Written by: Glendon, Techub News
The influence of Chinese meme narratives is continuing to expand.
Last night, Solana officially announced its Chinese name as "索拉拉" on the social platform X. This was proposed by X user @easytopredict during the Solana Chinese naming event, who explained that "索拉拉" symbolizes the energetic spirit of creators who are constantly building on Solana.
Half an hour later, Base creator and protocol head Jesse Pollak also tweeted that "Base Life" is the first popular project on the Base App, expressing excitement to see more content from China appearing on the Base network.
As of the time of writing, according to GMGN market data, the market cap of the Chinese meme "索拉拉" has fallen back to about 11.17 million USD, having previously peaked at over 18 million USD, with a 24-hour trading volume of approximately 26.8 million USD.
From this, it can be seen that the narrative related to Chinese memes is gaining more and more attention and is gradually extending to more chains like Solana and Base. This feast of Chinese memes originally stemmed from the explosive popularity of the Chinese meme "币安人生" earlier this month.
The concept of "币安人生" was first proposed by Chen Jian. Subsequently, Binance co-founder He Yi responded, saying, "I wish you to hold BNB, drive a Binance car, live in a Binance community, and enjoy a Binance life," directly fueling the birth of this meme coin. With Zhao Changpeng responding to tweets related to "币安人生," community sentiment was completely ignited. By October 7, "币安人生" became the first Chinese meme to launch on Binance Alpha, and market enthusiasm reached a boiling point.
GMGN market data shows that the market cap of "币安人生" skyrocketed 6000 times in just three days. On October 8, its market cap even soared to 500 million USD, with a 24-hour increase of over 620%. However, "币安人生" soon experienced the inevitable "pump and dump" scenario typical of meme coins, leading to a sharp decline. On October 9, the price of "币安人生" fell from 0.4124 USD to 0.2362 USD, a nearly 75% drop within the day, causing market sentiment to plummet.
Despite this, the explosive popularity of "币安人生" has garnered sustained attention for Chinese memes globally. Subsequently, Binance Alpha launched two BSC chain tokens, "修仙" and "哈基米," on October 13. The "修仙" meme was inspired by an article on the "修仙" theme published by He Yi at Binance Square, and it is the first meme coin launched exclusively from the Binance Wallet's Meme Rush platform to go live on Binance Alpha. "哈基米" is currently one of the hottest memes on the Chinese internet, also attracting a large number of investors.
On the other hand, it is clear that Binance has no intention of letting "币安人生" fade into obscurity. Last night, Binance launched a perpetual contract for "币安人生" with up to 50x leverage. As a result, BNB Chain ecosystem tokens experienced a widespread increase, with "币安人生" reaching a high of 0.4173 USD. As of the time of writing, its 24-hour trading volume has reached 380 million USD, with an increase of over 75%; additionally, "修仙" is priced at 0.01629 USD, with a 24-hour trading volume of approximately 25.9 million USD, up over 28%; "哈基米" is priced at 0.05246 USD, with a 24-hour trading volume of approximately 34.12 million USD, up nearly 24%.
A series of operations by Binance clearly aligns with the community's circulated "template for creating wealth effects in the BNB Chain," which involves community preheating, interactions from Zhao Changpeng and He Yi to generate momentum, followed by the launch on Binance Alpha and Binance contracts, ultimately landing in the Binance spot market, forming a complete wealth growth chain.
In the current overall sluggish meme market, we can see that the rise of Binance-related Chinese memes like "币安人生" and "修仙" has brought new speculative opportunities to the market. At the same time, this has put immense pressure on Solana, once dubbed the "meme coin casino," forcing it to reassess the market landscape and shift its strategic focus to the Chinese meme market to compete for Chinese users.
The rise of meme coins in the BNB Chain ecosystem has significantly impacted the Solana ecosystem, siphoning off a large amount of capital from the latter. Currently, the revenue of Pump.fun, the largest meme launch platform on Solana, has been closely chased by Four.meme (a meme issuance platform on BNB Chain). DefiLlama data shows that Four.meme's revenue over the past seven days was 16.61 million USD, nearly three times Pump.fun's revenue during the same period (6.74 million USD); Four.meme's 30-day revenue also reached 33.59 million USD, gradually approaching Pump.fun's 39.26 million USD.
The proposal for Solana's Chinese name was put forward during this critical period. On October 14, the content tokenization platform Trends.fun launched an event to "collect Chinese names for Solana," with a prize pool of 100 SOL.
The namer of "索拉拉," @easytopredict, stated in a tweet: "The potential of the Chinese cryptocurrency market is enormous, with a vast market size and an unmatched community atmosphere. Solana, as an open and inclusive blockchain platform, has a perfect synergy with China, making a tailored Chinese name highly significant."
However, in terms of actual effect, while Solana seems to respect the Chinese market, it has not truly valued the opinions of Chinese users. The name "索拉拉" has not gained widespread recognition among Chinese users and has instead sparked ridicule online. Netizens have voiced their questions on social media: "Didn’t they ask Chinese netizens about the Chinese name?" "The top vote was '索拉娜,' why was '索拉拉' ultimately chosen?" "Does Solana not know the special meaning of '拉拉' in Chinese?"
Previously, in a voting event initiated by Trends.fun regarding Solana's Chinese name, "索拉娜," which aligns more with Chinese naming conventions, led with 56% of the votes, while "索拉拉" received less than 1% of the votes.
Although Solana Labs co-founder Toly retweeted related tweets on October 16 and commented that his personal view is that "索拉娜" is good, "索拉拉" is quite cute, and "唢呐" is also amusing, ironically, during this period, Solana's official account mentioned "索拉拉" and "唢呐," but did not mention "索拉娜," which had the highest voting rate.
Ultimately, "索拉拉" won in this battle for the Chinese name. However, one cannot help but question: Since Solana wants to use a Chinese name to bridge the gap with Chinese users, why did it ignore the community voting results during the naming process and fail to achieve cultural alignment, still naming it with an English mindset? How many Chinese users can it attract by acting this way?
From the current situation, when users choose a meme platform, they actually consider whether they can gain more benefits from it. If Solana truly wants to attract Chinese users, it must present a more powerful profit mechanism and technology, rather than merely relying on a name or code.
Nevertheless, the event of Solana launching a Chinese name is, overall, still of positive significance for the cryptocurrency market, as it further reinforces the view that "Chinese narratives are gradually becoming the new mainstream on-chain" and indicates that the Chinese meme market is gaining more and more attention. Finally, let’s pose a question for everyone to ponder: Can the Chinese name "索拉拉" bring new growth momentum to the Solana ecosystem?
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