What kind of MEME is more likely to emerge from the curve, and what are the characteristics behind top MEMEs?
Written by: 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 the MEME culture has seen a surge of funds, it has become increasingly complex, with speculation shifting from internet hotspots to various abstract cultures. For many who dream of finding 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 focused on the stimulation of PVP, while rarely considering what kind of MEME is more likely to emerge from the curve, 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 32 MEME coins on the Solana chain with a market cap exceeding $100 million, with the highest being BONK, a dog series token issued in 2023.
PANews categorizes these tokens as follows: Crypto Native (original crypto content), Frog Series (similar to PEPE), Cats, Dogs, Internet Hotspots (from TIKTOK or other internet social hotspots), AI, DeSci.
According to this classification, among the MEME coins with a market cap of $100 million, the most tokens belong to internet hotspots and the cat series, with 8 and 7 respectively. The number of AI-themed tokens is 6. However, in terms of total market cap, the dog series MEMEs have the highest total market cap, reaching $7.206 billion, accounting for 42% of the total market cap.
The market cap 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'.
Apart from the market cap comparison, the overall market heat can be seen over time. The following chart compares the issuance time of MEME tokens with a market cap of over $100 million. From this comparison, it is evident that there are significant thematic preferences in the MEME market during each time period.
The dog series tokens were the earliest to gain fame on the Solana chain, with issuance concentrated in 2023. Since November 2023, almost a year has passed, and still, 3 dog series MEME tokens have a market cap exceeding $100 million, with BONK ranking first on the Solana chain at nearly $4 billion in market cap. $WIF ranks second on Solana. It seems the dog series remains 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 time many cat series tokens became new MEME nobility. Overall, from April to May, Solana can be said to be a cat market. However, in terms of average market cap, the average market cap of 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 was the month when Solana entered the peak of MEME popularity, with the most MEME coins with a market cap of over $100 million born that month, totaling 11. The majority were from AI series and internet hotspots. The representative tokens for this month are MOODENG (internet hotspot) and GOAT (AI).
In the overall hot crypto market of November, although the angle of MEME changes daily, it seems that no strong momentum has formed so far. In November, 3 tokens reached a market cap of $100 million, primarily focused on AI and internet hotspots. Recently, the DeSci angle has been quite popular, but only one token, $RIF, reached a market cap of over $100 million. In November, the most notable was Pnut, which, with the boost from Musk and Binance, became the youngest token with a $1 billion market cap.
Overall, looking at the time span, the highest market cap MEMEs on the Solana chain are still those issued earlier, with only Pnut among the top ten tokens having an issuance time of less than 1 month. Perhaps from this perspective, leading tokens mostly need to undergo the sedimentation of time to gather consensus.
A sufficiently thick capital pool allows the Frog Series to have a place.
In exploring why these tokens can maintain a market cap of over $100 million, PANews found some unique phenomena that may explain the issue. In terms of overall market cap and social media heat, frog series tokens don't seem particularly popular, yet 3 frog series tokens still occupy a market cap 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 3 tokens exceeding all other series, reaching $179 million, averaging $59.9 million per frog liquidity pool, with an average liquidity / market cap ratio of 11.53%. Sufficient liquidity may prove the persistence of large funds. On average, however, the liquidity of the AI series seems to be the thinnest (except for DeSci), at only $7.03 million, with a liquidity / market cap ratio of only 1.49%. Such liquidity may be difficult to maintain for a longer cycle, but currently, the AI series seems to be in a stage of competition, and large funds have not yet invested in the liquidity pool.
A one in ten thousand chance to catch a $100 million golden dog.
So, how many tokens can actually emerge as real MEME gold mines? As of November 21, Pump.fun has issued a total of 3.59 million tokens, a figure that far exceeds the total token issuance in the past decade of the crypto world. Among them, the number of graduated (fully filled curve on Raydium) tokens is 50,389, accounting for about 1.4%. The number of tokens with a market cap over $100 million is 32.
The number of MEMEs with a market cap between $10 million and $100 million is 154. The probability is about 0.00089%, less than one in ten thousand. The proportion of graduated tokens is about six in ten thousand. The number of tokens with a market cap between $1 million and $10 million is 396, accounting for 0.79% of graduated tokens, and the number of tokens with a market cap between $10 million and $100 million is 150, accounting for 0.29%.
From this data proportion, obtaining a wealth code and successfully profiting is no less than 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, which other public chains are also MEME hotspots?
In our impression, Ethereum and the BSC chain were once the MEME paradise. According to current data, aside from Solana, the prosperity of the Base chain seems to be quietly taking place.
In terms of quantity, the number of MEME tokens 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 still has the highest number of top MEMEs aside from Solana, with a total of 16 MEMEs over $100 million. The highest market cap among them is PEPE, reaching $8.74 billion, the highest of the analyzed chains (DOGE and SHIB are not included). Overall, on Coingecko, 11 out of the top 100 tokens by market cap are MEMEs.
To have a more in-depth discussion about the development and methodology of MEME coins, PANews will soon launch a series of in-depth content analyzing chip data for leading projects in different categories of MEME coins.
Do these MEMEs that have become gold mines contain a lot of wash trading? How long can early chips hold? When do big players accumulate, etc., striving to use data to restore the financial truth of these MEMEs. Stay tuned!
