Cryptocurrency traders have made millions of dollars on BNB chains’ small-scale mew coins over the past week, showing a new wave of speculative capital fueling the current market cycle.
According to blockchain intelligence platform LookonChain, some of the most profitable investors are traders 0xD0A2, who turned their initial investment of $3,500 to $7.9 million, generating 2,260 times the return in three days.
Trader Hexiecs has transformed its $360,000 investment to more than $5.5 million by investing in the recently launched “4” memo coin.
According to LookonChain, other speculators have also jumped to the token.
The activity followed trade at the beginning of the week when wallet “0x872” gained nearly $2 million in profits within hours of investing just $3,000 in four tokens. The trader achieved 650x returns after Zhao reshared a post about his tokens to his 8.9 million X followers on October 1st.
The four tokens were born after a phishing attack on the BNB chain. There, hackers reportedly made only $4,000 profits before the community turned the event into a meme.
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Traders awaken to the potential of BNB chains
Growing trader activity on blockchain has attracted attention from industry watchers, including Zhao, who called the phenomenon “BNB meme SZN.”
According to Marwan Kawadri, head of EMEA at BNB Chain, one of the main drivers of growing interest among investors is its recognition of the potential for digital asset trading for BNB chains.
“The BNB chain has always been strong in Defi, but for now it is becoming the heartbeat of Onchain Trading,” Kawadri added to Cointelegraph in a record of active addresses and distributed exchange (DEX) trading volumes:
“What we see in ‘BNB Meme SZN’ is a market that awakens to the fact that BNB chains have become a major ecosystem of trading. ”
New cryptocurrency trends could potentially gain traction faster on blockchain, as “communities are built around a trading culture.”
Related: “Diamond Hand” investors will turn $1k into $1 million when BNB exceeds $1,000
Tracked as “smart money” traders on Nansen’s Blockchain Intelligence Platform, the industry’s most successful traders prioritize BNB-Native Mecoins.
All three biggest cryptocurrencies purchased by Smart Money Traders were all BNB native tokens, according to Nansen’s data showing a 24-hour influx of these tokens.
As of Tuesday, more than 100,000 Onchain traders had purchased the new BNB Native Memokine, according to Blockchain Data Visualization Platform Bubblemaps.
Of the 100,000 traders, addresses over $1 million have earned over $1 million, earning over $40, with 900 traders earning over $100,000.
MemeCoins are some of the most risky digital assets. Because they have no intrinsic value, these tokens rely solely on social emotions to gain traction.
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