Author: PANews, Frank
MEME coins have become an important business card in the crypto world, filled with stories of wealth and the ups and downs of trending topics. On the other hand, the MEME culture has become increasingly complex with the influx of large amounts of capital, and the perspective of speculation has even shifted from internet trends to various abstract cultures. For many who aspire to find the key to wealth in this market, it seems to have reached an epic level of difficulty in understanding.
Compared to the consistently high popularity, the MEME sector still lacks some macro tools to analyze the overall development situation. People seem more focused on the excitement of PVP, rarely considering what types of MEMEs are more likely to yield returns, or what characteristics lie behind those top MEMEs.
PANews uses the overall data of MEMEs to restore the truth about leading MEMEs.
Dog Series MEMEs Become the Final Winners
As of November 21, there are a total of 32 MEME coins on the Solana chain with a market value exceeding $100 million, among which the highest market value MEME coin is BONK, a dog-themed token issued in 2023.
PANews categorizes these tokens as follows: Crypto Native (original crypto content), Frog Series (similar to PEPE), Cats, Dogs, Internet Trends (from TIKTOK or other internet social trends), AI, DeSci.
According to this classification, we can see that among the MEME coins with a market value of $100 million, the number of tokens in the Internet Trends and Cat series is the highest, with 8 and 7 respectively. The number of AI-themed tokens is 6. However, in terms of total market value, the Dog series MEMEs have the highest total market value, reaching $7.206 billion, accounting for 42% of the total market value.
The market value of the Cat series tokens is approximately $3.224 billion, indicating that in the current Cat vs. Dog battle, the Dog series is leading.
AI Triggers MEME "October Revolution"
In addition to market value comparisons, the timeline can also reflect the overall market heat. The following chart compares the issuance times of MEME tokens with a market value of over $100 million. From this comparison, it is evident that there are significant thematic preferences in the MEME market during each time period.
The Dog series tokens were the first to gain fame on the Solana chain, with issuance times almost all concentrated in 2023. From November 2023 until today, nearly a year later, there are still 3 Dog series MEMEs with a market value exceeding $100 million, among which BONK ranks first on the Solana chain with a market value close to $4 billion. $WIF ranks second on Solana. Thus, it appears that the Dog series remains the most popular material in the MEME world.
The Cat series appeared later than the Dog series, but its popularity seems to have sustained until September, during which several Cat series tokens became new MEME darlings. Overall, from April to May, Solana can be said to be the market for Cats. However, in terms of overall average market value, the average market value of the Cat series reached $1.295 billion, ranking second only to the Dog series. This also indirectly indicates that the Cat vs. Dog battle remains the biggest winner on Solana.
October was the month when Solana entered the peak of MEME popularity, with the most MEME coins with a market value exceeding $100 million being born in this month, totaling 11. The majority of these were from the AI series and Internet Trends. The representative tokens from this month include MOODENG (Internet Trend) and GOAT (AI).
In the overall hot crypto market of November, although the MEME perspective changes daily, it seems that no strong momentum has formed so far. In November, 3 tokens reached a market value of $100 million, still dominated by AI and Internet Trends. Recently, the much-discussed DeSci perspective only had one token, $RIF, reach a market value above $100 million. In November, the most notable was undoubtedly Pnut, which, with the support of Musk and Binance, became the youngest token to reach a $1 billion market value.
From the overall time span, the highest market value MEMEs on the Solana chain are still those tokens issued earlier, with only Pnut among the top ten tokens having an issuance time of less than one month. Perhaps from this perspective, leading tokens generally need to undergo a process of time to consolidate consensus.
A Thick Enough Capital Pool Allows the Frog Series to Hold Its Ground
In searching for the reasons why these tokens can maintain a market value of over $100 million, PANews found some unique phenomena that may explain the issue. In terms of overall market value and social media popularity, the Frog series tokens do not seem particularly popular, yet there are still 3 Frog series tokens occupying a market value above $100 million.
Observing the liquidity pool amounts of all these tokens, it can be found that the Frog series tokens have the largest liquidity pool, with the 3 tokens' liquidity pool exceeding all other series, reaching $17.9 million, with an average liquidity pool of $59.9 million per Frog, and an average liquidity pool/market value ratio of 11.53%. Sufficient liquidity may be a testament to the persistence of large capital. In contrast, the average liquidity pool of the AI series seems to be the thinnest (excluding DeSci), at only $7.03 million, with a liquidity pool/market value ratio of only 1.49%. Such liquidity may be difficult to maintain over a longer period; however, currently, the AI series seems to still be in a stage of competition among many, with large capital yet to be invested in the liquidity pool.
One in 10,000 to Catch a $100 Million Golden Dog
So, how many tokens can actually emerge as a true MEME gold mine? As of November 21, Pump.fun has issued a total of 3.59 million tokens, a figure that far exceeds the total number of tokens issued in the past decade of the crypto world. Among these, the number of tokens that graduated (fully filled the curve on Raydium) is 50,389, accounting for about 1.4%. The number of tokens with a market value over $100 million is 32.
The number of MEMEs with a market value between $10 million and $100 million is 154, with a probability of about 0.00089%, less than one in a hundred thousand. The proportion of graduated tokens is about one in 16,000. The number of tokens with a market value between $1 million and $10 million is 396, accounting for 0.79% of graduated tokens, while the number of tokens with a market value between $10 million and $100 million is 150, accounting for 0.29%.
From this data proportion, obtaining a wealth key and successfully profiting is no less than the probability of winning the lottery. However, it seems to be higher than the probability of winning the first prize in the lottery (about one in 17.72 million). It is no wonder that the crypto community refers to MEME investments as lottery-style investments.
Besides Solana, Which Other Public Chains Are Also MEME Hotspots?
In our impression, Ethereum and BSC chains were once MEME paradises. From the current data, aside from Solana, the prosperity of the Base chain seems to be quietly occurring.
In terms of quantity, the number of MEMEs on Base between $1 million and $10 million has reached 121, second only to Solana, while BSC is more concentrated between $10 million and $100 million, becoming a gathering place for mid-tier MEMEs. Ethereum remains the place with the most top MEMEs aside from Solana, with a total of 16 MEMEs exceeding $100 million in market value. Among these, the highest market value is PEPE, reaching $8.74 billion, making it the highest market value MEME among the analyzed chains (excluding DOGE and SHIB). Overall, on CoinGecko, among the top 100 tokens by market value, 11 are MEMEs.
To have a deeper discussion on the development and methodology of MEME coins, PANews will launch a series of in-depth content analyzing the chip data of leading projects in different categories of MEME coins.
Do these MEMEs that have become gold mines have a lot of wash trading? How long can early chips be held? At what points do large holders build their positions? We strive to use data to restore the financial truth of these MEMEs. Stay tuned!
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