Key Points
- Following the recent increase in activity on the BNB Chain, various coins experienced price drops.
- The BNB Chain went through a stress test, after CZ released his dog’s info, leading to memecoin creation.
Today, various tokens on the BNB Chain experienced significant price drops following the latest stress test on the chain yesterday. On February 13, the BNB Chain was flooded by memecoins, after Binance’s CZ released his dog’s photo and name.
BNB Chain Coins Experienced Price Drops
For instance, the TST coin is down by over 32% today, having a market cap of $103 million.
CAKE is also down by over 16%, reaching a market cap of around $783 million.
BAKE is also down by over 13% today, reaching a market cap of $61 million.
DODO is down by over 7% in the last 24 hours, seeing a market cap of $70 million.
COOKIE is down by over 7% in the past 24 hours, and at the moment of writing this article, the coin has a market cap of around $69 million.
BSW is down by over 8% today, and the coin has a market cap of over $25 million.
BURGER is down by over 7% today and the coin has a market cap of a little over $16 million.
These coins’ price drop came following an increased activity on the BNB Chain yesterday, which represented a stress test for the chain amidst the memecoin flood.
On February 13, lots of memecoins were created on the BNB Chain after CZ revealed his dog’s photo and name via X.
As earlier reported, a crypto sniper was able to see huge profits of almost 28 million USDT sniping most of the memecoins inspired by CZ’s dog.
BNB Chain Recorded Peak Activity on February 13
Yesterday’s memecoin hype on the BNB Chain led to an increase in activity and higher fees, leading to the BNB Chain flipping Solana in fees, according to data from Nansen.
Nansen shows that the BNB Chain recorded over $5.8 million in fees, while Solana recorded almost $3.3 million. Tron was in the third position with almost $1.7 million in fees on January 13, while Ethereum recorded $1.1 million.
Also, Artemis data shows that yesterday, the BNB Chain recorded an increase in daily active addresses, reaching 1.7 million addresses, while the daily transactions also spiked, reaching 8.5 million.
Reports show that a major part of the BNB Chain activities came from PancakeSwap, a DEX that operates on multiple chains but generates most of its trading volume on the BNB Chain.
On February 13, the DEX outperformed all DEXs across all chains in trading volume, according to DeFi LLama data.
Yesterday evening, CZ revealed his dog’s name, Broccoli, photo, and story via X, which led to a memecoin craze on the BNB Chain.
