Good Monday, friends.
Compared to the previous weeks, the recent market sentiment is no longer "extremely panicked". Large-cap cryptocurrencies have warmed up, small-cap altcoins have stopped falling, and of course, the on-chain Meme market that people can't let go of has also seen a warming of sentiment.
First of all, congratulations to the lucky BSC Meme players. The Meme sentiment on the BSC chain has been reignited by the new hotspot $mubarak, and liquidity has returned to the "Binance" narrative, leading to a rise in the $BNB price to around $640, and BSC ecosystem tokens have also topped the Binance gains chart.
At the same time, the Meme market of various popular public chains has also improved over the past week. The AI hotspot in the Base ecosystem has been revived, and the "conspiracy" Memes on the Solana chain...
TechFlow brings you a quick review of the popular Meme market this week!
Note: Meme token prices are highly volatile and carry a high degree of risk. Investors should fully assess the risks and participate with caution. This article is solely for the purpose of information sharing based on market hotspots, and the author and platform do not guarantee the completeness and accuracy of the content, nor does it provide any investment advice.
Binance editor's Meme, with a market cap of over $100 million
In the past few days, the market has belonged to BSC, and the calm Meme market has seen the emergence of a large MC memecoin $mubarak worth over $100 million.
Let's quickly go through the background of this Meme: On March 12, the Abu Dhabi sovereign wealth fund MGX invested $2 billion in Binance. For an introduction to MGX and the story behind it, see the TechFlow article: Binance's Mysterious Backer, the UAE's Second-in-Command, Bets Billions on AI. With the big Middle Eastern backer, Binance has also become more confident. The next day, the Binance Chinese Official Twitter account posted a Meme, with the image featuring a Middle Eastern tycoon wearing a Binance logo necklace and the text "editor". Subsequently, this Meme tweet was retweeted by CZ with the caption "mubarak" (Arabic for "blessing").
Subsequently, many tokens named $mubarak quickly appeared in the market and started racing. After a process of price and consensus mutually reinforcing, the contract address 0x5c85d6c6825ab4032337f11ee92a72df936b46f6 of $mubarak broke out, with a current market cap of around $130 million.
However, $mubarak is not a Meme that reached a market cap of over $100 million in a short period of time. As a semi-celebrity coin based on "CZ's interaction", its price fluctuations will be strongly related to CZ's every move.
After $mubarak broke out, CZ also frequently mentioned this concept on Twitter: sometimes retweeting photos with the Middle Eastern tycoon Tahnoun, and actively participating in discussions on mubarak-related topics. Although he didn't openly shill, it was enough for the community. On Saturday, $mubara reached a market cap of $50 million at its highest, and then fell back to around $25 million.
Just as the community thought that the $mubarak wave might not have much momentum and would end like before, yesterday (March 16) around 7 pm, the wallet address marked as CZ's own: 0x28816c4c4792467390c90e5b426f198570e29307 suddenly bought 1 BNB each of $mubarak and $TST, and shortly after, CZ himself posted on the Binance Square saying "doing some tests on the weekend".
The news that CZ himself allegedly bought $mubarak and increased his position in $TST completely ignited the market. The market cap of $mubarak quickly surged by 200%, and $TST also followed suit, driving the entire BSC ecosystem to revive. On Monday, the market cap of $mubarak has already exceeded $100 million, reaching nearly 7 times the price at the time of CZ's purchase.
Sentiment ignited, what other big players are in the Meme market?
BSC Interaction Concepts
With the explosion of $mubarak as a sample, the traffic and wealth effects brought by CZ and He Yi's personal participation are becoming more and more obvious. In the past few days, many Meme tokens have appeared due to frequent interactions.
$Palu (Binance's Palu)
Contract address: 0xb75a7e8876df49a74cc4c76c6bda161a8ea4b483 24H trading volume: $15 million
Current market cap: $7.85 million
Highest market cap: $10.53 million
The birth of the $Palu token was also based on a Meme image posted by the Binance Chinese official account, and after He Yi's interaction, the "Palu" mentioned by the Binance editor was quickly used to issue a token, which also reached a market cap of $10 million at its highest.
$TUT (Tutoria)
Contract address: 0xcaae2a2f939f51d97cdfa9a86e79e3f085b799f3 24H trading volume: $11.1 million
Current market cap: $8.5 million
Highest market cap: $14.84 million
On March 17, CZ retweeted a BNB Chain official tweet, the content of which was teaching how to create a BEP20 token. The demo token in the video was named $TUT.
Solana Chain Hotspot: Still Chaotic and Conspiratorial
$YZY (Swasticoin)
Contract address: 9gyfbPVwwZx4y1hotNSLcqXCQNpNqqz6ZRvo8yTLpump 24H trading volume: $13.2 million
Current market cap: $11.3 million
Highest market cap: Around $50 million
On Saturday (March 15) evening, the former Twitter account of Kanye West @kanyewest suddenly retweeted a tweet with a CA, and the CA pointed to a Kanye-related concept token $YZY, which looked very much like Kanye West's personal certification of the token. Subsequently, the token price quickly surged by 400%.
But there were rumors before that Kanye had already sold his Twitter account, and the account later canceled the retweet. The current market cap of $YZY has fallen back to around $11.3 million.
$DOPE (Department Of Propagand)
Contract address: 26dRTrJjKH9pKCNHzZyj8u3B8NqrNn6SoSfWRbPpdDRS 24H trading volume: $13.2 million
Current market cap: $11.3 million
Highest market cap: Around $50 million
On March 14, Trump signed an executive order to dismantle the U.S. Global Media Agency (USAGM) to reduce federal spending, but this sparked controversy over media freedom. On March 16, Musk responded to this event with a Meme image, renaming it the "Department of Propagation Everywhere (DOPE)".
This concept is very similar to the previous over-$100 million Meme concept "Department Of Government Efficiency (D.O.G.E)", so the related token $DOPE also quickly heated up on Solana. But since the current focus and attention are not on this side, the market cap of $DOPE has dropped from $5 million to around $700,000, heading towards zero.
On-chain hot spots: AI token renaissance
After Grok's self-expression on Twitter, some token hot spots around Grok have also emerged. Among them, $DRB from the Base ecosystem has emerged, and the AI token platform on the Base chain has also reignited. However, affected by the BSC market, the Meme on the Base chain has also cooled down slightly.
The ins and outs of $DRB leading the revival of the Base AI Meme have been detailed before, see the TechFlow article: The heat of Base AI token issuance is rising again, what have they been hyping these days? This article only lists the relevant tokens and does not go into further details.
$DRB (DebtReliefBot) - Three AI collaborative token issuance
Contract address: 0x3ec2156d4c0a9cbdab4a016633b7bcf6a8d68ea2 24H trading volume: $1.8 million
Current market cap: $10.18 million
Highest market cap: Around $42 million
$BNKR (BankrCoin) - AI Agent token revival
Contract address: 0x22af33fe49fd1fa80c7149773dde5890d3c76f3b 24H trading volume: $340,000
Current market cap: $22 million
Highest market cap: Around $44 million
The on-chain market is changing unpredictably, be cautious and flexible in participation
From the extent to which the hot Meme tokens on Solana and the Base ecosystem have been "drained" by the BSC market, it is currently more of a battle of internal circulating capital, and liquidity inevitably neglects some areas when chasing hot spots. As long as the narrative is not strong enough, being abandoned by the market can happen in the next moment.
Looking back at the current hot BSC market, after the Binance mobile app was updated today, the entry of Binance Alpha was moved from the wallet to the front-end of the trading platform app, allowing users to trade projects listed on Binance Alpha directly with funds in the exchange, which is equivalent to being listed on the spot market.
The increase in exposure has also driven a wave of price increases for some Meme tokens across chains that have already been listed on Binance Alpha. But don't rush to go All In yet, according to user feedback on Twitter, although you can directly purchase Meme tokens in Binance Alpha from the exchange app, the trading behavior is still happening in the on-chain liquidity pool, so there is still the problem of being squeezed and losing some profits.
However, Binance has promised to fully compensate users who have been squeezed and suffered losses.
Undeniably, the sentiment of BSC chain Meme tokens is currently largely dependent on the personal influence of CZ and He Yi to maintain, and this slightly "centralized" sentiment model has both advantages and disadvantages.
After all, if CZ is willing to participate in the "community sentiment + Meme" model, just a little effort, the heat of BSC Meme may be maintained for a considerable period of time; but if CZ, as the center of sentiment, is slightly "negligent", it is difficult to avoid being over-interpreted by the community. Once the sentiment passes, BSC will naturally be a mess again.
If the flow brought by personal influence can be converted into the natural flow of the ecosystem, and the technical problems that hinder users' deep participation in BSC (such as being squeezed when buying Meme) can be solved, the BSC market will surely go further.
This review is now complete, pay attention to the risks when participating in Meme trading, DYOR!
