Cryptocurrency traders on the BNB Chain have made significant profits in the past week, particularly from newly launched memecoins, reflecting a resurgence of speculative trading in the market.

Among the notable cases is trader “0xd0a2”, who transformed an investment of $3,500 into a staggering $7.9 million in just three days, indicating a return of 2,260%. According to blockchain analytics platform Lookonchain, this remarkable event captures the evolving landscape of crypto trading.

Another trader, known as “hexiecs”, turned a $360,000 stake into over $5.5 million with the recently launched memecoin called “4”, which rapidly gained prominence after a tweet from Binance co-founder Changpeng Zhao.

Speculative activities surged even more, with trader “brc20niubi” reportedly converting a $730,000 investment into $5.4 million, marking a 1,200% return, again as per Lookonchain’s analysis.

Memecoins Activity Source: Lookonchain

Earlier this week, a wallet known as “0x872” made headlines by earning close to $2 million through a swift investment of only $3,000 in the same token, achieving a 650-fold increase after Zhao amplified its visibility to his followers on October 1.

The emergence of the “4” token was reportedly linked to an initial phishing attack that netted the hacker a mere $4,000, paradoxically leading the community to create a meme out of the ordeal.

Zhao’s Tweet Source: Changpeng Zhao

Traders Recognize BNB Chain’s Potential

The notable increase in trading activities is attracting attention from influential figures, including Zhao, who coined the term “BNB meme szn”, expressing genuine surprise at this unexpected trend.

The current surge in interest in BNB Chain is attributed to its growing reputation in digital asset trading, according to Marwan Kawadri, DeFi Lead of BNB Chain. He remarked:

“BNB Chain has always been strong in DeFi, but right now, it’s becoming the heartbeat of onchain trading, with unprecedented active addresses and decentralized exchange (DEX) trading volumes.”

Kawadri emphasized that the market’s notable engagement with “BNB meme szn” indicates a shift in focus towards BNB Chain as a prime arena for trading activities.

Emerging cryptocurrencies are likely to trend faster within this ecosystem, thanks to a community predicated on trading culture.

Smart Money Activity Smart money trader flows, 24 hours. Source: Nansen

By Tuesday, over 100,000 traders had engaged with the newly launched memecoins on the BNB platform, with around 70% enjoying profitable outcomes.

Trader Profits Source: Bubblemaps

Among these traders, one notable address reported earnings exceeding $10 million, with 40 others amassing above $1 million, while 900 traders made at least $100,000 in profits.

Memecoins are categorically among the most volatile digital assets due to their lack of inherent value, relying predominantly on social sentiment for traction.