Trump-inspired memecoins gain traction on BNB Chain

BNB Chain, a layer-1 blockchain created by the cryptocurrency exchange Binance, has introduced a seven-step guide to lower the technical barriers to creating memecoins.

On Jan. 24, Changpeng “CZ” Zhao, the founder and former CEO of Binance, revealed in an X post a guide that simplifies the creation of memecoins on the BNB Chain. 

In the guide, BNB Chain shared “actionable steps and strategies” to successfully launch a memecoin. Speaking to Cointelegraph, a BNB Chain spokesperson said that the BNB Chain Meme solution is made up of multiple projects to support anyone, from individuals to businesses.

“This can include anyone from Web3 developers who are interested in creating and deploying tokens using tools like Four.Meme or Pinksale or business owners with no prior Web3 knowledge looking for new business opportunities, to public figures including political leaders or celebrities that want to provide engagement through memecoins,” they added.

Trump driving the memecoin craze

While promoting the memecoin creation guide, Zhao referred to the ongoing interest in tokens released by US President Donald Trump and First Lady Melania Trump:

“A step-by-step guide to launching a $Trump-like memecoin on BNB Chain. I might even know a consulting team if you are serious.”

The message stands in contrast to Zhao’s post on Nov. 26, 2024, in which he expressed disapproval of the memecoin ecosystem.

Related: Traders bag millions as Trump team confirms launch of Solana memecoin

When asked about this change of heart, CZ said he advocated for “real” blockchain apps over memecoins before he knew about the Official Trump (TRUMP) token. 

Memecoin ecosystem to explode on BNB Chain

The memecoin creation guide has been well-received by crypto investors who are eager to explore new opportunities. BNB Chain advised interested applicants to fill up a form and wait to hear back for a decision.

Responding to a question about its internal vetting process for upcoming memecoin projects, a BNB Chain spokesperson told Cointelegraph:

“It’s permissionless to launch on memecoins on BNB Chain. BNB Chain communities such as four.meme and Pinksale provide different processes to onboard different customers.”

Following the successful launch of the TRUMP token, Melania launched her Official Melania (MELANIA) token, which has also garnered support from investors.

Still, some lawyers say that memecoins associated with the Trump family will inevitably lead to litigation. “To my knowledge, no court in the United States has determined that memecoins are explicitly legal,” crypto lawyer Aaron Brogan previously told Cointelegraph.

However, memecoins have historically been difficult to prosecute as they are not classified as securities. Brogan added:

“This is because they are basically inert. They don’t do anything and are not tied to any project with a goal of developing useful applications. They just sit onchain, and people buy them for the memes.”

Auditing memecoins on BNB Chain

The BNB Chain spokesperson also told Cointelegraph that the auditing process usually focuses on smart contract security, which is important to ensure that the code is robust.

Specifically for memecoins, “it is important to look at its vision (why are they launching this token), tokenomics (how this token will be used), community growth and long-term building plans,” they said.

The spokesperson highlighted the importance of doing extensive research — including “the project vision, the team and tokenomics” — before making any investment decisions.

Zhao resigned as Binance’s CEO in November 2023 as part of a plea agreement that included a $50 million fine and barred him from “any present or future role in operating or managing” Binance.

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