In a striking turn of events this past week, cryptocurrencies from the “Made in China” category have significantly outperformed the broader market, led by notable gains in BNB, Mantle (MNT), and Aster. This surge is indicative of a renewed vigor within the Binance Smart Chain ecosystem, paralleling a thriving memecoin frenzy.
According to data from CoinGecko, the market cap for “Made in China” tokens has jumped to an impressive $244 billion, reflecting a 5.2% increase within a 24-hour window. In contrast, the overall cryptocurrency market experienced a slight decline of 0.4% during the same period.
Mantle, the prominent token associated with an Ethereum Layer 2 (L2) solution, showcased remarkable performance, skyrocketing by 42.5% over the past week. Its market capitalization now stands at $8.7 billion, bolstered shortly after the Layer 2 network’s successful upgrade to OP Succinct in mid-September. This enhancement has solidified Mantle’s position as the leading zero-knowledge (ZK) rollup by total value locked (TVL).
BNB, the native asset of the Binance ecosystem, is also enjoying significant attention, registering a 29% increase and reaching $1,319, just shy of its record high of $1,330 achieved on Tuesday. With this upward momentum, BNB’s market capitalization has surpassed $182 billion, establishing it as the third-largest cryptocurrency by market value.
Analysts suggest that the ongoing rally is driven by a combination of narrative strength and increased capital inflows, particularly due to heightened activity on the Binance Smart Chain and the introduction of new tokens such as STBL and Aster. Aster has also performed well, climbing 19.4% in recent days and reaching a market cap of $3.3 billion.
Jonathan Morgan, Senior Crypto Analyst at Stocktwits, attributes much of this momentum to the recent surge of memecoins within the BNB ecosystem, stating, “Everything linked to Binance Chain/BNB is thriving, significantly due to the memecoin pump. Even Binance’s founder, CZ, has been actively engaging with this trend.”
Among the memecoins, the token simply known as “4” gained remarkable traction with its market capitalization hitting $300 million within days. This token rose to popularity following CZ’s tweets earlier this year, encouraging followers to dismiss negativity surrounding Binance.
Additionally, other quirky tokens like BROCCOLI, inspired by CZ’s pet, experienced a 45% surge yesterday and an astonishing 71% increase over the week.
Aster’s rapid ascent within the decentralized finance (DeFi) realm is notable, as it becomes a leading decentralized exchange (DEX) backed by Binance-linked YZi Labs. Morgan highlights that Aster’s swift rise, now boasting a TVL of over $2.4 billion, poses a challenge to established players like Hyperliquid. “Aster’s growth aligns closely with BNB, as they appear to be rising simultaneously in a manner that feels incredibly synchronized,” Morgan noted.
George Keenan, Vice President of Narrative and Market Strategy at Hype, supports these observations, pointing out that the combination of BNB’s ascent, the Aster token launch, and the current memecoin excitement has led to what he describes as “China season.” While he foresees eventual market normalization, he acknowledges the significant attention this trend is currently garnering.
As the market continues to evolve, it remains to be seen how sustained these trends will be, especially as profit-taking and capital flows may eventually stabilize.
