BNB Surpasses Solana in Memecoin Trading Volume

BNB Chain has taken the top spot in memecoin trading volume across decentralized exchanges, overtaking Solana for the first time in months. According to on-chain data, shared by Jason Yanowitz, co-founder of Blockworks, BNB Chain now accounts for 45% of all memecoin DEX volume, up sharply from 25% in April 2025.

Solana, which previously dominated this space, has dropped to 25%, while Ethereum remains stable at 20%. Other chains like Base, Arbitrum, Avalanche, Celo, and Unichain make up the remaining 10%, signaling a fragmented but expanding ecosystem.

The sharp rise in BNB Chain activity is largely driven by the Binance Alpha Program, an initiative that boosts early memecoin visibility and liquidity. The program has launched dozens of tokens in the last quarter, fueling speculation and massive short-term volumes. 

What Triggered Solana’s Fall

Solana was the go-to memecoin hub just months ago. But since April, its market share has slid by 15 percentage points. Despite the drop, Solana still sees moments of explosive action. The TRUMP memecoin, for example, jumped 3,000% in less than 24 hours last week. 

Another project, Pump.fun, is now planning a $1 billion fundraising round to support future meme launches, underlining the continued energy in the ecosystem.

Yet this hasn’t been enough to stop Binance Chain’s rise. According to some community members, what Solana had in cultural capital, BNB now backs with capital, infrastructure, and targeted community growth.

Ethereum Holds Its Ground

Ethereum remains a steady presence, with 20% of current memecoin volume. It continues to serve as a reliable base layer for projects with longer-term goals. Meanwhile, Base holds 5%, while Arbitrum, Avalanche, Unichain, and Celo share another 5%.

Cardano, traditionally absent from memecoin conversations, is now trying to change the narrative. Input Output, the lead development arm of Cardano, recently partnered with its top memecoin, SNEK, to boost activity. Whether that translates into market share gains remains to be seen.

BNB Chain’s Strategy: Go Wide, Go Fast

BNB Chain’s strategy is to diversify across sectors, blending meme tokens, DeFi, gaming, and AI into one ecosystem.

The BNB Chain Foundation has quietly acquired stakes in 17 blockchain projects, spanning multiple verticals. These include:

• Cake ($CAKE) – a leading DEX on BNB with millions in daily trading
• Lista ($LISTA) – a lending protocol gaining user momentum
• VixBT ($VIXBT) – a newer DeFi play
• Moolah ($MOOLAH) – a meme token minted through platforms like fourmeme and Flap

Meme token launchpads like fourmeme and Flap have made it easier for creators to launch community-driven tokens overnight. These platforms contribute directly to the surge in transaction volume and user activity on BNB Chain.

Betting on Culture, Not Just Code

Memecoins are often dismissed as internet fluff, but they bring powerful cultural and financial dynamics. Unlike traditional tokens, meme assets come with community, humor, and viral potential. For many new investors, these are their first point of entry into crypto.

In Q1 2025, AI-related blockchain projects saw a 39% rise in funding, according to Messari. The BNB Foundation is placing long bets here, linking AI tools with DeFi mechanisms and even gamified meme assets.

The broader memecoin market might get another boost. Bloomberg analyst Eric Balchunas predicts a memecoin ETF could hit U.S. markets by 2026. This would bring institutional legitimacy to a sector still dismissed by many as a joke. If that happens, expect platforms like BNB Chain to benefit significantly.