Original | Odaily Planet Daily (@OdailyChina)

Author｜Golem (@web 3golem)_

On October 20, the Chinese meme coin "Binance Life" successfully launched on the Binance contract market, becoming the first Chinese meme coin to be listed on the main Binance platform. As a result, the market capitalization of "Binance Life" surged to $450 million on the same day. Although the price has since retreated, the market cap remains around $300 million.

According to the official page, a new "Chinese" section has been added to the Binance contract market page, indicating that the launch of "Binance Life" on the main Binance platform will not be an isolated event but rather a beginning. Chinese meme coins can also ascend to the "great hall" of the crypto market and will become an important segment of the crypto market for a long time to come.

Chinese Meme Coins No Longer Limited to BSC

The Chinese meme craze in October originated on the BSC chain, largely due to the frequent mentions and promotion by CZ and He Yi, which led to the emergence of Chinese meme coins closely related to Binance, such as Binance Life, Cultivation, and Customer Service Xiao He. This has caused many players to stereotypically believe that Chinese memes are merely a deliberate hype by Binance and will not truly gain momentum.

It wasn't until the second wave of Chinese memes arrived that the community spontaneously built Chinese meme coins with inherent Chinese internet meme genes, such as Hakimi, Milk Dragon, and Long, on the BSC chain. Other investors and project parties then realized that it was not BSC deliberately promoting Chinese memes, but rather the Chinese community actively choosing BSC.

"The market is always right." Other major public chains also chose to "join if they can't beat" and actively reached out to the Chinese community, indicating that Chinese memes are no longer limited to the BSC chain. The most proactive in this regard are Base and Solana.

On October 20, despite a recent conflict with Binance over "listing fees," Base blockchain head Jesse still posted a demonstration video on X platform, showcasing trading Binance Life in the Base App, captioned "Activating Binance Life mode in Base App." On the same day, Jesse expressed his welcome to Chinese builders coming to Base in Chinese. Influenced by Jesse's remarks, the Chinese meme coin "Base Life," launched on the Base chain, also saw its market cap peak at $10 million.

Meanwhile, Solana, once a hotbed for Western memes, also did not want to fall behind in this wave of Chinese memes. On October 14, the content tokenization platform Trends.fun initiated an activity to solicit a Chinese name for Solana, which initially did not attract attention and was seen merely as a means for the platform to drive traffic. It wasn't until October 20 that the official Solana account, Solana founder Toly, and Solana Foundation chair Lily Liu all retweeted related posts about this activity, garnering widespread community attention. Lily Liu even changed her X account avatar to the "Solara" image, indicating that the Chinese name received official recognition.

The market cap of the Chinese meme coin "Solara," launched by Trends.fun, also peaked at $28 million on October 21, currently retreating to around $17 million. The explosive popularity of "Solara" unexpectedly boosted the growth of the Trends.fun platform. According to Dune data, the trading volume on the Trends.fun platform reached $40.72 million in the past seven days, accounting for nearly 50% of the total trading volume ($89.85 million); new user growth in the past seven days was 26,785, making up 37% of the total user base.

Although the weekly trading volume of Trends.fun still does not match that of Pump.fun, many Chinese memes have already launched on the Trends.fun platform, while Pump.fun has been absent from this wave of Chinese memes. Trends.fun primarily focuses on "tweet tokenization," allowing users to create tokens based on tweet links, with AI extracting keywords from tweets as token symbols. If the wave of Chinese memes on the Solana chain continues to ferment, Trends.fun, with its unique issuance mechanism, may also become a dark horse.

Chinese Memes Transitioning from "Short-term Hits" to "Fixed Categories"

The Chinese community has long been a backbone of the crypto industry, but the market has been accustomed to "turning a blind eye." On one hand, they view Western projects through a filter, while on the other, they look at domestic projects with "colored glasses," even leading to a market alienation phenomenon where domestic teams deliberately disguise themselves as overseas projects. Once a project team speaks Chinese, it is often seen as "exposed." Even in the relatively inclusive meme sector, although the Chinese community has become a major market for meme consumption, Chinese memes still struggle to break out, while popular memes born from the Western internet, such as punt, ChillGuy, and moodeng, resonate with players and easily reach market caps in the hundreds of millions.

The explosion of this wave of Chinese memes has had a significant impact on the market, with several high-market-cap Chinese meme coins correcting the market's bias against Chinese projects. Indeed, from the perspective of project parties, launching in Chinese may currently be just a tactical move to gain favor with Asian users, attract more social volume, or quickly boost liquidity in the short term. After this wave of Chinese memes passes, they may return to normalcy.

In the crypto world, no narrative can stay hot forever; the popularity of Chinese memes will have its peaks and troughs. However, the long-term significance of this wave of Chinese memes is that it will evolve Chinese memes from "short-term hits" to "fixed categories"; projects can confidently participate in ecosystem building using Chinese as an entry point; and Chinese will no longer be a "label" but will become a normal, market-accepted language choice.

For investors and practitioners, the biggest change will be a correction in perception. The next time we see a Chinese ticker meme coin, we will no longer skip it due to "Chinese" but will instead analyze its popularity, community, and meme attributes more deeply. The crypto market has already left behind a sustainable soil deeply bound to Chinese culture.

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