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How to evaluate MEME coin by analyzing social and financial indicators from a data perspective?

Golden choice

The golden official

1 hour ago 19054

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Author: Andrew Hong Source: CryptoData Translation: Sean Oppa, Golden Finance

Meme coins are released every market cycle. If you're unfamiliar with the concept, consider the frenzy that drove the r/wallstreetbets community to skyrocket AMC in 2021. A group of people gather around a meme and in a short period of time (from a day to a few months) increase the value of an asset. From the blockchain layer to the application layer, this has become a popular marketing strategy in the cryptocurrency space - as it not only adds value, but also draws attention to the entire ecosystem. Some projects, such as Avalanche, will also set up government funds specifically for meme coins.

The lines between memecoins and other tokens can sometimes be blurred, but the general consensus here is that the value of these tokens is nothing more than the memes themselves. For example, DOGE as a token actually only supports images/concepts of Shiba Inu dogs. This differs from the ETH token, which is backed by the Ethereum blockchain as a security, the UNI token, which is backed by the entire Uniswap protocol, or the MKR token, which is backed by a fully collateralized stablecoin service.

Farcaster meme coins (like DEGEN) are the latest popular type and their main advantage is that the social features are publicly accessible. So I wanted to test the waters by doing some fundamental analysis combining social and financial data.