Binance Life surpassed $880 million in market capitalization, but the meme boom is a thing of the past
Author: Wenser
Original title: Binance's life reached a new high, but the meme craze is a thing of the past
In the midst of a sharp decline in the general market, Binance Life continued to hit record highs. However, the price surge this time has not sparked much discussion in the crypto market. On the one hand, it shows that most people no longer hold or pay attention to this meme coin, which once surpassed US$800 million; on the other hand, the slightly harsh and helpless truth may be that the crypto market, where liquidity is tight, has gradually become a stage for bookmakers to act alone. This is both a sorrow for the Meme Coin circuit and a sorrow for the crypto market as a whole.
Binance's life has skyrocketed three times, reflecting the lack of popularity of Meme coins
Looking back at the past, Binance Life has experienced at least 3 waves of boom.
Binance Life's market capitalization soared 3 times: 500 million, 700 million, and nearly $900 million
In October of last year, with Binance Lianz creating a “I wish you enjoy your Binance life” response on X, the meme coin of the same name quickly stood out from the Chinese meme coin boom. At one point, its market capitalization soared to 500 million US dollars. Many people used this to obtain more than 1000 times more wealth returns. More than 100,000 wallet addresses participated in the transaction, and 70% of traders were profitable, which directly led to the meme boom in the BSC ecosystem.
In April of this year, after about 2 months of storing coins and opening positions, the bookmaker behind Binance's life once again began his own show. Coinciding with the release of CZ's new book on April 8, Binance Life's market capitalization rose from less than $100 million on April 8, and by April 18, its market capitalization had surpassed $530 million. In less than half a month, its price has seen a sharp rebound of around 6 times. behind,Suspected Binance dashboard addressAt one point, holdings increased to 147 million, accounting for 14.67% of the total number of tokens.
The most recent was the surge that began on June 1. On the same day, an address first invested $5 million at an average price of $0.61Buy 8.1 million Binance lives, the number of coins held increased to 0.81%, making it one of the top 20 largest holders; after a few hours,Binance Life once surpassed $700 million in market capitalization. Subsequently, more addresses joined the position opening camp and successfully boosted its market capitalization to over US$800 million on June 7, a record high. What distinguishes it from the past is that this is no longer an overall rebound in the Meme coin sector, but rather a “one-of-a-kind bookmaker show.”
The “bookmaker's show” behind Binance's life: 2 months of “20 times the wheel game”
According to on-chain analyst Ember Monitor, the bookmaker behind the violent rise in Binance's life “20 times in 2 months” is most likely Garrett Jin, the “10.11 Insider Whale” last year. It exchanged tens of thousands of BTC for more than 900,000 ETH last year; in February of this year, it lost more than 230 million dollars in multiple liquid-out positions on Hyperliquid. Specifically, the evidence is as follows:
Since February, an address cluster has accumulated 288 million Binance lives (about US$237 million) through Binance and on-chain purchases, accounting for 28.8% of the total number of Binance lives; in addition to the tokens in the CEX, the address cluster should control a large proportion of Binance's lives. As a result, its price has achieved a “20-fold surge” of $0.04 to $0.85.
The strongest evidence is the deposit address. Many Binance Life tokens were transferred from Binance, and Garrett Jin shared the same Binance deposit address half a year ago; recently, many Binance Life wallet addresses were bought on the chain, and Garrett Jin and Garrett Jin have used the same Bybit deposit address in the last 5 days.
Up to now,This address cluster61.09 million Binance lives were purchased in the last week, worth $42.77 million, with an average price of around $0.7.
The relevant wallet addresses are as follows:
0x82c0da65f3be5fd4ee102337a5c560e2ae52ebd1
0xad946798685b3443eb3795df466b028abf907aaf
0x115552c3be04de5b031a1ffd3cc881a9107a069A
0xe60c0b900cdfe57fb1e1e1ea690708e120d91fdb22
0xb7c987ead50de301b4b3cb9db7c24091f2e1d2bb
0x3e3a47c5fd611d515a27e123fd3a447f47ac2780
There are 2 other interesting facts about Garrett Jin that are also worth mentioning:
The first is its recent relationship with the “White Gods” SerenityDebate over the “Greenland Harmonics” A-share robot targetI think this is a high point and not a good time to enter the market. However, the reality is that after Serenity placed an order, the stock surged 20% on the same day to trigger a rise or stop. After opening today, it surged more than 20% again, triggering a rise or stop.
Second, ZEC was underpriced last week due to potential additional bugs, followed by Garrett JinOpen a ZEC short order with 3x leverage. However, as the price of ZEC rebounded above $400, it had no choice but to stop its losses; in addition to the multiple 5x leveraged BTC orders it held, the overall position currently lost $17.925 million.
I can only say that in the turbulent market, giant whales are sometimes just big chives. However, in the current crypto market, the US stock and prediction market are probably more suitable choices for most people than the meme coin circuit where bookmakers wantonly smash and control the market.
Finally, judging from transaction data, Binance Life's buying volume is bleak. According to Crypto KOL DannyThe post statedThe gap between the price and transaction volume of Binance Life is particularly obvious. It's easy to see that “not many people have bitten the hook anymore” as bait left behind by the bookmaker.
Whether acknowledged or not, in terms of current market hotspots, community activity, and liquidity performance, the meme coin boom belonging to the Solana ecosystem, Base ecosystem, and BSC ecosystem has become a thing of the past in the industry.
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