BNB Chain’s Activity Spikes After CZ’s Dog Reveal Sparks Trading Frenzy

Key Takeaways

• The BNB chain had the highest number of active addresses on Feb. 13.
• Changpeng Zhao’s (CZ) dog name reveal led to a meme coin frenzy.
• How does the activity increase in the BNB chain compare to the past?

Meme coin activity has been an important part of the current cycle. Most of the activity has happened in the Solana blockchain.

However, on Feb. 9, Binance listed Test (TST), criticized by co-founder and former CEO Chanpgeng Zhao (CZ) but had significant volume.

On Feb. 11, BNB chain announced its Meme coin solution, making it simple for users to launch their meme coins.

This caused a spike in activity and the prices of native tokens of decentralized exchanges PancakeSwap and BakerySwap.

With that in mind, let’s look at some on-chain metrics that explain the effects of this increased activity for the BNB chain.

BNB Chain Addresses Spike

The BNB chain briefly took the lead in daily active addresses at 4.9 million, surpassing Solana and Raydium. The increase came after CZ told a story about his dog Broccoli on X, and numerous meme coins were created for him.

The biggest one, BROCCOLI, has a market capitalization of nearly $170 million and a 24-hour volume of $770 million.

The chains with the most active addresses usually have significant meme coin activity. Solana has been the dominant blockchain in meme coin trading this cycle, and its DEX Raydium has more addresses than other more established chains like Ethereum.

Therefore, the BNB chain’s triumph is extremely unusual, especially considering it has nearly three times fewer monthly addresses than Solana, even when accounting for the ongoing spike.

Going further behind, the number of addresses has not spiked this much since Jan. 10, a bounce resulting from Donald Trump launching his memecoin, TRUMP.

Additionally, the Total Transaction Fees indicator was over 8,300 BNB on Feb. 13, the highest level in over two years.

This is likely since BROCCOLI is mainly traded in PancakeSwap and BakerySwap, while the TRUMP meme coins were also found in Solana’s DEXes.

Increased Revenue

Alongside the increase in active addresses, there is a massive spike in fees (green) and revenue (blue). The spike started with the TST listing on Feb. 8 but has gone off the rails on Feb. 13, likely due to the launch of Broccoli.

The daily revenue of $5.64 million is almost tenfold higher than last month’s average of roughly $500,000.

So, while CZ has previously criticized meme coins, it is clear that the interest derived from them has been beneficial for the BNB chain, at least from a purely monetary perspective.

BNB Chain Resurgence

The BNB chain has enjoyed a resurgence, with its on-chain metrics reaching new highs across the board.

This increased interest is attributed to meme coins, starting from TST and leading up to the meme coins created regarding CZ’s Dog.