- A new memecoin on BNB Chain reached a market value of $524 million shortly after launch.
- The token, called Binance Life, surged after social media posts from the exchange’s co-founders.
- At least 14 wallets earned over $1 million each from trading the memecoin, according to blockchain analytics.
- The token’s value dropped 65% in one day but later settled at around $260 million.
- The phrase “Binance Life” is used positively in Chinese crypto culture and the token is among the first with a Mandarin name to gain large attention.
On October 4, a memecoin named Binance Life launched on the BNB Chain, quickly attracting massive attention. The token soared to a market value of $524 million after posts from Binance co-founders appeared on social media.
Blockchain analytics platform Bubblemaps reported on October 7 that 14 wallets had each made over $1 million trading Binance Life since its rollout. Onchain data showed the top five traders earned a combined $9 million from the token. The coin’s value initially lagged, but began to rise following posts by Yi He and Changpeng Zhao—co-founders of Binance—using the phrase “Binance Life” on X, formerly Twitter.
Three hours after the token’s launch, Yi He replied to a community post with the phrase in Mandarin, and a day later Changpeng Zhao also used it in response to a crypto influencer. This phrase matches the name of the coin and references popular Chinese internet expressions. Community members interpreted the posts as endorsements, which led to increased trading and a surge in market value. The token hit $50 million in value on October 6 and peaked at $524 million two days later.
The phrase “Binance Life” is similar to terms like “Apple Life” and “Android Life,” expressions in Chinese internet culture that describe different social classes. “Apple Life” often refers to an affluent lifestyle, while “Android Life” signifies a less wealthy status. Binance Life is seen as a positive marker among Chinese crypto investors, especially those who profit using Binance and its related products. The token also stands out as one of the first memecoins with a Mandarin name to achieve major traction, and social media influencers hope it will become the first Mandarin-named token listed on Binance.
The sudden rise triggered increased memecoin activity on BNB Chain. However, as with many memecoins, prices have been volatile. Binance Life lost 65% of its value in 24 hours on Wednesday before partially recovering to a $260 million market cap. Binance did not provide a comment in response to the developments.
For those interested in technical details, a memecoin is a cryptocurrency, usually launched as a joke or based on popular internet memes, that often shows high price volatility. The Binance Life token was launched on Four.Meme, a memecoin launch platform tied to Binance’s affiliated blockchain. More information is available in posts from Bubblemaps, GeckoTerminal, and other sources.
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