Article source: Frank
Author: PANews, Frank
MEME coins have become an important business card in the crypto world, filled with wealth stories and the ups and downs of trending topics. On the other hand, the MEME culture, accompanied by a large influx of funds, has become increasingly diverse and complex, with speculation shifting from internet hotspots to various abstract cultures. For many who aspire to find wealth codes in this market, it seems to have entered an epic level of understanding difficulty.
Compared to the consistently high popularity, the MEME track still lacks some macro tools to analyze overall development. People seem more focused on the stimulation of PVP, but rarely think about which MEMEs are more likely to produce curves, or what characteristics lie behind those top MEMEs.
PANews uses the overall data of MEMEs to restore the truth about top 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, a dog-themed token issued in 2023.
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 method, we can see that among the MEME coins with a market value of 100 million, the number of tokens related to internet 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 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, the dog series currently leads in the cat-dog battle.
AI Triggers the MEME 'October Revolution'
Aside from market value comparisons, the timeline reveals the overall market's heat. The following chart compares the issuance dates of MEME tokens with a market value exceeding 100 million. From this comparison, it can be clearly seen that each time period has significant thematic preferences in the MEME market.
The dog series tokens are the earliest famous series on the Solana chain, with issuance time almost concentrated in 2023. From November 2023 until now, nearly a year has passed, and there are still 3 dog series MEMEs with a market value exceeding 100 million, among which BONK ranks first on the Solana chain with a market value close to 4 billion. $WIF ranks second on Solana. It can be seen that the dog series remains the most popular theme in the MEME world.
The cat series emerged later than the dog series, but its popularity seems to have been maintained until September, during which several cat-themed tokens have become new MEME elites. Overall, from April to May, Solana can be said to be the market for cats. However, in terms of average market value, the average market value of the cat series reached 1.295 billion, ranking second only to the dog series. This also indirectly indicates that the cat-dog battle remains the biggest winner on Solana.
October was the month when Solana entered the peak of MEME popularity, during which the most MEME coins with a market value exceeding 100 million were created, totaling 11 MEMEs above 100 million, among which the most was the AI series and internet hotspots. The representative tokens of this month include MOODENG (internet hotspot) and GOAT (AI).
In the overall heated crypto market of November, although the perspective of MEMEs changes daily, it seems that there hasn't been too strong a momentum so far. In November, a total of 3 tokens reached a market value of 100 million, still primarily focused on AI and internet hotspots. Recently, the much-discussed DeSci aspect has only one token, $RIF, exceeding a market value of 100 million. In November, the most eye-catching is undoubtedly Pnut, which, with the boost from Musk and Binance, has become the youngest token with a market value of 1 billion.
Overall, from the time span, the highest market value MEMEs on the Solana chain are still those tokens issued earlier, among the top ten tokens, only Pnut has an issuance time of less than one month. Perhaps, from this perspective, most top tokens need to go through a process of time to condense consensus.
A 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, PANews found some unique phenomena that may explain the issue. In terms of overall market value and social media popularity, frog series tokens do not seem to be popular, yet still, 3 frog series tokens occupy a market value of over 100 million.
Observing the liquidity pool amounts of all these tokens, it can be found that frog series tokens have the largest liquidity pool, with the liquidity pools of 3 tokens exceeding all other series, reaching 179 million, with an average liquidity pool of 59.9 million per frog, and an average liquidity pool/market value ratio of 11.53%. Sufficient liquidity may be a proof of large funds' persistence. On average, the AI series seems to have the thinnest liquidity (except for DeSci), 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 a stage of fierce competition, and large funds have not yet entered the liquidity pool.
One in 16,000 captures a 100 million golden dog.
So, how many tokens can emerge as true MEME gold mines? As of November 21, Pump.fun has issued a total of 3.59 million tokens, a number that far exceeds the total number of tokens issued in the past 10 years of the crypto world. Among them, the number of graduated (fully filled curve line Raydium) tokens 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 and 100 million is 154. The probability is about 0.00089%, less than one in a hundred thousand. It accounts for approximately 0.06% of the graduated tokens. The number of tokens with a market value between 1 million and 10 million is 396, accounting for 0.79% of the graduated tokens, while the number of tokens with a market value between 10 million and 100 million is 150, accounting for 0.29% of the graduated tokens.
From this data proportion, obtaining a wealth code and successfully profiting is similar to the odds of winning the lottery. However, it seems to be higher than the probability of winning the first prize in the lottery (about one in 17.72 million). No wonder the crypto community refers to MEME investment as lottery-style investment.
Apart from Solana, which other public chains are also MEME hotspots?
In our impression, Ethereum and BSC chains were once the MEME paradise. Currently, 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 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 MEME middle forces. Ethereum remains the place with the most top MEMEs apart from Solana, with a total of 16 MEMEs exceeding 100 million. The highest market value among them is PEPE, reaching 8.74 billion, making it the highest market value MEME analyzed among these several chains (excluding DOGE and SHIB). Overall, on coingecko, among the top 100 tokens by market value, 11 are MEMEs.
To have a more in-depth discussion on the development and methodology of MEME coins, PANews will launch a series of in-depth content analyzing the chip data of different classified top MEME projects.
Do these MEMEs that have become gold mines have a large amount of insider trading? How long can early chips hold? At what time points do large holders build positions? We strive to use data to restore the financial truth of these MEMEs. Stay tuned!
