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 hot topics. On the other hand, the MEME culture, accompanied by a large influx of capital, has become increasingly complex, with speculation shifting from internet hot topics to various abstract cultures. For many who aspire to find the wealth code in this market, it seems to have entered a level of epic 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, yet rarely think about what kind of MEME is easier to emerge from the curve, or what characteristics lie behind the top MEMEs.
PANews uses the overall data of MEME to restore the truth of top MEMEs.
Dog Series MEME Becomes the Final Winner
As of November 21, there were 32 MEME coins on the Solana chain with a market value exceeding 100 million, of which the highest market value MEME coin is BONK, a dog token issued in 2023.
PANews categorizes these tokens as follows: Crypto Native (crypto original content), Frog Series (PEPE-like), Cats, Dogs, Internet Hot Topics (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 dollars, the number of internet hot topic and cat series tokens is the largest, with 8 and 7 respectively. The number of AI-themed tokens is 6. However, from the total market value perspective, the MEME total market value of the dog series is the highest, reaching 7.206 billion dollars, with a market share of 42% of the total market value.
The market value of cat series tokens is approximately 3.224 billion dollars, from this perspective, the dog series is currently leading in the cat-dog battle.
AI Triggers MEME 'October Revolution'
Besides the market value comparison, the overall market heat can also be seen over time. The following chart compares the issuance time of MEME tokens with a market value over 100 million dollars. From this comparison, it can be significantly observed that during each time period, the MEME market has notable thematic preferences.
Dog series tokens are the earliest famous series on the Solana chain, with issuance dates almost all concentrated in 2023. Since November 2023, until today, nearly a year has passed, there are still 3 dog series MEMEs with a market value exceeding 100 million dollars, of which BONK ranks first on the Solana chain with a market value close to 4 billion dollars. $WIF ranks second in Solana. Thus, it seems that the dog series is still the most popular material in the MEME world.
The cat series appeared later than the dog series, but its popularity seems to have sustained until September, with cat series tokens continuously becoming new MEME aristocrats. Overall, it can be said that April to May was the cat's market on Solana. However, from the overall average market value perspective, the average market value of the cat series reached 1.295 billion dollars, second only to the dog series. This also indirectly shows that the cat-dog battle is still the biggest winner on Solana.
October was the month when Solana entered the peak of MEME popularity, with the most MEME coins born in this month with a market value of over 100 million, totaling 11 MEMEs above 100 million dollars, among which the most were from the AI series and internet hot topics. The tokens represented in this month are MOODENG (internet hot topic), GOAT (AI).
In the overall hot crypto market of November, although the angle of MEME changes daily, it seems that there hasn't been too strong a momentum so far. In November, a total of 3 tokens were born with a market value of 100 million, still mainly focused on AI and internet hot topics. Recently, the DeSci angle has been quite loud, but only one token, $RIF, has reached a market value of over 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 dollars.
From an overall time span perspective, the MEME with the highest market value on the Solana chain is still those tokens that were issued earlier, with only Pnut being issued less than a month ago among the top ten tokens. Perhaps from this perspective, leading tokens mostly need to undergo a period of time to accumulate consensus.
A thick enough 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, the frog series tokens do not seem to be particularly hot, yet still, 3 frog series tokens occupy more than 100 million dollars in market value.
Observing the liquidity pool amounts of all these tokens, it can be found that the 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 value ratio of 11.53%. Ample liquidity may be proof of large capital persistence. From the average perspective, the AI series liquidity pool seems 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 view, the AI series still seems to be in a stage of competition among various parties, with large capital yet to be invested in the liquidity pool as the outcome is still undecided.
One in ten thousand to catch a 100 million golden dog
So, how many tokens can truly emerge as real MEME gold mines? As of November 21, Pump.fun has issued a total of 3.59 million tokens, which has far exceeded the total token issuance of the past 10 years in the crypto world. The number of tokens that graduated (fully met the Raydium curve) 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 to 100 million is 154. The probability is about 0.00089%, less than one in a hundred thousand. The proportion of graduated tokens is about six in ten thousand. The number of tokens with a market value between 1 million to 10 million is 396, accounting for 0.79% of graduated tokens, while the number of tokens with a market value between 10 million to 100 million is 150, accounting for 0.29% of graduated tokens.
From this data ratio, obtaining a wealth code and successfully profiting is akin to winning the lottery. However, it seems to still be higher than the probability of winning the first prize in the lottery (approximately 1 in 17.72 million). No wonder the crypto community refers to MEME investment as lottery-style investment.
Besides Solana, which public chains are also MEME hotbeds?
In our impression, Ethereum and BSC chains were once MEME paradises. According to current data, besides Solana, the prosperity of the Base chain seems to be quietly happening.
In terms of quantity, the number of MEMEs between 1 million to 10 million on Base reached 121, second only to Solana, while BSC is more concentrated between 10 million to 100 million, becoming a gathering place for the middle power of MEME. Ethereum remains, besides Solana, the place with the most top MEMEs, with a total of 16 MEMEs over 100 million. Among them, the highest market value is PEPE, reaching 8.74 billion dollars, which is the highest MEME among the analyzed chains (here DOGE and SHIB are not counted). 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 become gold mines have a lot of wash trading? How long can early chips hold? When do large holders build positions, etc., we strive to restore the funding truth of these MEMEs with data. Stay tuned!
