Author: PANews, Frank
MEME coins have become an important business card in the crypto world, filled with stories of wealth and the ups and downs of hot topics. On the other hand, as MEME culture accompanies a large influx of funds, it has also become increasingly complicated, with speculation shifting from internet trends to various abstract cultures. For many who aspire to find the wealth code in this market, it seems to have reached an epic level of difficulty in understanding.
Compared to the consistently high popularity, the MEME track still lacks some macro tools to analyze the overall development situation. People seem more obsessed with the stimulation of PVP and rarely think about what kind of MEME is more likely to run out of the curve, or what characteristics lie behind those top MEMEs.
PANews uses the overall data of MEMEs to restore the truth about leading MEMEs.
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, among which the highest market value MEME coin is BONK, issued in 2023 as a dog-themed token.
PANews categorizes these tokens as follows: Crypto Native (original crypto content), Frog Series (similar to PEPE), Cats, Dogs, Internet Trends (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 Internet Trend and Cat series tokens 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 MEMEs have the highest total market value, reaching $7.206 billion, accounting for 42% of the total market value.
The market value of Cat series tokens is approximately $3.224 billion; from this perspective, in the Cat-Dog battle, the Dog series is currently in the lead.
AI triggers the MEME 'October Revolution'.
In addition to market value comparisons, the timeline shows the overall market heat. The following chart compares the issuance times of MEME tokens with a market value of over $100 million. From this comparison, it can be significantly seen that each time period has a pronounced thematic preference in the MEME market.
The Dog series tokens are the earliest famous series on the Solana chain, with issuance times concentrated almost entirely in 2023. Since November 2023, and as we approach a year later, there are still 3 Dog series MEMEs with a market value exceeding $100 million, with BONK ranking at nearly $4 billion in market value on the Solana chain. $WIF ranks second on Solana. Thus, it can be seen that the Dog series is still the most popular material in the MEME world to this day.
The Cat series appeared later than the Dog series, but its popularity seems to have remained until September, during which time numerous Cat series tokens became new MEME aristocrats. Overall, from April to May, Solana can be said to be the market for cats. However, from the overall average market value perspective, the average market value of the Cat series reached $1.295 billion, ranking second, just below the Dog series. This also indirectly indicates that the Cat-Dog battle is still the biggest winner on Solana.
October was the month when Solana entered the peak of MEME popularity; during this month, the most MEME coins with a market value over $100 million were born, totaling 11 MEMEs with a market value exceeding $100 million. The majority of these were AI series and Internet trends. The representative tokens of this month include MOODENG (Internet trend) and GOAT (AI).
In the overall hot cryptocurrency market of November, although the angle of MEMEs changes daily, it seems that there has not been a very strong momentum formed so far. In November, there were 3 tokens that reached a market value of $100 million, still predominantly AI and Internet trends. However, in recent days, the much-discussed DeSci angle only had 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.
From an overall time span perspective, the MEMEs with the highest market values on the Solana chain are still those issued earlier, with only Pnut among the top ten tokens being issued less than a month ago. Perhaps from this perspective, leading tokens generally need to undergo a period of time to solidify consensus.
A sufficiently thick liquidity pool allows the frog series to secure a place.
In searching for the reasons why these tokens can maintain a market value of over $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 three frog series tokens that occupy more than $100 million in market value.
Observing the liquidity pool amounts of all these tokens, it can be found that frog-themed tokens have the largest liquidity pool, with the liquidity of 3 tokens exceeding all other series, reaching $179 million, averaging $59.9 million per frog liquidity pool, with an average liquidity/market value ratio of 11.53%. Ample liquidity may be a proof of the persistence of large funds. From the average perspective, the liquidity pool of the AI series seems to be the thinnest (except for DeSci), at only $7.03 million, with a liquidity/market value ratio of only 1.49%, and such liquidity may be difficult to maintain over a longer period. However, from the current situation, the AI series seems to still be in a stage of competition among numerous contenders, and large funds have not yet entered the liquidity pool in a situation where the winner is still undecided.
One in ten thousand to catch a $100 million golden dog.
So, how many tokens can truly emerge to become real MEME gold mines? As of November 21, Pump.fun has issued a total of 3.59 million tokens, a quantity that has far exceeded the total token issuance in the past decade of the crypto world. Among them, the number of graduating tokens (those hitting the curve line on Raydium) is 50,389, accounting for about 1.4%. The number of tokens with a market value over $100 million is 32.
The number of MEMEs with a market value between $10 million and $100 million is 154. The probability is approximately 0.00089%, less than one ten-thousandth. The proportion of graduating tokens is about six ten-thousandths. The number of tokens with a market value between $1 million and $10 million is 396, accounting for 0.79% of graduating tokens, while the number of tokens with a market value between $10 million and $100 million is 150, accounting for 0.29% of graduating tokens.
From this data ratio perspective, wanting to obtain a wealth code and successfully profit 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). No wonder the crypto community refers to MEME investment as lottery-style investment.
Aside from Solana, what other public chains are also MEME hotspots?
In our impression, Ethereum and BSC chains were once MEME paradises. According to current data, aside from Solana, the prosperity of the Base chain seems to be quietly happening.
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 the middle forces of MEMEs. Ethereum remains the place with the most top MEMEs aside from Solana, with a total of 16 MEMEs exceeding $100 million. Among them, the highest market value is PEPE, reaching $8.74 billion, making it the highest market value MEME among the analyzed chains (excluding DOGE and SHIB). Overall, on Coingecko, among the top 100 tokens by market value, 11 are MEMEs.
To have a deeper discussion on the development and methodology of MEME coins, PANews will launch a series of in-depth content analyzing chip data for leading projects of different categories of MEME coins.
Do these MEMEs that have become gold mines have a lot of wash trading? How long can early chips be held? At what point do large holders accumulate? We strive to use data to restore the financial truth of these MEMEs. Stay tuned!
