After months of dominance in memecoin trading volume, activity on Solana is slowing down. According to on-chain data, BNB Chain has surpassed Solana as the blockchain with the highest memecoin trading volume.
According to data, BNB Chain accounts for 45% of the total memecoin DEX volume, doubling that of Solana and Ethereum. In April, Binance Chain's memecoin DEX volume contributed only 25% of the total, before rising to its current levels in July.
Solana controls only 25% of the trading volume, down from its dominance of 40% in April. The sharp 15% decline of Solana places it in second position after a meteoric 12-month period that made it the dominant blockchain for memecoin trading.
The rise of Binance Chain to the top of the charts is closely linked to Binance's Alpha Program, an initiative designed to enhance the visibility and liquidity of memecoins. While the Alpha Program often serves as an incubation hub for promising projects, not all memecoins based on Binance Chain reach the top of the charts. The price of Bondex (BDXN) plummeted after its inclusion on Binance due to massive profit-taking on the platform.
According to data, Ethereum maintains a stable market share of 20% in memecoin trading volume, while Base clings to 5%. The quartet formed by Arbitrum, Avalanche, Unichain, and Celo represents 5% of the sector's trading volume, as the ecosystem intensifies.
Despite the radical change of Binance Chain, Solana's memecoins continue to reach impressive levels. The Solana-based memecoin TRUMP skyrocketed by 3000% in less than 24 hours, while the memecoin launch platform Pump.fun plans to raise one billion dollars.
Cardano is interested in boosting activity in its memecoin ecosystem to catch up with market leaders. Last week, Input Output partnered with SNEK, Cardano's largest memecoin, in a strategic collaboration to enhance ecosystem activity.
Amid the radical change of Binance Chain, Bloomberg analyst Eric Balchunas predicts the emergence of a memecoin-based ETF by 2026.
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