Original | Odaily Planet Daily (@OdailyChina)
Author | Wenser (@wenser2010)
As the market plunges rapidly, the Binance Life continues to set historical highs. However, this price surge has not sparked much discussion in the crypto market. On one hand, this indicates that most people no longer hold or pay attention to this meme coin, which once had a market value exceeding $880 million; on the other hand, the somewhat cruel and helpless truth may be that the liquidity-constrained crypto market is gradually turning into a stage for manipulators to perform solo. This is the sorrow of the meme coin sector, as well as the entire crypto market.
Three Rallies of Binance Life Reflecting the Decline of Meme Coin Popularity
Looking back, Binance Life has experienced at least three waves of explosive growth.
Three Peaks in the Market Value of Binance Life: $500 Million, $700 Million, Nearly $900 Million
In October last year, with a reply from Binance co-founder He Yi on X saying, “I wish you a Binance Life,” the similarly named meme coin quickly emerged from the Chinese meme coin frenzy, with its market value once soaring to $500 million. Many people gained over 1,000 times their wealth through this, with over 100,000 wallet addresses participating in transactions, and 70% of traders in profit, consequently driving the meme craze in the BSC ecosystem.
In April this year, after about two months of accumulation, the manipulators behind Binance Life began their performance again. Coinciding with the announcement of CZ's new book on April 8, Binance Life's market value soared from less than $100 million to over $530 million by April 18. In less than half a month, its price achieved a significant rebound of around six times. Behind this, the suspected controlling address of Binance Life had increased its holdings to 147 million tokens, accounting for 14.67% of the total supply.
The most recent surge began on June 1. On that day, a certain address first invested $5 million to buy 8.1 million Binance Life tokens at an average price of $0.61, increasing its holding to 0.81%, becoming one of the top 20 holders; a few hours later, the market value of Binance Life briefly surpassed $700 million. Subsequently, more addresses joined the accumulation ranks, successfully boosting its market value to over $880 million on June 7, setting a new historical record. Unlike previous occurrences, this was not an overall rebound of the meme coin sector, but a “solo performance by the manipulators.”
The “Manipulator Show” Behind Binance Life: A 20-Fold Pumping Technique Over 2 Months
According to on-chain analyst Yu Jin's monitoring, the violent price surge of Binance Life of “20 times in 2 months” is very likely driven by last year's “October 11 insider whale” Garrett Jin. Last year he exchanged tens of thousands of BTC for over 900,000 ETH; in February this year, he reported a loss of up to $230 million from a long position liquidation on Hyperliquid. Specifically, the evidence is as follows:
- Since February, a certain address cluster has purchased and accumulated 288 million Binance Life tokens (approximately $237 million) through Binance and on-chain transactions, accounting for 28.8% of the total supply; including tokens in CEX, this address cluster should control a significant proportion of Binance Life, thus driving its price up from $0.04 to $0.85 or a “20-fold surge.”
- The most convincing evidence is the deposit addresses. Multiple addresses that transferred large amounts of Binance Life tokens out of Binance had used the same Binance deposit address as Garrett Jin six months ago; in recent days, wallet addresses that have bought a lot of Binance Life on-chain have used the same Bybit deposit address as Garrett Jin in the last five days.
As of now, this address cluster has bought 61.09 million Binance Life tokens in the past week, worth $42.77 million, at an average price of about $0.7.
The relevant wallet addresses are as follows:
- 0x82C0DA65f3bE5fd4EE102337A5c560E2ae52ebD1
- 0xad946798685b3443eb3795df466b028abf907aaf
- 0x115552c3BE04dE5b031A1ffd3cC881A9107a069a
- 0xE60c0b900CdfE57FB1E1eA690708e120d91fDb22
- 0xB7C987EAd50DE301b4B3CB9db7c24091F2E1D2bb
- 0x3E3A47c5Fd611D515A27E123fD3a447F47aC2780
Two more recent interesting events regarding Garrett Jin are also worth mentioning:
- First, he recently debated with “White-Haired Stock God” Serenity about the “Green Field Harmonious” A-share robot target, believing it is currently a high point, not a good entry time. However, in reality, after Serenity's call, the stock surged 20% that day, hitting the limit, and then soared over 20% again after the open today, triggering another limit.
- Second, last week ZEC's price halved due to a potential issuance bug, and Garrett Jin subsequentlyopened a 3x leverage ZEC short. As ZEC's price rebounded above $400, he was forced to close his short to stop the loss; plus, with his 5x leverage BTC long position, currently, his overall position is showing a floating loss of $17.925 million.
It can only be said that in a volatile market, whales sometimes are just large retail traders. In the current crypto market, perhaps compared to the reckless manipulation and arbitrary control of the meme coin sector, the U.S. stock market and prediction markets are more suitable choices for most people.
Finally, from the trading data, the buying volume of Binance Life can only be described as dismal. According to crypto KOL Danny stated, the disparity between the price and trading volume of Binance Life is particularly evident. It’s not hard to see that “the bait thrown out by the manipulators has very few takers now.”
Whether you admit it or not, based on the current market hotspots, community activity, and liquidity performance, the meme coin craze that belongs to the Solana ecosystem, Base ecosystem, and BSC ecosystem has become a thing of the past in the industry.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
