1. Chinese meme explosion: Binance ignites the phenomenal craze of “Binance Life”

In early October 2025, Binance co-founder He Yi's post on social media, "I wish you a Binance life," unexpectedly ignited the creative enthusiasm of the Chinese crypto community and gave birth to a meme coin called "Binance Life." This concept quickly took off with the help of social media and KOLs, and within a few days, its market value soared to US$500 million, a 6,000-fold increase, becoming a phenomenal hot spot. According to DeFiLlama statistics, the daily trading volume of the BNB chain DEX soared to US$6.05 billion, attracting more than 100,000 new traders. From the initial explosion of Binance-related memes to the subsequent popularity of Chinese memes, several popular memes were born on BSC, such as:

• PALU: Binance intern IP, previously retweeted by Binance officials and CZ many times, now available on Binance alpha
• 4: CZ’s classic image re-creation meme is now available on Binance alpha
• Xiuxian: It comes from an article about Xiuxian published by Binance co-founder He Yi on Binance Square, which expounds on his entrepreneurial Xiuxian philosophy of Tao, Fa, Shu, and Qi.
• Hakimi: It is a product of one of the most popular memes on the internet. It is a combination of a cat and a song. It has no direct connection with Binance. Hakimi is now available on Binance Alpha.
• Customer service Xiao He: A secondary creation based on He Yi's image has been launched on Binance alpha

Binance capitalized on this opportunity by launching the Meme Rush platform. By collaborating with Fourmeme to create a closed-loop mechanism of "on-chain incubation - qualified migration - external market expansion," this further amplified the BSC ecosystem's siphoning effect. Since then, activity on the BSC chain has surged, with both the number of newly created contracts and on-chain transfers reaching peaks for the year. On October 21st, Limiteless, a recently launched prediction project on the Base chain, also took advantage of the opportunity to open a prediction market on whether Binance Life would be listed on Binance spot, with 76% of participants expressing a favorable view. Subsequently, CZ responded to the discussion on X, stating that community discussions contribute to project growth. That same evening, Binance Life launched Binance Futures, and Binance officially established a new Chinese meme section, demonstrating the continued growth of Chinese memes.

2. Meme Ebbs Amid Market Fluctuations: Extreme Deleveraging Triggers Structural Cooling

On October 11, 2025, the three major US stock indices and risky assets like Bitcoin plummeted, triggering a stampede and forced liquidations in the crypto market. Reportedly, approximately 1.6 million people lost their positions that day, with liquidations totaling approximately $19.3 billion, a record high. In this extreme deleveraging environment, the altcoin sector experienced a cascade of declines, with many experiencing single-day losses of 80–90%. On-chain liquidity tightened, leading to liquidity gaps, trading congestion, and a surge in selling pressure. According to CMC data, the memecoin market capitalization fell to $44 billion on October 11, down nearly 40% from $72 billion the previous day. On October 12, the memecoin market rebounded slightly to $53 billion, the first such level since July and prior to the Solana ecosystem memecoin craze that triggered a late-summer rebound. For the past four months, the total memecoin market capitalization has remained above $60 billion. Driven by Solana and BNB Chain, meme-based tokens continue to attract retail investors. But the recent plunge marks a turning point in market sentiment. As of press time, the total market capitalization of the memecoin sector is $57 billion, still far below recent levels.

On October 11, 2025, the three major US stock indices and risky assets like Bitcoin plummeted simultaneously, triggering a chain reaction and widespread forced liquidations across the crypto market. According to statistics, approximately 1.6 million positions were liquidated that day, with a total liquidation amount reaching $19.3 billion, a record high. Under the impact of this round of extreme deleveraging, the altcoin sector suffered a precipitous decline, with most tokens experiencing single-day declines of 80% to 90%. Market liquidity tightened rapidly, hindering on-chain fund transfers and triggering a surge in selling pressure and liquidations.

According to CMC data, the total market capitalization of the meme sector plummeted from $72 billion the previous day to $44 billion on October 11th, a single-day drop of nearly 40%, marking the largest drawdown of the year. Subsequently, on October 12th, the market recovered slightly, with the total market capitalization of the meme sector rebounding to $53 billion, a low point not reached since July. Over the past four months, thanks to the support of Solana and BSC, the total market capitalization of the meme market has remained above $60 billion, attracting a large number of retail investors. However, this recent plunge has undoubtedly marked a turning point in market sentiment.

3. Solana Ecosystem Under Pressure: Pump.fun’s Withdrawal and BSC Funding Diversion

Since August, the number of newly created tokens on the Solana chain has declined significantly. Solscan data shows that from August to mid-October, the number of newly created Solana tokens dropped from an average of 35,000-40,000 to 15,000-20,000, partly due to the weakening crypto market. Furthermore, as shown in the chart below, comparing the market share of fourmeme and Pump.fun since October, fourmeme's market share reached a peak of 83.9%, with a yield rate of 87.8%. This suggests that the surge in Chinese meme activity on BSC since October has diverted a significant amount of capital. On-chain data shows that on October 8th, trading volume on the BNB chain's DEX soared to approximately $6.05 billion, the second highest volume of the year. This indicates a significant increase in speculative activity within the Binance ecosystem, attracting significant liquidity previously active on the Solana chain.

IV. Summary

Overall, while the issuance of meme tokens on the Solana chain remains substantial, market activity has cooled significantly. Compared to the previous quarter, the entire meme sector has seen a significant decline in both funding and social interest. BSC, leveraging the Binance ecosystem and the explosion of Chinese cultural buzz, is rapidly becoming a new growth center. Currently, the focus of funding and traffic is shifting from Solana to the BNB chain, with investors showing a significant increase in interest in emerging meme projects on BSC. The Solana ecosystem is still awaiting new narratives and buzz to reignite community vitality.

It's worth noting that Solana and Base, two public chains with significant meme concentrations, have recently seen a surge in Chinese memes. Solana officially tweeted that its Chinese name is "Solala," which spawned the related Chinese meme "Solala." Base Life, a token with a market capitalization exceeding 10 million yuan, has also seen the emergence of smaller Chinese memes. From Binance Life to Xiuxian (Cultivation of Immortals) and customer service Xiao He, Chinese memes have established a significant presence in the crypto market. With the continued expansion of the BSC ecosystem and the participation of more creators, we anticipate the emergence of more new meme projects inspired by Chinese topics, characters, or popular internet memes.

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