Meme coins can be said to be the main narrative of 2024, with occasional stories of sudden wealth.

While the VC coins on exchanges continue to plummet, there are still some opportunities to make money on-chain.

So, how many golden dogs have appeared in the market over the past year, and how many people have caught them?

Taking advantage of the current market pause, we can review and summarize the situation, roughly estimating the data of golden dogs across different chains to understand whether the wealth effect of meme coins is real and how strong it is.

1. Which chains have the most golden dogs?

The three chains with the highest frequency of golden dog meme coins are SOL, Base, and BNB.

Other chains may also have scattered golden dogs, but the probability is lower.

(1) Solana has low costs, high performance, and relatively complete meme coin tools, such as pumpfun, making it a fertile ground for the development of meme coins and the emergence of golden dogs.

(2) Base, backed by Coinbase, has seen a significant increase in the number of golden dogs, but its maturity is still not on par with Solana.

(3) BNB Chain is an established public chain that has also seen many golden dog projects due to Binance's strong push.

(4) Ethereum has high gas fees, resulting in a low win rate for meme coins, but once a golden dog appears, the wealth effect is strong.

(5) On Tron, there were previously star projects like SUNDOG that rose with SunPump, but the window period was very short.

(6) Emerging chains like Sui/Aptos have a relatively new ecosystem, and the number of golden dogs is scarce.

The following data statistics mainly focus on these chains.

2. How many golden dogs have appeared on these chains in the past year?

Here we can quantify the statistics further.

First, let's define what a golden dog is, based on three dimensions:

• Price increase: A price increase of over 50 times after launch.
• Market cap: Peak market cap exceeding $100 million.
• Popularity: Significant community support or attracting large-scale traffic in a short time (e.g., celebrity endorsements).

Based on this statistical definition, we can roughly estimate:

(1) Solana

Approximately 1,500-2,000 new trading pairs are added daily, resulting in about 550,000-730,000 meme coins in a year.

The proportion that meets the "golden dog" criteria further narrows to about 0.1%-0.3%. Considering volatility and data conservativeness, only 10%-20% may meet the "golden dog" conditions, which translates to 55-219 coins.

Combining actual activity levels, a conservative estimate of the number of golden dogs on Solana in the past year is 100-150.

(2) Base

Approximately 2,000-3,000 new trading pairs are added daily, resulting in about 730,000-1,100,000 meme coins in a year.

The proportion of quality projects is lower than Solana, with about 0.05%-0.2% meeting the "golden dog" criteria. Considering volatility and data conservativeness, only 10%-20% may meet the "golden dog" conditions, which translates to 36-220 coins.

Given that the Base ecosystem is relatively new, the estimated number of golden dogs in the past year is 50-80.

(3) BNB Chain

Approximately 500-1,000 new trading pairs are added daily, resulting in about 180,000-360,000 meme coins in a year.

The proportion of golden dogs is about 0.1%-0.2%. Considering volatility and data conservativeness, only 10%-20% may meet the "golden dog" conditions, which translates to 18-72 coins.

A conservative estimate of the number of golden dogs in the past year is 30-50.

Due to high gas fees, Ethereum has fewer daily trading pairs, a low proportion of golden dogs, and relies on top projects for support. A conservative estimate of the number of golden dogs in the past year is 10-15.

The Tron chain is mainly driven by the SunPump craze, with moderate daily trading pairs and limited golden dog numbers. A conservative estimate of the number of golden dogs in the past year is 10-20.

Emerging chains (like Sui, Aptos, Bitcoin Runes) have immature ecosystems and scarce golden dogs. A conservative estimate of the number of golden dogs in the past year is 5-15.

3. What is the time distribution of these meme coin golden dogs?

To present this more clearly, I will divide the time into four quarters (2024 Q2, Q3, Q4, and 2025 Q1) and count the number of "golden dog" meme coins by chain.

(1) Solana dominates: It has the highest number of golden dogs each quarter, with peaks in 2024 Q2 and 2025 Q1 (30-40 coins). 2024 Q2 marks the early stage of the meme coin boom, while 2025 Q1 represents the peak of meme coins.

(2) Base grows rapidly: From 10-15 in Q2 to 15-25 in Q4, reflecting the influx of funds and ecosystem maturity in 2024.

(3) BNB Chain remains stable overall: A slight increase in Q4 (10-15 coins), mainly due to the strong push from founder CZ, but overall new additions are limited.

(4) Ethereum is sparse: Only 2-5 coins each quarter, with high gas fees limiting the explosion.

(5) Tron has short-term peaks: In Q3, due to SUNDOG and SunPump, it reached 5-7 coins, then fell back.

The quarterly distribution is relatively balanced: a total of 205-330 coins, averaging 50-80 coins per quarter, with Q4 (56-90 coins) being the peak of the year.

4. How many people have caught the golden dogs?

"Addresses that caught golden dogs" refer to the number of addresses that achieved a price increase of over 10 times. These addresses are typically early participants who bought shortly after the project launched (within hours to days) or those who accurately bottomed out at low prices.

The opportunity for a 10x increase is mainly concentrated in the early stage of the "golden dog" explosion, with the window usually lasting only a few hours.

Therefore, whales and early investors capture most of the profits, while most addresses buy at high prices, missing the 10x window.

Overall, Solana and Base, due to low costs and high trading volumes, may have a slightly higher proportion (2%-5%); Ethereum, due to high gas fees, has a lower proportion (0.5%-2%).

5. Summary

(1) Distribution of golden dogs:

Solana, Base, and BNB Chain are the three most active chains for golden dogs, with Solana performing best due to low costs and high performance;

In the past year, Solana produced 100-150 golden dogs, Base had 50-80, and BNB Chain had 30-50;

(2) Characteristics and time distribution of golden dogs

Definition of golden dogs: price increase of over 50 times, peak market cap exceeding $100 million, and significant community support;

Q4 2024 is the peak for the number of golden dogs, with a total of 56-90 golden dog projects;

(3) Actual profit situation

Profit opportunities are mainly concentrated in the hours after the project launch for early participants;

On the Solana chain, about 2%-5% of addresses have achieved over 10 times returns, approximately 90,000-360,000 addresses;

(4) Market characteristics

Multi-chain hot spots rotating is the norm, making it difficult to prepare sufficient liquidity on every chain;

Even in a generally poor market, localized hot opportunities will still arise;

So how do we catch the rotating golden dogs?

We cannot prepare a large amount of liquidity on every chain, and gathering funds for cross-chain transactions when hot spots appear will also incur significant friction.

Therefore, I recommend a universal trading tool: UniversalX.

This is a cross-chain trading platform that allows trading with any asset on any chain, bridging liquidity across all chains.

Thus, it can be said to be an essential trading tool in a multi-chain world. (For specific introductions, you can check my previous tweets)

In summary, the on-chain casino may temporarily cool down, but it will not close.

I still believe that meme coins have a second spring, and we can be well-prepared.

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