A crypto trader identified as 0xd0a2 has netted some of the most staggering profits this year.
On-chain data shows that they bought 19.8 million Binance Life (币安人生) tokens, worth about $3,500, when the project’s market cap was under $100,000.
However, as the meme coin’s market valuation exploded to more than $420 million, the investment was suddenly worth $7.9 million (a 2,260x return).
The trader sold 1.3 million tokens to recover the initial stake, but still holds 18.5 million as the largest Binance Life holder.
BNB Chain meme token frenzy
The frenzy comes amid a broader meme rally across the BNB Chain, as other cryptos have also posted mind-boggling gains. For instance, 4 (FOUR) is up 60% on the weekly chart at the time of writing.
Further data suggests that over 100,000 on-chain traders have bought into new meme coins so far, with 70% of them in the green, of which dozens have posted $1 million in returns.
The developments were so unexpected that they prompted a response from Changpeng Zhao, co-founder and former CEO of Binance, who took to social media to encourage developers to continue working on their projects.
“I didn’t expect this at all. And people keep asking me to predict the future… Keep building!” wrote Zhao on X.
Further supporting the “meme coin season” within the ecosystem, BNB Chain has generated $5.57 million in network fees over the past 24 hours as of October 8, the highest among all public blockchains.
To put things into perspective, Tron (TRX) registered $1.46 million, while Ethereum (ETH) followed with $1.2 million.
The milestone largely coincides with BNB’s 30% surge on the weekly chart and new all-time high of $1,336 on Tuesday, October 7, pushing its market cap beyond $180 billion.
Featured image via Shutterstock
