#TradeFi革命 A lot of crazy things happened in the past week, such as Vitalik posting a communist tweet saying "Make Communism Great Again" and Near Protocl accidentally broadcasting pornographic pictures during a public direct call meeting. However, the community’s main focus this week was still Broccoli, the dog of Binance founder Changpeng Zhao (CZ), and LIBRA, the meme coin promoted by Argentine President Javier Milei. Ever since the market attention shifted to the BSC ecosystem, the community has been frantically asking CZ to disclose the photo and name of his pet dog so that the community can create a meme coin based on it. Initially, CZ was worried that once the information was disclosed, a large number of meme coins would be issued, causing chaos in the community, so he said that he needed time to consider it and claimed that he had found a solution.
The next day, CZ met the expectations of the community by announcing the name of the pet dog (Broccoli) and the story of a person meeting a dog. Little did he know, CZ did not choose to launch an official meme coin but instead allowed the community to develop freely and issue coins independently. This move indeed revitalized the BNB Chain ecosystem, but it also caused many to lose money in this chaotic wave of 'Broccoli' meme tokens. The originally highly anticipated 'Golden Dog' also gradually lost its appeal amid this wave of meme tokens.
Since then, the hype around BNB Chain began to decline, and many participating investors ended up losing money after playing around in the BNB Chain ecosystem. The on-chain trading volume dropped from a peak of 6.9 billion dollars on February 13 to 2.36 billion dollars. Meanwhile, the situation in the Solana ecosystem was even more dire. Last weekend, a meme coin named LIBRA was launched, and shortly after the token was issued by Argentine President Javier Milei, he posted on social media to promote it, calling it an 'innovative tool to help finance small businesses in Argentina,' attracting a large number of investors.
However, during the price surge, insiders of the token cashed out one hundred million dollars, and as the token peaked and then fell, Javier Milei suddenly severed ties with LIBRA, further affecting market confidence. This led to a panic sell-off in the market, ultimately resulting in a significant 95% retracement. In addition to criticism and blame directed at Javier Milei himself, many related applications within the Solana ecosystem have caused investors to lose confidence in the meme tokens of the Solana ecosystem. According to data from DeFillama, Solana TVL dropped nearly 10% in the past week.$SOL