Global Memecoin Craze Takes Off: From Binance-Backed Tokens to National Government Involvement

As Bitcoin and the wider cryptocurrency market attempt to recover from a recent slump, the memecoin trend continues to capture attention, with significant events across multiple regions this past weekend. From Binance’s involvement to a surprising national launch, it’s clear the memecoin hype is far from over.

BNB Chain introduced the TST token, a memecoin created by its community following a tutorial on how to issue tokens. The coin quickly surged in value, hitting a $300 million market cap. Binance founder Changpeng Zhao, who stepped down from his formal role last year, showed his support for the token by referencing it in multiple posts on X. Zhao emphasized that, while he wasn’t necessarily for or against memecoins, their fun and speculative nature made them appealing to short-term traders. “Memes are cultural. There are die-hard supporters in the community. Don’t go against them,” Zhao said.

Barstool Sports Joins in with Memecoin Madness

David Portnoy, founder of Barstool Sports, jumped into the memecoin scene, launching a token called “Montoya por favor,” inspired by a contestant on a Spanish reality show. With his massive following of 3.5 million on X, Portnoy claimed to be “up a billion percent” on his investment, which pushed the coin’s market cap to $14 million before it quickly fell to just $1 million within hours. Portnoy then introduced another coin inspired by NFL player Josh Allen, which briefly soared in value before dropping dramatically.

While some market watchers accused Portnoy of being involved in a pump-and-dump scheme, he defended his actions, insisting his trades were transparent. The fun didn’t stop there—Portnoy’s off-hand joke about possibly landing in jail for his activities led to the creation of a new token, JAILSTOOL, which saw its market cap surge to $200 million before stabilizing at $78 million.

Central African Republic Surprises with Its Own Memecoin

Perhaps the most surprising development in the memecoin trend came from the Central African Republic (CAR), which launched its own memecoin over the weekend. The CAR token quickly gained attention, reaching a $527 million market cap, or nearly 25% of the country’s total GDP. The president of CAR, Faustin-Archange Touadéra, highlighted the token’s potential to bring attention to the country and support its national development. This move is aligned with CAR’s previous decision to adopt Bitcoin as legal tender.

However, not everyone was convinced about the authenticity of the CAR token. Questions arose after the official website for the project was taken offline, and some users speculated the president’s video announcement may have been fabricated. Solana’s decentralized exchange Jupiter conducted an on-chain verification of the token’s issuance, confirming the deployers but still seeking full confirmation of its connection to the president’s office.

The meteoric rise of memecoins over the weekend—whether driven by influential figures like Portnoy or entire governments—underscores the volatility and unpredictability of the cryptocurrency market. While some view these tokens as a playful diversion, others remain skeptical about their long-term legitimacy and value. The rise of national and community-driven memecoins is pushing the boundaries of what’s possible in the world of digital assets, and only time will tell if this trend will endure or fizzle out.