Author: PANews, Frank
MEME coins have become an important business card in the crypto world, filled with stories of wealth and fluctuations in hot 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 hotspots to various abstract cultures. For many who aspire to find a wealth code in this market, it seems to have entered an epic level of understanding difficulty.
Compared to the consistently high popularity, the MEME sector still lacks some macro tools to analyze the overall development situation. People seem to be more obsessed with the excitement of PVP and rarely think about what kind of MEME is more likely to run a curve, or what characteristics lie behind those top MEMEs.
PANews uses the overall data of MEME to restore the truth of top MEMEs.
Dog series MEMEs become the final winners.
As of November 21, there are 32 MEME coins on the Solana chain with a market value exceeding $100 million, among which the one with the highest market value is BONK, a dog-themed token issued in 2023.
PANews categorizes these tokens as follows: Crypto native (crypto original content), frog-themed (similar to PEPE), cats, dogs, internet hotspots (from TIKTOK or other internet social hotspots), 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 network hotspots and the 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 has the highest total market value for MEMEs, reaching $7.206 billion, accounting for 42% of the total market value.
The market value of cat series tokens is about $3.224 billion, from this perspective, in the cat-dog battle, the dog series currently leads.
AI triggers the MEME 'October Revolution'.
In addition to the market value comparison, the timeline shows the overall market heat. The following chart compares the issuance time of MEME tokens with a market value of over $100 million. From this comparison, it can be clearly seen that during each time period, the MEME market has a significant thematic preference.
The dog series tokens are the earliest series to become famous 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, with BONK ranking first on the Solana chain with a market value close to $4 billion. $WIF ranks second on Solana. Therefore, it seems that the dog series is still the most popular material in the MEME world.
The cat series appeared later than the dog series, but its popularity seems to have been maintained until September, during which several cat series tokens became the new MEME nobility. 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, second only to the dog series. This also indirectly indicates that the cat-dog battle remains the biggest winner on Solana.
October is the month when Solana enters the highest peak of MEME popularity, with the most MEME coins with a market value above $100 million born in this month, with a total of 11 MEMEs with a market value exceeding $100 million born in October, of which the largest share is the AI series and internet hotspots. The tokens represented in this month are MOODENG (internet hotspot), GOAT (AI).
In the overall hot crypto market of November, although the perspective on MEMEs changes daily, it seems that there has not been a strong momentum so far. In November, 3 tokens reached a market value of $100 million, mainly focusing on AI and internet hotspots. Recently, the much-discussed DeSci perspective has only one token, $RIF, reaching a market value above $100 million. In November, the most notable one is undoubtedly Pnut, which, with the help of Musk and Binance, became the youngest token with a market value of $1 billion.
From the overall time span, the MEME with the highest market value on the Solana chain is 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, most top tokens need to undergo a process of time to build consensus.
A thick enough capital pool allows the frog series to hold a place.
In searching for the reasons why these tokens can maintain a market value above $100 million, PANews found some unique phenomena that may explain the issue. In terms of overall market value and social media popularity, frog-themed tokens do not seem to be popular, yet there are still 3 frog series tokens that occupy a market value of over $100 million.
Observing the liquidity pool amounts of all these tokens, it can be found that frog-themed tokens have the largest liquidity pool, with 3 tokens' liquidity pools exceeding all other series, reaching 178 million, with an average liquidity pool of 59.9 million for each frog, and an average liquidity pool/market value ratio of 11.53%. Ample liquidity may be proof of large capital persistence. From an average perspective, the AI series liquidity pool seems the thinnest (except for DeSci), at only 7.03 million, with a liquidity pool/market value ratio of only 1.49%. Such liquidity may be difficult to maintain for a longer period. However, at present, the AI series seems to still be in the stage of competing for dominance, and large capital has yet to be投入到流动池中.
Seizing a $100 million golden dog with a probability of 0.06%
So, how many tokens can actually run out to become a true MEME gold mine? As of November 21, Pump.fun has issued a total of 3.59 million tokens, a quantity that far exceeds the total token issuance in the past 10 years of the crypto world. The number of graduated tokens (fully filled curve on Raydium) is 50,389, accounting for about 1.4%. The number of tokens with a market value exceeding $100 million is 32.
The number of MEMEs with a market value between $10 million to $100 million is 154. The probability is about 0.00089%, less than one in ten thousand. The proportion of graduated tokens is about 0.06%. The number of tokens with a market value between $1 million to $10 million is 396, accounting for 0.79% of graduated tokens, while the number of tokens with a market value between $10 million to $100 million is 150, accounting for 0.29% of graduated tokens.
From the perspective of this data ratio, obtaining a wealth code 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 1 in 17.72 million). It's no wonder 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. According to the current data, apart from Solana, the prosperity of the Base chain seems to be quietly happening.
In terms of quantity, the number of MEMEs between 1 million to 10 million on Base has reached 121, second only to Solana, while BSC is more concentrated between 10 million to 100 million, becoming a gathering place for middle-tier MEMEs. Ethereum remains the place with the most top MEMEs, apart from Solana, with a total of 16 MEMEs exceeding 100 million. The one with the highest market value is PEPE, reaching $8.74 billion, making it the highest market value MEME among the analyzed chains (DOGE and SHIB are not included here). Overall, on CoinGecko, there are 11 MEMEs among the top 100 ranked tokens by market value.
In order 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 backdoor trading? How long can early chips hold? At what point do large holders build their positions, etc., we strive to use data to restore the financial reality of these MEMEs. Stay tuned!
