Written by: @CumberlandLabs
Compiled by: Blockchain in Plain Language
After weeks of diving into Discord, observing Telegram groups, browsing Twitter, and talking to several research analysts and traders, I have gained a comprehensive understanding of how different groups—from algorithmic trading experts to my wife's brother—view memecoins. Throughout this process, my research covered everything from how to improve the UI/UX for limit orders and complex order execution, to asking friends if they think 'Moo Deng' is really cute or if they've heard of 'Peanut the Squirrel.'
In-depth research from Discord
What you will see next is a result of field research that summarizes existing public data around this space and includes anonymous feedback on this narrative. We at Cumberland Labs believe that this narrative is both compelling and will persist for many years to come. On the surface, it may seem like a shallow and oversimplified narrative, but in reality, it represents a shift in user behavior—whether these token traders realize it or not, this shift will drive billions of dollars of dormant capital into the chain.
In-depth research from my wife
1. What is Memecoin?
The story of memecoins is one of ongoing evolution. From DOGE's birth as a parody of Bitcoin that caught Elon Musk's attention, to SHIB and PEPE inspiring retail investors' imaginations, to the current phenomenon of fair launches on Solana—we are witnessing the market's continuous self-reinvention.
The first tweet related to Doge posted by @elonmusk
Today, Solana dominates the space, supporting 89% of new token launches. Just last week, 181,000 new tokens were launched on decentralized exchanges (DEX). This is not just a growth in numbers but an increase in accessibility. Platforms like pump.fun have made token launches accessible to everyone, but the success rate reveals an important fact: less than 2% of tokens make it to Raydium, and only 0.0045% of tokens maintain a market cap above $1 million.
Source: @TheBlock__
So, what differentiates memecoins from 'shitcoins'? The key lies in the core characteristics of success:
The most successful tokens—from DOGE to Moo Deng—share some common elements: strong meme propagation potential, attention-grabbing catalysts, and high community engagement. DOGE stood out due to Elon Musk's attention and its first-mover advantage, while Moo Deng sparked people's imaginations through viral social media influence. But most importantly, they built communities that transformed ordinary onlookers into passionate supporters.
2. Data Doesn't Lie
The recent growth of memecoins is far from a passing trend. According to data from BN Research, the market cap of memecoins has surged from 4% to 11% of non-BTC/ETH/stablecoin assets in just two years, nearly tripling its market share and seeing significant growth in a competitive market.
Millennials and Gen Z now make up 94% of digital asset buyers. This is not just a demographic coincidence, but a response from an entire generation to the environment they find themselves in. They are not just buying tokens; they are rejecting the traditional path to financial security pursued by their parents' generation. On the surface, memecoins may seem like a joke, but for these traders, they represent a real opportunity to break free from a traditional system that has consistently disappointed them.
Andrew Edgecliffe-Johnson sums it up best: "When people lose faith in slowly getting rich, it's hard to blame them for wanting to get rich quickly." This faith has been eroding for years. In 1963, buying a house took an average of 4.4 years of salary, while now it takes 8.1 years. Coupled with the surge in inflation in recent years, reaching 7% in 2021, it's clear that the younger generation is seeking alternative financial opportunities.
This trend is not just about a quick windfall opportunity (though it certainly contains that element). More importantly, they are expressing their protest against a system they have lost trust in through their own funds. The memecoin phenomenon is a high-risk, high-reward game, and it is this characteristic that strongly attracts today's traders. It is not just a game; it is a vote of distrust against the old ways of wealth accumulation.
@sandraaleow
3. Interpreting the Memecoin Phenomenon
The speed of evolution in this market is astonishing. Our research shows that $BOME reached a market cap of $1 billion in 2 days, $PNUT took 14 days, $WIF took 104 days, SHIB took 279 days, while DOGE took a full eight years. Capturing and maintaining trader attention is key to success.
Screenshots of the Phantom wallet showcased on X platform highlight returns of 633x and +10,520%, underscoring a broader theme: accessibility and fairness have become central. Looking back at the ICO boom of 2017, one of its defining features was widespread participation—no fundraising rounds, no VC allocations, and no complex unlock schedules.
@0xRamonos
Today's memecoin traders are pushing back against what a Discord user called the 'VC exit liquidity simulator' in modern token launches. A new memecoin with no team allocation and market-driven pricing has brought back the fair competitive environment of the early cryptocurrency era, where community and network effects are key.
@paulemmanuelng
When viewing the memecoin craze as a fair competition opportunity without worrying about VC unlocks and token unlocks, it makes more sense. People are tired of being treated as liquidity exit tools, and fair distribution platforms like pump.fun allow anyone to launch tokens easily, giving everyone a chance to participate.
4. Achieving Escape Velocity—An Anatomy of 100x
What distinguishes the successful from the thousands of failed launches? The numbers are very clear—less than 2% of tokens from pump.fun make it to Raydium, and only a minuscule 0.0045% maintain a market cap above $1 million. Yet some tokens do achieve what we call 'escape velocity,' breaking free from the gravitational pull of obscurity.
Success stories follow observable patterns. The strongest tokens excel in at least one of seven key areas: meme potential, attention catalysts, innovation, humor, community, distribution, and development. Look at any successful memecoin, and you'll find these elements at play, with attention catalysts, meme potential, community, and distribution being the most critical factors.
Source: https://dune.com/queries/4048901/6817482/
Taking Moo Deng as an example—its success is not accidental. The project attracted significant attention through its social media presence on Twitter, Telegram, and TikTok. Its cute and memable character keeps appearing in feeds, creating a viral cognition and sharing loop. While it may not be particularly humorous, its strong attention catalysts and distribution strategy create sustained momentum.
@himgajria
The role of Solana in this evolution cannot be overlooked. The network now supports 89% of new token launches, processing about 41 million non-voting transactions. This dominance is not accidental—Solana's low fees and fast transaction times create an environment for rapid experimentation, even if most experiments fail.
5. Current Market Landscape: A Data-Driven Perspective
Data provides valuable insights, revealing how traders interact with different memecoin platforms and highlighting key gaps in the market.
First, it's worth noting that about 60% of users still access DexScreener after using their preferred trading terminal. They use DexScreener for its insights, advanced filters, and analysis tools, indicating that existing platforms have not fully met their needs. However, even if these terminals are better in terms of customization and parameterization than DexScreener's interface, only 10-12% of DexScreener users eventually use trading and execution terminals. This shows a gap in user satisfaction—these trading terminals may have better features, but they are not being fully utilized.
Source: SimilarWeb
When we compare mobile and desktop usage, Photon stands out. Among the three major trading terminals—gmgn.ai, BullX, and Photon—Photon has the highest usage on mobile, while BullX has the most desktop users. Despite BullX's large desktop user base, a significant portion of its traffic comes from Telegram links. This indicates that even when distributed on a mobile-centric platform like Telegram, users ultimately interact with BullX on desktop. This hints at the complexity of these terminals and suggests that users prefer to operate in an environment where they can manage all functionalities more comfortably.
Source: SimilarWeb
This trend points to a broader issue: the complexity of existing trading terminals. Their dominance on desktop indicates that these terminals are too cumbersome for mobile, and there is a lack of a seamless trading terminal that can be used across devices. Traders want powerful tools that can be accessed on mobile and have the flexibility to switch to simplified interfaces when needed. The market needs an integrated solution—an intuitive platform that combines advanced features with usability, regardless of whether users are on desktop or mobile.
The current experience is fragmented, inefficient, and inconvenient. Traders have to switch between multiple platforms to get the insights they need and execute trades effectively. A unified solution that provides depth and functionality while being accessible on mobile, with an adaptive UI, would significantly improve the trading experience.
@TaikiMaeda2 @MustStopMurad
6. In-Depth Exploration: The Trader's Perspective
Conversations with traders revealed a consistent theme—they want powerful features but don’t want complexity. "When the network is congested, I still need to set priority fees and bribes," one trader explained. "I want intelligent defaults that I can use right away but can adjust when needed."
This balance between simplicity and control keeps resurfacing. Existing platforms either simplify everything or throw all complexity at the user. There's no middle ground that allows for out-of-the-box functionality while also offering in-depth customization when needed.
"Some interfaces that can integrate swaps, charts, and recent trade lists into one interface would be better. Fewer clicks, all key information centralized in one place," a high-frequency trader told me. Another trader mentioned spending hours explaining basic concepts to their team, like optimizing gas fees—time that could have been spent actually trading.
@blankspac_e
A recurring complaint centers on limit orders. "I got filled, but all the positive slippage was eaten up by the platform," one trader pointed out. Another trader noted that limit orders on one platform seem to always get filled before others, creating an unfair situation that no one understands.
7. Market Structure: The Real Issues
The current platform is designed for native crypto users and on-chain traders who already understand terms like 'slippage tolerance,' 'priority fees,' and 'bribery.' But most traders just want to know how much they have to pay and whether their trade can be executed. A trader managing over 100 wallets told me he can't even keep track of his positions anymore.
The mobile experience is worse. While Telegram bots fill some gaps, they are not a real solution. They are merely a temporary patch for a system that needs to be fundamentally rethought.
This fragmentation comes with real costs. Traders miss opportunities and lose money due to poor execution by jumping between different interfaces because trades fail. The current ecosystem forces users to choose between expensive tools and poor performance—without any middle ground.
8. Building Solutions: Beyond Temporary Fixes
The current memecoin trading environment feels like a temporary patchwork system that, while barely satisfactory, could be significantly improved. When a trader tells us, 'If someone could develop a tool for customizing LP strategies, that would be great,' or complains about needing to set priorities and bribes when fees are high, or 'wishing for better execution on stop-loss and take-profit order strategies,' they are actually pointing out a fundamental issue: the existing solutions are not real solutions at all.
Most platforms feel like they are designed for those already familiar with on-chain trading, bridging, and DeFi, along with the complexities that arise. However, after speaking with several different traders, it seems they want access to complex functionalities under a simple interface. Existing 'advanced' interfaces still do not provide the functional parameters that complex traders need, while default interfaces are too simplistic, hiding features that could significantly impact profit and loss. For instance, as one trader pointed out, even a feature that 'automatically tells me how much this trade (including gas and fees) will cost to ensure it goes through' could allow professional users to say 'Hmm, that fee seems a bit high, I might not want to pay that much,' while also letting regular users know what they are approximately going to pay.
Solutions are not just about simplifying interfaces—they are about fundamentally rethinking how traders interact with these markets. When someone likens memecoin trading to a 'game,' they are not oversimplifying anything. They are genuinely looking for elements associated with gamified experiences. They want analytical tools that can show win rates, reasonable performance tracking systems, and tools that help them understand trading patterns.
The Path Forward: The Vision of Cumberland Labs
We are not here to build another trading terminal or launch another Telegram bot. The opportunity we see is much larger: creating an interface that bridges the gap between Moonshot simplicity and the powerful features of advanced trading terminals. A platform that evolves with user needs, providing both an easy entry point and catering to experienced traders' demands for depth and complexity. More retail traders mean more trading volume, deeper liquidity, and better opportunities—from experienced on-chain traders to newcomers just entering the space.
This means:
Abstract complexity without stripping functionality—intelligent defaults that allow for full customization when needed
A unified trading experience that integrates charts, execution, and analysis into one window
Practically usable cross-chain portfolio management
Real-time performance tracking helps traders understand their strategies
Providing protection against obvious risks without limiting opportunities
The current platforms lay a solid foundation for today's crypto-native on-chain traders. But the next wave of retail traders will need something different—a platform that starts simple and grows with them. They need an intuitive interface that educates them as they trade, gradually introducing more complex features until they are ready. The existing 'advanced' and 'default' UI settings can enhance current functionalities to better suit these two goals. This is not just about simplification—it is about creating multiple layers of complexity that users can explore at their own pace.
The memecoin market is evolving faster than ever. While 75% of memecoins were created in the past year, we see an opportunity to build tools that welcome newcomers while empowering experienced traders.
@Dynamo_Patrick
9. Beyond Trading: Building Community
Trading is just part of the puzzle. Community, education, and shared experiences drive the evolution of the memecoin ecosystem. While there has already been some integration through existing platforms like Discord and Telegram, bringing the community to the platform for execution is a novel concept. One reason existing Telegram bots are active on mobile is that they allow users to copy contract addresses from TG groups to the bot and complete purchases faster than on trading interfaces.
@blknoiz06 Telegram Group
We envision a more integrated approach. Imagine being able to track progress with other traders, share strategies when needed, and build a reputation based on actual performance. Not metrics set in a vacuum, but real insights into what works and what doesn’t.
This social aspect is not about creating another echo chamber for cryptocurrencies, but providing context and understanding that helps traders make better decisions. Whether it's looking at how different entry points affect returns, understanding performance patterns before and after migrations, or learning successful strategies, every feature is closely tied to improving trading outcomes.
