Key Takeaways
- BNB Chain overtook Solana in daily DEX trading volume for the first time.
- The network recorded a $1.64 billion daily trading volume, fueled by a memecoin surge.
- The LIBRA scandal has rattled Solana’s memecoin industry.
Solana (SOL) has long been the darling of the decentralized exchange (DEX) scene, racking up record trading volumes and revenue throughout this bull run.
Its speed, low fees, and thriving memecoin culture made it the go-to network for traders chasing the next viral token.
However, the tables have turned. Binance’s BNB Chain is now stealing the spotlight, luring memecoin traders to its platform as Solana scuffles with scandals and a bearish chill.
BNB Chain Hits Record Volume
According to DefiLlama data, BNB Chain’s daily trading volume climbed to $1.64 billion on Sunday, March 16, an all-time high.
Memecoins such as Mubarak (MUBARAK) and TaTaTu (TTU) have contributed to the uptick, with trading volume rising 13% over the past week.
In contrast, Solana saw a 28% drop, Ethereum (ETH) declined 12%, and Base fell 35% during the same period.
The shift comes amid turmoil in Solana’s memecoin ecosystem.
Solana’s Struggles
Solana’s memecoin ecosystem has hit rough waters.
The LIBRA scandal, linking Argentina’s president to corruption allegations, has dented confidence, alongside ongoing issues with scams and insider trading concerns.
Trading activity has suffered, with Pump.fun—Solana’s most popular memecoin creation platform—recording its lowest daily volume since October 2024.
Some of Solana’s most popular memecoins—including Donald Trump’s official meme token—have crashed more than 80% from their all-time highs.
The turbulence has led many traders to shift their activity to Binance’s BNB Chain, accelerating its rise in DEX rankings.
For now, BNB Chain has dethroned Solana in DEX trading volume. However, considering Solana’s proven historical performance, the rankings could shift again at any moment.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
