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, meme culture, along with a surge of capital influx, has become increasingly complex and convoluted, with speculation shifting from internet hotspots to various abstract cultures. For many who yearn to find a wealth password in this market, it seems to have entered an epic level of understanding difficulty.
Compared to the consistently high heat, the meme track still lacks some tools for overall economic analysis of development, and people seem more obsessed with PVP stimulation, rarely thinking about what kind of memes are more likely to run out of curves, or what characteristics are behind those top-tier memes?
Through the overall data of memes, PANews aims to restore the truth of top memes.
Source: PANews
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 dollars, among which the highest market value meme coin is $BONK, issued in 2023 as a dog category token.
PANews categorizes these tokens as follows: crypto native (original crypto content), frog series (similar to PEPE), cat, dog, internet hotspots (from TIKTOK or other internet social hotspots), AI, DeSci.
According to this classification, among meme coins with a market value of 100 million dollars, the number of tokens from the internet hotspot and cat series is the highest, with 8 and 7 respectively. The number of AI-themed tokens is 6. However, from the perspective of total market value, the dog series has the highest total market value for memes, reaching 7.206 billion dollars, accounting for 42% of the total market value.
Source: PANews
Source: PANews
The market value of the cat series tokens is about 3.224 billion dollars, from this perspective, the dog series currently leads in the cat-dog war.
AI triggers meme 'October Revolution'
In addition to market value comparisons, the overall market heat can also be seen over time. The figure below compares the issuance time of meme tokens with a market value of over 100 million dollars. From this comparison, it is evident that during each time period, the meme market shows significant thematic preferences.
The dog series tokens are the earliest famous series on the Solana chain, with issuance times almost all concentrated in 2023. Since November 2023 until today, there are still 3 dog series memes with a market value exceeding 100 million dollars, among which $BONK ranks first with a market value close to 4 billion dollars on the Solana chain. $WIF ranks second on Solana. It seems that the dog series remains the most popular material in the meme world.
Source: PANews
The cat series appeared later than the dog series, but its popularity seems to have been maintained until September, during which time numerous tokens from the cat series became meme new favorites. Overall, from April to May, Solana could be said to be the market for cats. However, from the perspective of overall average market value, the average market value of the cat series reached 1.295 billion dollars, ranking second only to the dog series. This also indirectly indicates that the cat-dog war remains the biggest winner on Solana.
October is the month when Solana entered the highest meme heat, during which the most meme coins with a market value of over 100 million dollars were born, totaling 11 memes worth over 100 million dollars in October, with the highest proportion being AI series and internet hotspots. The representative tokens of this month include $MOODENG (internet hotspot) and $GOAT (AI).
In the overall hot crypto market of November, although the perspective of memes changes daily, it seems that so far no strong momentum has formed. In November, there were only 3 tokens reaching a market value of 100 million, still primarily AI and internet hotspots. Recently, the much-discussed DeSci perspective only saw one token, $RIF, reach a market value of over 100 million. In November, the most eye-catching was undoubtedly Pnut, which, with the help of Musk and Binance, became the youngest token with a market value of 1 billion dollars.
From an overall time span perspective, the highest market value meme on the Solana chain is still those tokens that were issued earlier, with only Pnut issued less than 1 month among the top ten tokens. Perhaps from this angle, it can be seen that leading tokens generally need to go through the sedimentation of time to consolidate consensus.
A sufficiently thick capital pool allows the frog series to have a place
In searching for the reasons why these tokens can maintain a market value of over 100 million dollars, PANews found some unique phenomena that may explain the issue. In terms of overall market value and social media popularity, the tokens of the frog series do not seem to be very popular, yet there are still 3 tokens from the frog series occupying a market value of over 100 million dollars.
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 liquidity of 3 tokens exceeding all other series, reaching 179 million, with an average liquidity of 59.9 million dollars per frog, and an average liquidity/market value ratio of 11.53%. Sufficient liquidity may be proof of large capital persistence. However, from an average perspective, the liquidity pool of the AI series seems the thinnest (except for DeSci), only at 7.03 million dollars, with a liquidity/market value ratio of only 1.49%, and such liquidity may be difficult to maintain over a longer cycle. However, from the current perspective, the AI series seems to still be in a stage of competition among many, and in the situation where the outcome is not decided, large capital has not yet entered the liquidity pool.
Source: PANews
Six ten-thousands to catch a 100 million golden dog
So, how many tokens can actually emerge as true meme gold mines? As of November 21, Pump.fun has issued a total of 3.59 million tokens, a scale that far exceeds the total number of tokens issued in the past decade of the crypto world. Among them, the number of tokens that graduated (hit the curve on Raydium) is 50,389, accounting for about 1.4%. The number of tokens with a market value exceeding 100 million dollars is 32, and there are 154 meme tokens with market values between 10 million and 100 million, with a probability of about 0.00089%, less than one in a hundred thousand. The proportion of graduated tokens is about six ten-thousands. The number of tokens with market values between 1 million and 10 million is 396, accounting for 0.79% of graduated tokens; the number of tokens with market values between 10 million and 100 million is 150, accounting for 0.29% of graduated tokens.
From this data proportion, wanting to obtain a wealth password and successfully profit is no less than the probability of buying a lottery ticket. However, it seems still higher than the probability of winning the first prize in a lottery (about 1 in 17.72 million). No wonder the crypto community refers to meme investments as lottery-style investments.
Besides Solana, which other public chains are also meme hotbeds?
Source: PANews
In our impression, Ethereum and BSC chains were once meme paradises. Based on current data, besides Solana, the prosperity of the Base chain seems to be quietly occurring.
In terms of quantity, the number of memes between 1 million and 10 million on Base reached 121, second only to Solana, while BSC is more concentrated between 10 million and 100 million, becoming a gathering place for memes in the middle range. Ethereum remains the place with the most top-tier memes besides Solana, with a total of 16 memes over 100 million. The one with the highest market value is PEPE, reaching 8.74 billion dollars, the highest among the analyzed chains (with Dogecoin and Shiba Inu not counted). Overall, on Coingecko, among the top 100 ranked tokens by market value, 11 are memes.
To have a more in-depth discussion on the development and methodology of meme coins, PANews will soon launch a series of in-depth content, analyzing chip data on leading projects of different categories of meme coins.
Do these meme coins that have become gold mines have a large number of mouse warehouses? How long can early chips hold? At what point do big players build their positions? Efforts will be made to restore the financial truth of these memes using data. Stay tuned!
【Disclaimer】The market carries risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Invest at your own risk.
This article is reproduced with authorization from: (PANews)
Original author: Frank, PANews
'Dogs dominate the meme world! Data shows: How likely is it to catch a 100 million golden dog?' This article was first published in 'Crypto City'
