MEME coins have become a unique business card in the crypto world, filled with stories of wealth and the rise and fall of hot topics.
However, at the same time, as a large amount of funds pour in, this field has become increasingly complex, with the focus of speculation shifting from simple internet hotspots to various abstract cultural phenomena. For those looking to find the 'wealth code' here, it seems they have entered a stage of understanding that is comparable to 'hell mode'.
Although the heat of the MEME track has remained high, macro-level analytical tools still seem insufficient. People seem to be more obsessed with the thrill of PVP (player versus player) battles, and rarely take a moment to think: what kind of MEME is more likely to stand out? What common characteristics do those top MEME projects have?
Perhaps, by organizing the overall data of the MEME track, we can try to restore the true appearance of the leading MEME projects.
The dog series MEME becomes the final winner
As of November 21, there are a total of 32 types of MEME coins on the Solana chain with a market cap exceeding 100 million, among which the highest market cap is BONK, a dog series token issued in 2023.
These tokens can be categorized into several types, such as crypto originals, frog series (like PEPE), cats, dogs, internet hotspots (like popular content from TikTok or other social platforms), AI, and DeSci (decentralized science).
From these classifications, among the MEME coins with a market cap exceeding 100 million, tokens related to internet hotspots and the cat series were the most numerous, with 8 and 7 respectively, while those related to AI numbered 6. However, in terms of overall market cap, the dog series MEME coins performed the strongest, with a total market cap reaching 7.206 billion, accounting for 42% of the total market cap.
The market cap of the cat series tokens is approximately 3.224 billion, indicating that the dog series is far ahead in the cat-dog battle.
The MEME 'October Revolution' triggered by AI
In addition to market cap comparisons, we can also observe market heat over time. The following chart shows the issuance time of MEME tokens with a market cap exceeding 100 million. From this, we can clearly see that the hot topics in the MEME market vary over different time periods.
The dog series tokens are the earliest series on the Solana chain, with almost all tokens concentrated in the year 2023. Since November 2023, nearly a year has passed, and there are still 3 dog series MEME tokens with a market cap exceeding 100 million. Among them, BONK's market cap approaches 4 billion, ranking first among MEME tokens on the Solana chain, while $WIF ranks second. From this perspective, the dog series remains the hottest material in the MEME market.
Although the cat series tokens appeared later than the dog series, their popularity seems to have been maintained until September. During this period, new MEME tokens in the cat series continuously emerged. Overall, April to May can be said to be the 'cat market' on Solana. On average, the cat series has reached an average market cap of 1.295 billion, ranking second only to the dog series. This also indicates that the cat-dog battle remains the biggest winner on Solana.
Entering October, the MEME popularity on Solana reached its peak. This month saw the birth of the most MEME coins with a market cap exceeding 100 million, totaling 11, mainly focused on the AI series and internet hotspots. Representative tokens include MOODENG (internet hotspot) and GOAT (AI).
In November, when the overall market was hot, although the MEME market's heat continued to fluctuate, it seems that a strong momentum has not yet formed. In mid-November, 3 tokens broke through a market cap of 100 million, still primarily focused on AI and internet hotspots. In the recently emerged DeSci concept, only the token $RIF surpassed a market cap of 100 million. In November, the most notable was Pnut, which, driven by Musk and Binance, became the youngest token with a market cap of 1 billion.
From the perspective of time span, the MEME tokens with the highest market cap on the Solana chain are mostly early issuances, with only Pnut having an issuance time of less than one month among the top ten. Perhaps this also indicates that leading tokens often need to go through a process of time sedimentation and consensus accumulation to truly stand out.
A sufficiently thick capital pool allows the frog series to have a place
Although the frog series tokens are not the hottest in overall market cap and social media popularity, they still have 3 tokens with a market cap exceeding 100 million, demonstrating their unique market position.
From the liquidity pools of these tokens, the frog series shows a clear advantage. Its 3 tokens' liquidity pools exceed all other series, reaching 179 million, with an average liquidity pool of 59.9 million and a liquidity-to-market cap ratio of 11.53%. This ample liquidity may be the reason why large funds are willing to continuously support this series. In contrast, the AI series has relatively smaller liquidity, only 7.03 million, with a liquidity-to-market cap ratio of just 1.49%. Such liquidity may be difficult to maintain over a long period, but the AI series is still in a highly competitive stage and has not yet attracted a significant influx of large funds into its liquidity pool.
It can be said that the frog series has a relatively abundant capital pool, giving it a relatively stable market cap, while the AI series is in an early stage of competition and has not yet attracted enough capital inflow.
A one in ten thousand chance to catch a 100 million golden dog
So, how many tokens can become a real MEME gold mine? As of November 21, Pump.fun has issued a total of 3.59 million tokens, a number that far exceeds the total issuance of all tokens in the crypto world over the past decade. Among them, 50,389 tokens have been rigorously screened and meet Raydium standards, accounting for about 1.4%. The number of MEME tokens with a market cap exceeding 100 million is 32.
There are 154 MEME tokens with a market cap between 10 million and 100 million, with a probability of about 0.00089%, which is less than one in ten thousand. Among these tokens, the proportion of tokens that can successfully graduate is about one in sixteen thousand. There are 396 tokens with a market cap between 1 million and 10 million, accounting for 0.79% of the graduating tokens. Tokens with a market cap between 10 million and 100 million total 150, accounting for 0.29%.
From this data, capturing a token that can bring enormous wealth is almost like buying a lottery ticket, with extremely low probability. However, its success probability seems to be slightly higher than the chance of winning the first prize in the lottery (about 1 in 17.72 million). No wonder the crypto community refers to MEME investments as lottery-style investments.
Besides Solana, what other public chains are also hot spots for MEME?
In our traditional impression, Ethereum and BSC chains were once the main gathering places for MEME tokens. From the current data, aside from Solana, the Base chain is also quietly rising to become an important market for MEME tokens.
In terms of quantity, the number of MEME tokens on the Base chain with a market capitalization between 1 million and 10 million reached 121, second only to Solana. The BSC chain, on the other hand, is more concentrated in the market capitalization range of 10 million to 100 million, becoming a gathering place for mid-tier forces in the MEME market. Ethereum remains the public chain with the most top MEME tokens, aside from Solana, with 16 MEME tokens having a market cap exceeding 100 million. The highest market cap MEME token on Ethereum is PEPE, with a market cap of 8.74 billion, making it the highest market cap MEME token across all chains analyzed (excluding DOGE and SHIB).
Overall, among the top 100 tokens ranked by market cap on CoinGecko, there are 11 MEME tokens, demonstrating the influence of the MEME market.
To delve into the development and investment strategies of MEME tokens, a series of in-depth content will be launched to analyze the leading projects in different categories of MEME tokens, especially exploring the capital flow and market operation of these tokens from the perspective of chip data.
We will deeply investigate whether these MEME tokens exhibit phenomena such as insider trading, the holding duration of early chips, and the timing of large holders' positions, striving to restore the true capital situation of MEME tokens through data. We welcome everyone to keep following!
