Memecoin Surge and CZ's Market Moves Propels BNB (BNB) Price to Hold Strong Above $600

BNB (BNB) is currently maintaining its position above the $600 mark, showing relative stability in the past 24 hours.

BNB, the native token of the Binance exchange, has shown remarkable stability, trading above the $600 mark with minimal change in the past 24 hours.

This resilience in BNB’s price comes amid a surge in activity within the BNB Chain, particularly in the decentralized finance (DeFi) and memecoin spaces.

BNB Chain: A Memecoin Hub in the Making

The BNB Chain, often viewed as a decentralized exchange (DEX) ecosystem, appears to be absorbing memecoin volume that was originally concentrated on the Solana network, according to Alan Orwick from Quai Network.

He explained that this shift in volume is best described as a cyclical rotation rather than a permanent change in dominance.

Solana encountered reputation issues following controversies surrounding a memecoin project linked to Argentine President Javier Milei, leading to a perceived slowdown in the Solana memecoin market. BNB Chain has stepped in to aggregate the displaced interest.

Memecoins are a significant part of the BNB Chain ecosystem, boasting its own memecoin platform, Four.meme, which is comparable to the Solana-based Pump.fun.

These platforms serve as launchpads for new memecoins, offering daily competition and liquidity assistance and actively promoting new initiatives. Notably, some of these memecoins have even secured listings on the Binance exchange directly.

PancakeSwap’s Trading Activity Peaks

The trading activity of PancakeSwap, the primary distributed exchange (DEX), on the BNB Chain is a good indication of the growing hype around memecoins.

Beginning March 15, data from Dune Analytics shows PancakeSwap led all Ethereum Virtual Machine (EVM) chains in DEX volume on nine distinct days during a two-week period.

Unlike other ecosystems, this increase in volume is mostly linked to fresh retail interest in BNB-based memecoins, which contrasts with a drop in memecoin related traffic.

Changpeng Zhao’s ‘Broccoli’ Sparks Token Burns

The persistent memecoin explosion is closely related to the comeback of the BNB Chain. This tendency has been driven even more by Changpeng Zhao (CZ), the CEO of Binance.

After a playful X post using the name of his dog, Broccoli, a flood of memecoins bearing Broccoli started to show on the BNB Chain. CZ said he would “probably interact” with some tokens on the network even though he said he would not issue his own memecoin.

More recently, CZ allegedly carried out a large token burn destroying $1.1 million worth of Broccoli tokens and $1.95 million worth of Tutorial tokens. This calculated action seeks to lower the circulating supply and perhaps raise the value of these memecoins, therefore improving the whole BNB ecosystem.

This burn incident set off instantaneous price swings in tokens as well as increased curiosity in other BNB-based memecoins.

BNB/USD Price Technical Analysis: Breakout Above $645 After Rebounding from $588

Recovering from a low of $588.09, Binance Coin (BNB) is displaying symptoms of a comeback and momentarily breaching the $600 resistance level, according to CoinMarketCap.

BNB is trading about $600 as of right now, somewhat higher than it had been 24 hours ago. Over 18% increase in trading volume suggests fresh investor curiosity.

The $600 level is underlined by market observers as a critical psychological and technical threshold. Maintaining this degree could set off more positive momentum, which could force BNB to challenge the $645 resistance level capping gains since February 2025.

Higher goals around $656 and maybe into price discovery area might be opened with a successful breach over this $645 barrier.

But the $580 level is a crucial support zone to keep an eye on should the positive momentum fade and BNB falls short of $600. A break below this level might point to increased selling pressure.