Cryptocurrency traders have made millions of dollars on micro-mines on the BNB chain over the past week, signaling a renewed wave of speculative capital fueling the current market cycle.
Among the most profitable investors is the trader “0xD0A2”, who turned an initial investment of $3,500 into $7.9 million, achieving a return of 2,260 times in three days, According to To blockchain intelligence platform lookonchain.
Popular trader ‘Hexiecs’ turned a $360,000 investment into over $5.5 million by investing in the recently launched ‘4’ Memecoin, which went parabolic after Binance co-founder and former CEO, Changpeng Zhao.
Other speculators also jumped on the token, including trader “Brc20niubi,” who turned a $730,000 investment into $5.4 million, printing a 1,200x return on investment, according to Lookonchain.
This activity follows a trade earlier in the week when the “0x872” wallet reached nearly $2 million in profits within hours after investing just $3,000 in the “4” token. The trader made a 650x return after Zhao Reshared He posted about the token to his 8.9 million followers on October 1.
The “4” token originated after a phishing attack on the BNB chain, with the hacker reportedly only making $4,000 in profit before the community turned the event into a meme.
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Traders are waking up to the potential of BNB Chain
Increased trader activity on the blockchain has attracted attention from industry observers, including Zhao, who Named The “bnb meme szn” phenomenon, something he said he “didn’t expect at all”.
One of the main drivers of increased investor interest is the recognition of the potential of the BNB Chain for digital asset trading, according to Marwan Kawadri, Defi Lead and European Head of Communications for the BNB Chain.
“BNB chain has always been strong in Defi, but right now, it is the pulse of Onchain trading,” Cadore told Cointelegraph, amid records in active addresses and DEX trading volumes.
“What you see with ‘BNB MEME SZN’ is a market that is waking up to the fact that the BNB chain is becoming the leading trading ecosystem.”
Quadri said new cryptocurrency trends may gain traction faster on blockchain, as “society is built on a culture of trading.”
Related to: ‘Diamond Hand’ Investor Turns $1 Million to $1 Million as BNB Tops $1,000
The industry’s most successful traders, tracked as “smart money” traders on Nansen’s Blockchain Intelligence platform, have also prioritized BNB-Active Memecoins.
The three cryptocurrencies purchased by smart money traders were all native BNB tokens, According to To Nansen data, which shows 24-hour flow of these symbols.
Before Tuesday, more than 100,000 Onchain traders had bought Memecoins New BNB-Native, with about 70% of the profit at the time, According to To blockchain data visualization platform bubblemaps.
Out of 100,000 traders, one address earned more than $10 million, 40 earned more than $1 million, while 900 traders made more than $100,000.
Memecoins are some of the riskiest digital assets. Since they have no intrinsic value, these symbols rely solely on social sentiment to gain traction.
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