In the past, meme coins casually had a market value of hundreds of millions of USD, with the highest reaching tens of billions of USD. Now, popular projects on Binance have a market value of 100-200 million USD and several tens of millions. The lingering bearish sentiment continues to ferment.
Based on the current market dynamics and adjustments in Binance's strategy, the shrinking market value of meme coins is mainly influenced by the following factors:
1. Changes in Market Structure
After 2024, the crypto market enters an adjustment period, and the high circulation token (FDV) model is difficult to sustain. The average circulation volume of projects listed on Binance is only 13%, but fully diluted valuations (FDV) reach several billion USD, leading to a dramatic drop in token prices after listing due to unlocking selling pressure. For example, the TST token, which launched in February 2025, skyrocketed 100 times before its launch but fell by 67% after going live.
2. Shift in Binance's Strategy
To address the trust crisis, Binance launched the "Vote-to-List" community voting mechanism for listing coins, handing some decision-making power to users. While this has increased participation, it has led to uneven project quality. In the first round of voting, tokens associated with CZ, such as BROCCOLI and TUT, performed outstandingly, while the independent project Mubarak, despite leading in popularity, fell against the trend, reflecting market aesthetic fatigue.
3. Intensified Ecological Competition
The BSC chain faces challenges from Solana and Base chains, with daily active user numbers being surpassed. Although Binance integrates on-chain assets through Alpha 2.0, the popularity of meme coins is dispersed, making it difficult for individual projects to replicate the early "hundreds of millions of USD market value" wealth creation effect. For instance, in March 2025, the daily trading volume on the BNB Chain DEX reached 2.5 billion USD, but mainly relied on a few tokens like TUT and BROCCOLI for support.
4. Evolution of Exchange Roles
Binance has shifted from a "wealth creation code" to a "risk filter," with more than 60% of projects launched in 2024 experiencing a price drop. Currently, the market value of popular projects is mostly in the range of 100-200 million USD, reflecting that exchanges are placing more emphasis on compliance and long-term value rather than short-term speculation. For example, after the TUT contract launch, Binance stabilized prices through derivative trading, suppressing excessive volatility.
Future Outlook: With Binance burning BNB, introducing zero transaction fees, and the ongoing optimization of the BSC chain ecosystem, meme coins may experience differentiation. Projects with technological innovation or strong community-driven initiatives (such as SIREN) still have the potential to break through, but the overall market value ceiling has significantly decreased.
