Binance Smart Chain (BSC) has surpassed Solana in DEX trading volume. Over the past 24 hours, BSC’s daily DEX trades were valued at $1.637 billion, 34% higher than Solana’s $1.077 billion. The boost is primarily attributed to the recent meme coin mania, led by MUBARAK Coin, which has witnessed a stunning 200% price hike after listing on Binance Alpha.
BSC Outperforms Solana in DEX Trading
BSC posts a monthly turnover of $84.3 billion, lagging behind Solana by only $105 billion, as per DefiLlama. Experts explain BSC’s recent volume surge is due to an array of factors, including low trading fees, integrated miner extractable value (MEV) guard functions, and strong backing from Binance and its former CEO, Changpeng Zhao (CZ).
Last week, BSC’s total DEX volume was a whopping $5.15 billion, a sign of increasing confidence in the platform’s ecosystem. Solana could only muster $2.373 billion for the same duration, as seen previously in news reports.
MUBARAK Coin’s Resilient Rise
The MUBARAK token also attracted a great deal of attention, increasing by 200% in value over 48 hours to an all-time high of $0.206.
This surge is mainly linked to CZ’s recent trade, where he swapped 1 BNB for 20,150 MUBARAK Coin, valued at approximately $600. Following this trade, Binance Alpha’s listing further ignited investor interest, causing MUBARAK Coin’s market capitalization to reach $200 million.
While excitement surrounds MUBARAK, professionals believe its price may face corrections in the long run. Although there are speculations among some traders that it may go up to $0.500, it can also fall down to $0.149 if momentum reduces.
Factors Driving the Rally
The latest developments are due to a number of primary causes. First and foremost, the recent meme coin frenzy sparked investor enthusiasm in the crypto world once again. Six of the Four.Meme platform tokens hit a market cap of more than $1 million in 24 hours, which is evidence of how rapidly this market is on the rise.
Additionally, BSC’s higher agility and transaction cost advantage over Solana offer a favourable platform for investors and traders. Similar to how the meme coins fueled the previous dominance of Solana, trending patterns now lean towards BSC. With the changing DeFi, such events indicate opportunities and risks in equal measure for investors in this volatile market.
