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There has been a notable surge in USD1-paired meme coins on the BNB chain, specifically from the BUILDon meme project.
Since May 21st, these tokens have rapidly risen to dominate over 50% of total meme coin trading volume on BNB, and have soared to nearly 90% in subsequent days, according to the latest analysis by TK Research.
USD1 Meme Coin Frenzy
In fact, BUILDon accounts for more than 90% of daily trading volume and holds 28.4% of all meme coin holders, firmly establishing its dominance in this niche market. This recent hype has driven sharp price increases across most USD1-paired meme coins, which has resulted in massive profits for early investors. Currently, over half of these traders are sitting on profitable positions, which often signals upcoming profit-taking activity.
TK Research, however, warned that such profit-taking could trigger short-term price corrections, thereby raising the risk for current holders and traders at these elevated levels.
Upon analyzing profitable traders, the research platform found that most have gains between $1 and $50, indicating numerous small, early wins. However, a notable 21% of profitable traders have secured over $1,000 in profits, which highlights substantial gains among a sizable portion of the market.
This concentration of profits increases the likelihood of selling pressure as these traders look to lock in earnings. For newcomers, entering at this stage presents higher risks, with potential short-term pullbacks expected as early investors take profits.
USD1 Growth Trajectory
USD1, the stablecoin introduced by Trump-backed World Liberty Financial in March, has rapidly gained traction. With a market cap reaching $2.15 billion, it ranks as the fifth-largest dollar-pegged token, trailing behind industry giants Tether (USDT), USD Coin (USDC), Dai (DAI), and Ethena USDe at the time of writing.
A key catalyst was the announcement at Dubai’s Token2049 conference earlier this month that USD1 would be used to settle a $2 billion MGX investment in Binance
Additionally, Binance has recently confirmed plans to list USD1, adding further liquidity and global visibility to the rapidly growing stablecoin. Currently, USD1 is available for trading on exchanges like KuCoin and operates on both the Ethereum and BNB Chain networks. Moving forward, the project plans to expand cross-chain compatibility by integrating Chainlink’s protocol to support trading across multiple blockchains.
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