BNB Chain conquers Memecoin market: Solana struggles with identity crisis and falling dominance

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The Binance Smart Chain in the upswing: Solana loses dominance

In the world of cryptocurrencies, the Binance Smart Chain, the network, which was developed by the leading crypto binance, has made remarkable progress, especially in the area of ​​memoins. In contrast, the competition, Solana (Sol), has to fight with an identity crisis.

Binance Coin over 600 USD

The course of Binance Coin (BNB) recently exceeded the 600 USD mark and now exceeds the market capitalization of Solana. BNB is therefore the fourth largest cryptocurrency after market capitalization.

Solana loses dominance

While Solana dominated a large part of the decentralized market for crypto in 2024, the network was mainly used to create memoins that were based on famous, influencers and political personalities - including the former American President Donald Trump.

However, Solana suffered considerable reputation damage due to a scandal around Argentine President Javier Milei, who was involved in a crypto fraud called "Libra". This incident has greatly undermined confidence in the memoins on Solana.

BNB takes the chance

The BNB Chain used the gap created by the Solana scandal to increase the volume of memoins. With the introduction of its own Memecoin platform Four.Meme and daily competitions to promote new projects, BNB Chain has taken on. Some of these Memecoins even received listings on the Binance stock exchange.

The trade volume of the leading decentralized stock exchange (Dex) on the network, Pancakewap, recorded nine consecutive days from March 15th. This increase in the volume indicates an increased interest of retail dealers in memoins on BNB Chain, while in other ecosystems the volume in these areas decreased.

resurrection of BNB Chain

Binance started the Binance Smart Chain in 2020 as an inexpensive and quick alternative to Ethereum. In an environment of high transaction costs at Ethereum, developers and users quickly attracted it. Despite the challenges of fraudulent projects and centralized structures, the network experienced a decline in activity with increasing regulatory pressure.

The current Renaissance of the Binance Smart Chain is strongly connected to the boom in memoins. In February, BNB Chain published its strategy for 2025, which promised a stronger focus on the ecosystem of the Memecoins. The BNB Chain has brought this development back into the spotlight of the Defi world, while Solana is fighting for relevance.

Solana not yet written off

Despite the current challenges, Solana had a daily transaction volume of over 43 million, according to Nansen, the lowest since November. Even if the activity on Solana is currently still higher than on BNB Chain, the data show that BNB Chain is increasingly able to attract the attention of retail investors and generate significant trading volume.

FAZIT: While Solana has to deal with difficulties, the Binance Smart Chain positions itself as a serious player in the area of ​​memoins and decentralized finances.