Binance Life has reached new highs, but the Meme craze is a thing of the past.

Original｜Odaily Planet Daily (@OdailyChina)

Author｜Wenser (@wenser 2010 )

Amid the rapid market downturn, Binance Life Coin has continued to hit new all-time highs. However, this price surge has not sparked much discussion in the crypto market. On one hand, it indicates that most people no longer hold or pay attention to this Meme coin, whose market cap once exceeded $880 million; on the other hand, the somewhat cruel and helpless truth might be that the liquidity-tight crypto market has gradually become a stage where only the whales dance. This is a tragedy not only for the Meme coin sector but also for the entire crypto market.

Binance Life Coin's Three Surges Reflect the Waning Hype of Meme Coins

Looking back, Binance Life Coin has experienced at least three waves of soaring热潮.

Binance Life Coin's Market Cap Peaked Three Times: $500 Million, $700 Million, Nearly $900 Million

Last October, after Binance co-founder He Yi jokingly replied with the phrase "wishing you a Binance Life" on X, the meme coin of the same name quickly stood out from the Chinese Meme coin craze, with its market cap surging to $500 million in a short period. Many people achieved over 1000x returns, with over 100,000 wallet addresses participating in trading and 70% of traders in profit. This directly spurred the BSC ecosystem's Meme coin热潮.

This April, after about two months of accumulating tokens, the whales behind Binance Life Coin began their performance again. Coinciding with CZ's new book release on April 8, the market cap of Binance Life Coin started climbing from under $100 million on April 8, breaking through $530 million by April 18. In less than half a month, its price rebounded about 6x. Behind this, addresses suspected of controlling Binance Life Coin increased their holdings to 147 million tokens, accounting for 14.67% of the total supply.

The most recent surge began on June 1. On that day, a certain address first invested $5 million to buy 8.1 million Binance Life Coins at an average price of $0.61, increasing its holdings to 0.81% and becoming one of the top 20 holders. A few hours later, Binance Life Coin's market cap briefly exceeded $700 million. Subsequently, more addresses joined the accumulation, and on June 7, they successfully pushed its market cap to over $880 million, setting a new all-time high. Unlike previous instances, this time it was not a broad rebound in the Meme coin sector but a "one-man show by the whales."

The "Whale Performance" Behind Binance Life Coin: The "20x Pump Tactic" Over Two Months

According to on-chain analyst Yu Jin's monitoring, the whale behind Binance Life Coin's violent "20x increase in 2 months" rally is highly likely to be Garrett Jin, the "October 11 insider whale" from last year. Last year, he exchanged tens of thousands of BTC for over 900,000 ETH; this February, his long positions on Hyperliquid were liquidated with losses once reaching $230 million. Specifically, the evidence is as follows:

• Since February, a cluster of addresses has accumulated 288 million Binance Life Coins (worth approximately $237 million) through Binance and on-chain purchases, accounting for 28.8% of the total supply; combined with tokens on CEXs, this address cluster likely controls a large proportion of Binance Life Coin, enabling its price to achieve a "20x surge" from $0.04 to $0.85.
• The most compelling evidence is the deposit addresses. Multiple addresses that transferred large amounts of Binance Life Coins from Binance used the same Binance deposit address as Garrett Jin six months ago; and the wallet addresses that have been heavily buying Binance Life Coins on-chain in recent days have used the same Bybit deposit address as Garrett Jin in the last five days.

As of now, this address cluster has bought 61.09 million Binance Life Coins in the past week, worth $42.77 million, with an average price of around $0.7.

Related wallet addresses are as follows:

• 0x82C0DA65f3bE5fd4EE102337A5c560E2ae52ebD1
• 0xad946798685b3443eb3795df466b028abf907aaf
• 0x115552c3BE04dE5b031A1ffd3cC881A9107a069a
• 0xE60c0b900CdfE57FB1E1eA690708e120d91fDb22
• 0xB7C987EAd50DE301b4B3CB9db7c24091F2E1D2bb
• 0x3E3A47c5Fd611D515A27E123fD3a447F47aC2780

Two recent interesting stories about Garrett Jin are also worth mentioning:

• First, he recently had a heated debate with the "White-haired Stock God" Serenity about the "Greenland Harmonic" A-share robot stock, arguing that it was at a high point and not a good entry opportunity. However, in reality, after Serenity's call, the stock surged 20% that day, hitting the daily limit, and surged over 20% again after opening today, hitting the limit again.
• Second, last week, ZEC's price halved due to a potential inflation bug, and Garrett Jin subsequently opened a 3x leveraged ZEC short position. As ZEC's price rebounded above $400, he was forced to close the short position to stop losses; combined with his 5x leveraged long BTC position, his overall floating loss currently stands at $17.925 million.

In this volatile and unpredictable market, even whales can sometimes be just larger-scale bag holders. In the current crypto market, perhaps compared to the Meme coin sector, which is easily manipulated by whales, US stocks and prediction markets are more suitable choices for most people.

Finally, looking at the trading data, the buying volume for Binance Life Coin is quite dismal. As crypto KOL Danny pointed out, the gap between Binance Life Coin's price and trading volume is particularly noticeable. It's not hard to see that "fewer people are biting the bait thrown by the whales."

Whether we admit it or not, judging by the current market hotspots, community activity, and liquidity performance, the Meme coin热潮 that once belonged to the Solana ecosystem, Base ecosystem, and BSC ecosystem has become a thing of the past in the industry.