S. stock indices and risk assets like Bitcoin plummeted simultaneously, triggering a chain reaction of liquidations and large-scale forced liquidations in the crypto market. Statistics show that approximately 1.6 million people were liquidated that day, with a total liquidation amount reaching $19.3 billion, setting a historical high. In this round of extreme de-leveraging, the altcoin sector faced a cliff-like decline, with most tokens experiencing daily drops of 80% to 90%, and market liquidity tightened rapidly, hindering on-chain fund transfers, with concentrated selling and liquidations erupting.

According to CMC data, on October 11, the total market capitalization of the meme sector plummeted from the previous day's $72 billion to $44 billion, a nearly 40% drop, marking the largest retracement of the year. Subsequently, on October 12, the market slightly recovered, with the total market capitalization of the meme sector rebounding to $53 billion, a level that had not been reached since July. Over the past four months, thanks to the push from Solana and BSC, the total market capitalization of the meme market has consistently remained above $60 billion, attracting a large number of retail participants. However, this round of crash undoubtedly became a watershed moment for market sentiment.

III. Solana Ecosystem Under Pressure: Pump.fun Retreat and BSC Fund Diversion

Since August, the number of newly created tokens on the Solana chain has seen a significant decline. Solscan data shows that from August to mid-October, the number of new tokens on Solana dropped from an average of 35,000-40,000 to 15,000-20,000, partly due to the weakening crypto market conditions. Additionally, as shown in the chart below, since October, the market share comparison between Fourmeme and Pump.fun indicates that Fourmeme's market share peaked at 83.9%, with the highest yield reaching 87.8%. This shows that the explosion of the Chinese meme craze on BSC since October has diverted a large amount of funds. On-chain data shows that on October 8, the trading volume of BNB chain DEX soared to approximately $6.05 billion, marking the second-highest level of the year, indicating a significant increase in speculative activity within the Binance ecosystem, with much of the liquidity that was originally active on the Solana chain being attracted over.

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 the funding and social heat of the entire meme sector have shown a marked decline, while BSC, leveraging the effects of the Binance ecosystem and the explosion of Chinese cultural topics, is rapidly becoming a new growth center. Currently, the focus of funds and traffic is shifting from Solana to the BNB chain, with investors showing increased interest in emerging meme projects on BSC, while the Solana ecosystem is still waiting for new narratives and hotspots to reignite community vitality.

It is worth noting that the two public chains, Solana and Base, which are the main hubs for memes, have recently seen a surge in popular Chinese memes. The official Solana account tweeted that its Chinese name is "索拉拉" (Suǒlālā), leading to the emergence of related Chinese memes. The market capitalization of Base's "Base Life" has also surpassed ten million, and some small-cap Chinese memes have appeared on Base as well. It seems that with the consecutive explosions of projects like Binance Life, Cultivation, and Customer Service Xiao He, Chinese memes have already established a certain position in the crypto market. With the continued expansion of the BSC ecosystem and the participation of more creators, it is expected that more new meme projects inspired by Chinese topics, character images, or internet hot memes will emerge.

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