As Base and Solana meme coins rebound, Binance Chain joins meme coin party.

With a $1 million prize fund, Binance Chain hopes to entice meme creators.

Meme coins are volatile because to bitcoin price changes.

Following a price drop, Solana and Base meme tokens are recovering.

Binance wants meme market share

After Solana and Base blockchains have expanded quickly in the past month due to meme token interest, Binance Chain is seeking to capture its slice of the meme currency pie with the BNB Chain Meme Innovation Battle.

A Binance Chain blog post announced the BNB Chain Meme Innovation Battle, where developers and producers will design meme tokens in the BNB ecosystem to compete for a "dynamic prize pool that can reach up to $1 million". The announcement states that "the trading volume of qualified memes during the competition period (...) the higher the trading volume, the larger the prize pool."

Registration ends on April 9, and the tournament begins the next day for 30 days.

According to DeFiLlama, Solana's TVL nearly quadrupled in March, jumping 88% from $2.5 billion to $4.8 billion. With a large SOL price increase, revenue rose from around $134,000 to $1.38 million. The data reveals that Base's TVL climbed about 150% to $1.2 billion and revenue 1,700% from $50,000 to $900,000.

Arthur Hayes, BitMEX co-founder, said these meme currencies are being created in chains like Solana owing to their cheap transaction costs and easy user interface.

Indicators of meme token recovery
Recent bullish and negative market swings indicated that meme coin values are more volatile than Bitcoin and other cryptocurrencies. During the Tuesday crypto market crisis, numerous meme currencies lost double digits, while most popular altcoins lost single digits.

Some meme currencies, notably in the Solana and Base chains, are recovering on Wednesday. Dogwifhat (WIF) rose 4%, Book of Meme (BOME) 6.4%, cats in a dog world (MEW) 42.5%, Brett (BRETT), and Toshi (TOSHI) of Base 3% and 14%, respectively, in the previous 24 hours.

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