Four.meme leads Binance ecosystem market surge, $BNX may further unlock potential

1. The Binance-ecosystem market rally initiated by Four.meme

Recently, the surge on the BNB Chain has captured the attention of the crypto market. Although investors have expressed doubts about BNB Chain's performance and the sustainability of this rally, it has genuinely driven a large number of BNB-based token launches and triggered a broad uptick in Binance-related tokens across exchanges.

Source: Coinmarketcap

Source: Four.meme

This market rotation was significantly propelled by Four.meme. Initially, Binance founder CZ shared a video on X demonstrating how to issue tokens using the Four.meme platform. The test token in the video was TST. On February 6, TST gained traction in the market, briefly reaching a $5 million market cap before nearly crashing to zero. Later, CZ responded objectively, clarifying that the token was not officially issued but included a purchase link. This positive acknowledgment from CZ sparked market interest and speculative investment, ultimately leading TST to achieve listing on Binance spot and futures markets within three days, reaching a $500 million market cap.

This event encouraged investors to further search for the next "TST" on Four.meme. Recently, on February 13, Broccoli launched on Four and reached a $120 million market cap within three days. Within Binance CEX, the BNX token led the upward movement of Binance-related tokens, rising from $0.16 to a peak of $1.10 within a week since February 8—an increase of sevenfold. Subsequently, tokens such as BNB, CAKE, BAKE, and LISTA also experienced price surges. However, overall, BNX demonstrated the most sustained and robust performance.

Source: Binance

2. FOUR is BNX

In September 2024, BNX proposed a rebranding initiative to become "Four," aligning with the launch and incubation of its meme platform—Four.meme—on July 2. The proposal was officially approved on September 23, 2024, but the name change has not yet been implemented. The recent strong rally in BNX and the growing popularity of Four may soon lead to the formal rebranding.

Industry insiders view the BNX team as Binance’s “right-hand arm,” consistently following the principle of “where Binance needs, BNX goes.” Their business has spanned options, gaming, and asset issuance platforms. The strategic move into Four is likely a crucial step by Binance to revitalize the BNB Chain ecosystem, and given current conditions, it appears to be the optimal timing for expansion.

It can be said that FOUR is BNX, and BNX is Binance. The greatest beneficiary of Binance’s increasing focus on its on-chain ecosystem may well be Four.meme, while the unlocking of Four.meme’s potential will also positively impact BNX’s price.

3. Four.meme aims to become the premier "Pump" platform on BNB Chain

From the current market momentum driven by Four.meme, it is evident that the platform aims to replicate the success of Pump.fun and GMGN to rejuvenate the BNB Chain ecosystem and further enhance BNB’s utility and value.

Looking at other pump-type platforms on BNB Chain such as Burve and Grafun, none match Four.meme in terms of market attention, volume of asset issuance, or interaction and support from BNB Chain. Simply the fact that CZ chose Four.meme as the platform for his tutorial on meme token issuance confirms Four.meme’s undisputed position as the leading pump platform on BNB Chain.

Comparing horizontally with projects on the Solana chain, over the past 24 hours, Pump.fun generated $2.74M in revenue, GMGN $383,544, and Four.meme $115,825. If BNB’s momentum continues or expands further, Four.meme’s revenue could range between one-third to equal that of GMGN. Defillama estimates the projected annual revenues of Pump.fun and GMGN based on the past 30 days of protocol income at $1.572B and $258.11M respectively. Traditional financial firms often have PEs above 10x, and projects like Pump.fun are rare in the crypto market for generating consistent cash flow, warranting conservative PE valuations of 10x or higher.

Revenue data source: Defillama

BNX currently has a market cap of $0.35B. A 10x PE valuation for Pump.fun would be 43.6 times that of BNX, while a 10x PE for GMGN would be 7.37 times that of BNX. If Four.meme’s revenue reaches one-third of GMGN’s, its estimated valuation would be 2.45 times that of BNX. Simply put, once BNX officially becomes Four’s platform token, its price could conservatively rise between 2.45x to 7.37x from current levels.

4. Summary

1. Following the market downturn after Trump’s token launch, the market experienced several weeks of stagnation. Driven by Four, a new wave of enthusiasm has returned to centralized exchanges and on-chain activity. Despite mixed opinions, Binance is seizing the opportunity to expand the influence of Four and the BNB ecosystem.

2. FOUR is BNX. As Four unlocks further potential, BNX’s price will continue to benefit.

3. Based on valuation comparisons, under stable development, BNX still has room for price appreciation of over 2.45x.