Overnight, the BNB Chain’s meme coin mania turned numerous individuals into millionaires, yet it also cost some traders dearly due to fear of missing out (FOMO) driven trades.

BNB Chain’s New Token Surge

According to recent reports from Bubblemaps, the BNB Chain is leading in new token launches, having introduced almost 35,000 tokens in just 24 hours, significantly eclipsing other blockchains. This spike generated over $10 billion in on-chain trading volume. In contrast, Solana lagged with around 16,000 tokens and $2.3 billion in trading volume, while Coinbase’s Layer 2 Base managed about 30,000 tokens with a modest $27 million.

The Meme Coin Craze

Bubblemaps, in a recent update on X, linked this influx of activity to a renewed interest in speculative investments in small-cap meme coins on the BNB Chain. This boom has attracted over 100,000 new traders, with nearly 70% enjoying profits. Remarkably, one lucky trader banked over $10 million, while 40 others netted at least $1 million, alongside thousands who made substantial gains.

Tokens like PALU surged after what seemed to be a subtle endorsement from Binance founder Changpeng “CZ” Zhao, creating over 100 new six-figure winners. Other tokens, including 币安人生, PUP, and 4 have also delivered huge returns to their investors.

Cautions on High-Risk Investments

Nevertheless, not all stories from the frenzy are positive. Lookonchain provided a warning to traders, highlighting a whale who imprudently invested in meme coins on the BNB Chain. This wallet, known as 0x2fcf, withdrew 5,090 BNB, worth approximately $6.65 million, for risky investments but ended up facing significant losses as the tokens plummeted in value.

Network Resilience

Despite certain traders miscalculating their investments, BNB Chain has experienced robust participation from new users. The network recently surpassed Solana in active addresses, marking a significant milestone. This growth has been largely fueled by excitement surrounding the decentralized exchange Aster, enhancing user engagement and on-chain activities and boosting the demand for its native token.

Concluding Thoughts

Consequently, BNB has become one of the top-performing assets recently, with a nearly 26% increase, trading near its all-time high above $1,300 and achieving a market cap exceeding $181 billion, thus outpacing Ripple’s XRP to secure its position as the world’s third-largest cryptocurrency.