In a stunning turn of events, BNB Chain has surged to the top spot in decentralized exchange (DEX) trading volume, leaving Solana in its wake. 

According to recent data on DeFi Llama, a DeFi analytics and data platform that provides insights and metrics on various DeFi protocols, cryptocurrencies, and blockchain networks, BNB Chain’s trading volume skyrocketed to a record-breaking $1.64 billion in the past 24 hours.

This remarkable feat marks a significant milestone for BNB Chain, solidifying its position as a major player in the decentralized finance (DeFi) space. The chain’s main DEX, PancakeSwap, also emerged as the highest-trading DEX in the past 24 hours, further cementing BNB Chain’s presence in the space.

BNB Chain Sees Unprecedented Surge Thanks to Memecoin Frenzy

According to a recent tweet, the astonishing growth and remarkable surge in BNB Chain’s trading volume, which shattered previous records, was due to the emergence of meme-coins, with Mubarak being a notable example.

Driven by Memecoins such as Mubarak, BNB Chain DEX has a trading volume of $1.64 billion in the past 24 hours, surpassing Solana to rank first; at the same time, BNB Chain’s main DEX PancakeSwap has also become the DEX with the highest trading volume in the past 24 hours.…

— Wu Blockchain (@WuBlockchain) March 17, 2025

Despite the recent surge in popularity of certain meme coins, such as Mubarak, which boosted BNB Chain’s trading volume, the meme coin market as a whole appears to be experiencing a decline in value.

The decline in the meme coin frenzy can be attributed to various factors, including volatile global economic conditions, lack of regulation, insider trading scandals, and endorsements by public figures, who have been accused of using their influence to pump tokens before selling for profit.

Amidst the ongoing uncertainty surrounding meme-coins, the U.S. Securities and Exchange Commission (SEC) announced that meme-coins do not qualify as securities since they are not subject to federal securities regulations.

Solana Slips in Rankings as BNB Chain Surges

In a surprising twist, the meme coins that catapulted BNB Chain to the top spot also played a role in Solana’s downfall, stripping it of its previous top ranking.

In a recent development, Solana’s revenue suddenly dropped by a massive 93% within the time frame of two months due to the fading of the memecoin trading frenzy.