BitMart Research, the research arm of BitMart Exchange, has released a timely report on the structural shift occurring within the meme coin market, highlighting the recent surge of Chinese meme culture on BNB Chain and the corresponding decline of activity on Solana. Sparked by a viral post from Binance co-founder He Yi, the meme coin 币安人生 (Binance Life) triggered a wave of high-performance tokens on BSC—propelling trading volumes to yearly highs and drawing over 100,000 new traders. Meanwhile, Solana’s meme economy, once dominant through platforms like Pump.fun, is experiencing capital outflows and declining issuance. As liquidation-driven volatility gripped the broader market, this report examines how cultural momentum, ecosystem-level incubation, and Binance’s growing influence are reshaping meme token flows and signaling a power shift from Solana to BSC.
1. The Rise of Chinese Memes: Binance Sparks the “Binance Life” Phenomenon
In early October 2025, a post by Binance co-founder He Yi — “Wish you a Binance Life” — unexpectedly ignited a wave of creativity in the Chinese crypto community. This led to the viral success of the meme coin 币安人生 (Binance Life) , which skyrocketed 6,000x in just days, reaching a $500M market cap. According to DeFiLlama, BNB Chain DEX trading volume surged to $6.05B with over 100,000 new traders joining.
Following Binance-related meme coins, several popular Chinese memes quickly emerged on BSC, including:
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PALU – Inspired by Binance interns, retweeted by CZ and Binance.
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4 – Based on CZ’s iconic “4” meme.
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修仙 (Cultivation) – Derived from He Yi’s essay on “entrepreneurial cultivation.”
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哈基米（Hakimi） – A viral cat-song meme, later listed on Binance Alpha.
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客服小何 (Support Xiao He) – A He Yi parody meme, also listed on Binance Alpha.
To further amplify the trend, Binance launched the Meme Rush platform with Fourmeme, creating a closed-loop incubation-to-launch mechanism that boosted BSC activity to yearly highs. On October 21, Base’s Limitless prediction market even opened a “Will Binance Life list on Binance Spot?” market — 76% voted “yes.” CZ later acknowledged the discussion, and that same night Binance Life was listed on Binance Futures. Binance also introduced a dedicated Chinese Meme section, confirming that the Chinese meme wave is still growing.
2. Meme Market Cooldown Amid Volatility: Extreme Deleveraging Triggers Structural Pullback
On October 11, 2025, U.S. equities and major risk assets including Bitcoin plunged simultaneously, triggering a massive wave of forced liquidations across the crypto market. According to reports, around 1.6 million traders were liquidated, with total positions worth $19.3 billion, marking a historic record.
In this extreme deleveraging environment, altcoins experienced a collapse-like downturn, with many tokens falling 80–90% within a single day. On-chain liquidity rapidly tightened as capital outflows surged, transaction congestion worsened, and selling pressure intensified.
Data from CoinMarketCap shows that on October 11, the meme coin sector’s total market capitalization plunged from $72 billion to $44 billion, a nearly 40% drop — the sharpest decline of the year. The following day, October 12, the market saw a slight rebound to $53 billion, returning to levels not seen since July, before the Solana-driven meme rally that fueled the sector’s summer rebound.
For the past four months, the meme sector’s total value had remained above $60 billion, supported by sustained retail enthusiasm driven by Solana and BNB Chain ecosystems. However, this recent crash clearly marks a turning point in market sentiment, signaling the beginning of a structural cooldown across the meme market.
3. Pressure on the Solana Ecosystem: The Decline of Pump.fun and Capital Outflow to BSC
Since August, the number of new tokens launched on Solana has dropped sharply. According to Solscan data, the number of new tokens created on Solana fell from an average of 35,000–40,000 to 15,000–20,000 between August and mid-October, partly due to the overall cooling of the crypto market.
Moreover, as shown in comparative data, Four.meme’s market share surged to 83.9%, with its profitability peaking at 87.8%, significantly outperforming Pump.fun. This indicates that since October, the Chinese meme boom on BSC has diverted a substantial amount of capital away from Solana.
On-chain data further supports this shift — on October 8, BNB Chain DEX trading volume soared to approximately $6.05 billion, marking the second-highest daily volume of the year. This spike underscores the surging speculative activity within the Binance ecosystem, as a considerable portion of liquidity previously active on Solana has now migrated to BSC in search of higher short-term returns.
4. Conclusion
Overall, while the issuance volume of meme tokens on Solana remains sizable, both market activity and community engagement have cooled significantly. Compared with the previous quarter, the entire meme sector has experienced a noticeable decline in capital inflows and social momentum. In contrast, BSC is rapidly emerging as a new growth hub, driven by Binance’s strong ecosystem influence and the explosive popularity of Chinese meme culture. Capital and traffic are shifting from Solana toward the BNB Chain, as investors increasingly focus on new meme projects launched within the Binance ecosystem. Meanwhile, Solana’s meme landscape appears to be in a consolidation phase, awaiting a new narrative or catalyst to reignite community enthusiasm.
Interestingly, both Solana and Base, two major meme-oriented blockchains, have recently seen a rise in Chinese-themed memes. The official Solana account humorously claimed its Chinese name to be “索拉拉” (Suolala), sparking the creation of a meme token under the same name. On Base, the meme token Base人生 (Base Life) surpassed a $10 million market cap, alongside several emerging small-cap Chinese meme coins. From 币安人生 (Binance Life) to 修仙 (Cultivation) and 客服小何 (Support Xiao He), the growing wave of culturally inspired projects shows that Chinese memes are gaining a firm foothold in the global crypto market. With BSC’s ecosystem continuing to expand and more creators participating, it’s likely that a new generation of Chinese meme tokens—inspired by local culture, public figures, and viral internet trends—will continue to emerge.
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