Author: Nancy, PANews

Which CA to rush today?

With an endless stream of MEME coins, players are tirelessly digging for potential "golden dogs." In some MEME groups, players share the CA (contract address) of the MEME coins they just bought. The emergence of new MEME launch platforms has lowered the difficulty of issuing coins, and KOLs continue to drive various MEME projects to dominate the screens. PANews has also analyzed the reasons why MEME coins are currently "crushing" mainstream coins.

Although among the thousands of new MEMEs launched daily, only a few succeed, how can one identify potential stocks among the successful MEMEs? Is the rise of leading MEMEs coincidental, and what characteristics are worth noting? To this end, PANews has sorted out 12 popular MEME coins with high market capitalization recently listed on Ethereum and Solana and their market performance (the selected targets are the highest market cap projects with the same name on each chain, as of October 18).

Over 70% of MEMEs Became Popular This Year, Most Require Holding for at Least Five Months for Amazing Returns

According to CoinGecko data, as of October 18, the market capitalization of the MEME sector has surpassed $61 billion, setting a new historical high. Among them, 10 MEME coins have entered the top 100 of the crypto market, including established players like Doge, SHIB, and PEPE, as well as newcomers like WIF, BONK, and POPCAT.

The 12 popular MEME coins selected by PANews all emerged after 2023, with the vast majority being projects that became popular this year, accounting for over 70%. In terms of market size, these projects have a cumulative market cap exceeding $5.54 billion, accounting for nearly 9.1% of the overall MEME market cap, with POPCAT, Neiro, MOG, SPX, and GIGA having the largest market sizes. This clearly indicates the market participation of MEMEs.

Looking at the time it took for each MEME project to reach a new token price high, the average duration is 162.7 days. Projects like BITCOIN (HarryPotterObamaSonic10Inu), MOG, SPX, and GIGA took significantly longer, often requiring at least a year or more, indicating that MEMEs validated over a certain period are more likely to gain community recognition. In contrast, MOODENG, GOAT, and Daram surged to their peaks within a month, with the shortest taking only a few days, which is directly related to the current community enthusiasm.

From the change in the number of holding addresses after the price reached a new high, the average increase is 39.3%. Among these MEME coins, APU and MOODENG lead with address growth rates of 135.7% and 119.9%, respectively. In contrast, projects like BITCOIN, POPCAT, and Neiro showed no significant growth, with rates of only 5.3%, 3.2%, and 1.5%, which may be closely related to their listing on mainstream exchanges, the accumulation of a sufficient user base in the early stages, and the timing of price increases.

Moreover, these MEMEs have generally brought astonishing returns. According to statistics, the average highest return rate of the 12 MEMEs exceeds 37,000 times. Excluding the extreme value of GIGA at 245,000 times, the average highest increase of other MEME coins is 18,000 times, with BITCOIN, SPX, MOODENG, and GOAT being particularly outstanding, while Daram and POPCAT lag behind. Of course, these return rates are based on market cap data backtesting, and very few players can capture all the increases, but some players have still achieved thousands or even tens of thousands of times in unrealized gains. PANews previously published an article analyzing the profitable on-chain paths of smart money in GOAT and MOODENG.

Most Experienced Significant Drawdowns, Average Holding Value Reached Over $10,000

When measuring the risk control ability of coin prices, the maximum drawdown rate is undoubtedly one of the commonly used indicators and a psychological test for holders. From the data, excluding GOAT and Daram, which have just become popular and are still in an upward channel, other MEME coins have experienced varying degrees of drawdown from their historical highs, with an average maximum drawdown rate of about 49.1%. Among them, MICHI, APU, MOG, and MOODENG saw the largest declines, at 87.7%, 87.5%, 71.1%, and 65.4%, respectively, indicating that holders who bought at the peak would face significant loss risks. In contrast, GIGA, FWOG, POPCAT, and Neiro had maximum drawdown rates far below the average.

Additionally, regarding the number of days required for drawdown recovery, these projects average about 23.9 days. The previously mentioned MICHI, APU, MOG, and MOODENG, which had the highest drawdown rates, also required longer recovery periods, with some taking over a hundred days, while GIGA, BITCOIN, FWOG, POPCAT, SPX, and Neiro had recovery times in single digits. The length of the price adjustment cycle can also affect holder confidence; the longer the cycle, the more it impacts sentiment.

Furthermore, regarding the holding value of these 12 projects, excluding the top 10 holding addresses, the current average holding value is nearly $9,837.6 (calculated based on the price on October 18). Among them, SPX, MOG, POPCAT, Neiro, and BITCOIN have the highest holding values, at $26,560, $17,504, $16,337, $15,120, and $11,297, respectively, while Daram, GIGA, GOAT, and MOODENG are below the average, all under $5,000. If we look at the proportion of holding value to the highest increase multiples, holders of POPCAT, Daram, FWOG, and Neiro have invested more, while GOAT, MOODENG, and GIGA have invested less.

Analyzing the Multiple Logics Behind the Rise of MEMEs

From simple internet memes to a cultural narrative worth billions, the success of the above MEME projects may offer the following insights:

Undergoing the Test of Time and Establishing Strong Community Consensus

HarryPotterObamaSonic10Inu

Time is always one of the important tools for testing value, and projects that endure longer cycles tend to gain more market recognition. Taking BITCOIN (HarryPotterObamaSonic10Inu) as an example, this abstract MEME combines elements from Harry Potter, Obama, and Sony, and gained attention in 2023 due to a surge. Its price then experienced a year-long fluctuation until it began to rise continuously in September this year. During this period, the number of BITCOIN holders also steadily increased, achieving nearly 88.2% growth within a year. SPX (SPX6900) is also an abstract MEME launched in 2023, with a story about an anime girl surpassing the market cap of the S&P 500. From the price trend, SPX also went through a long period of stagnation until September this year. According to on-chain analyst Ai Yi, the Dev and associated addresses of this MEME have not interacted with the project for a long time, indicating that SPX has been completely handed over to the community.

Taking POPCAT as another example, this MEME has surpassed a market cap of $1.3 billion without landing on top exchanges, backed by a strong community. Although POPCAT's increase is not as high as other MEMEs, it has over 77,000 holding addresses, making it the project with the most holders among those mentioned.

Leveraging the Wealth Effect to Enhance Attractiveness

For many MEME players, the continuous decline of value coins has made them no longer "paying." The MEME sector has become one of the means for the community to resist VCs. The higher wealth effect is undoubtedly the simplest and most straightforward way for MEMEs to attract funds and new users, especially for small capital users who can leverage low costs to achieve highly imaginative returns.

GigaChad

For example, GIGA (GigaChad) is used to commemorate the legendary figure Ernest Khalimov, and since its creation, it has seen a maximum increase of 245,000 times, far exceeding other MEME projects mentioned earlier. MOG (Mog Coin) is the first emoji culture coin, which has risen over 16,000 times since its launch and is close to recovering all its losses after experiencing a significant pullback. MOG has also gained more supporters as its price rises, with the number of holding addresses showing a steady growth trend.

The Celebrity Effect with Built-in Viral Potential

MEMEs can also be understood as the monetization of attention economy. As a scarce economic resource, the stronger a project's ability to attract attention, the more consensus it gains, and the greater the potential for growth. Among them, the celebrity effect often possesses both attractiveness and virality, which has been an important factor in the past success of MEMEs.

Apustaja

For instance, APU (Apustaja) is one of the most widely used frog memes on the internet, similar to the PEPE image, and has a strong cultural foundation. MOODENG, backed by the internet-famous animal Moo Deng, has significant influence and traffic support. According to a survey by crypto KOL Rasmr, MOODENG is currently the most favored MEME coin among ordinary people in street surveys. However, such MEMEs are often affected by changes in the underlying value of their support; for example, MOODENG's market cap significantly dropped after the enthusiasm for Moo Deng cooled down.

Seizing User Mindshare Through First-Mover Advantage

"Being first is the shortcut to entering the mind." Among many MEME narratives, novel narratives tend to attract players more easily. For example, GOAT (Goatseus Maximus) is the first MEME coin promoted by AI agents, and leveraging the fame of a16z, this MEME skyrocketed, achieving a market cap of over $300 million in just over a week, with a maximum increase of over 24,000 times. Daram combines BRC20 and MEME characteristics and opened a channel for MEME asset issuance, allowing its market size to exceed $50 million within just a week of its launch.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。