The post BNB flips SOL in market cap – Here’s how ‘memecoin mania’ was key appeared on BitcoinEthereumNews.com.

BNB flipped SOL on the rankings charts, thanks to a tweak in emerging memecoin trends  However, SOL/BNB remains at a pivotal point and SOL can still regain lost ground on the charts Binance Coin [BNB] is in the news today after it reclaimed the fifth-largest cryptocurrency position on the rankings charts, flipping Solana while doing so. According to CrytoQuant, the shift was driven by memecoin mania, which moved from Solana to BNB Chain.  “BNB flipped SOL. Memecoin momentum has shifted to BNB Chain, pushing its market cap back into the top five at $91B. SOL now trails at $73B.” Source: CryptoQuant Based on the market cap traction, the shift happened in mid-February, right after the LIBRA memecoin saga and market manipulation revelations. As a result, memecoin traction dropped significantly on Solana. In fact, its DEX volumes later tanked by 60%, with notable declines across Pump.fun and Raydium ecosystems.  SOL vs BNB traction The changes in DEX (decentralized exchanges) trading volumes also captured the shift. Over the past three months, Solana’s DEX volumes have fallen from a record high of $30 billion to $1.4 billion – A 95% decline.  According to Artemis data, this was a drop in DEX volumes of around 50% on a 3-month adjusted basis, compared to BNB Chain’s slight pump of 4%.  Source: Artemis Simply put, right now, there is relatively more speculative interest in the BNB chain, than in Solana. Interestingly, this also allowed the BNB chain to collect more fees than Solana over the same period.  According to Artemis, fees for the BNB chain averaged $1.17M over the past three months – A 171% surge. On the contrary, for Solana, the fees were down 63% and averaged $1.16M. Put differently, the BNB Chain has enjoyed more traction in late Q1 of 2025 Source: Artemis (fees…

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Filed under: News - @ March 29, 2025 8:16 pm