BNB Chain USD1 Competition Sparks Multi-Million Meme Coin Boom, Two Projects' Market Caps Surge but Holding Structures Raise Attention

【Blockchain Rhythm】Recently, BNB Chain launched the “USD1 Trading Competition,” which unexpectedly sparked two meme coin hotspots worth hundreds of millions of dollars. The reason this event attracted so much capital is mainly because the community generally believes that the winning projects have a chance to list on top-tier exchanges. However, the two projects that recently surfaced, “An” and “BIG DON,” although performing well, reveal some suspicious signals in their holding structures.

First, let’s look at the “An” project. Interestingly, it was already launched two days before the official event was announced. At its peak, the market cap reached $30 million, and this morning, it experienced another surge. Currently, the market cap is stable at around $45.2 million, with a price of about $0.045, and a 24-hour increase of approximately 16%. But there’s a very strange aspect—traders used a dispersed wallet approach to buy in, with the top 100 addresses holding only 11.1% of the total. To put this in perspective, meme coins on other chains typically have over 50% of their top 100 addresses holding the tokens, so this number is clearly abnormal.

Next, look at “BIG DON,” which only opened today but experienced a massive surge right after launch. In just 10 minutes, over 90 seemingly related addresses flooded in with synchronized purchases, instantly pushing the market cap to $34 million. Now, the market cap is quoted at $39.9 million, with a current price of approximately $0.0398. Even more outrageous, the top 100 addresses hold only 7%. Moreover, during a slight price correction, multiple wallets that appear to be related were seen entering the market in concentrated buying at 6:05, 7:05, and 11:00 this morning.

Analysts on platform X pointed out that the operators behind these two meme coins are very likely from the same organization, possibly the team from the previous WLFI project. Additionally, on-chain data shows that some wallets used bulk distribution tools to transfer tokens and then immediately purchased the same tokens in concentrated amounts. This operation, combined with such a dispersed holding ratio, always feels a bit suspicious.

Honestly, meme coins are extremely volatile, mostly driven by market sentiment and hype, with little real use cases or value backing them. Especially for projects born out of such activity-driven incentives, investors need to be extra cautious, carefully examining who is actually investing and where the money is coming from. The risks are really significant.