Written by: Frank, PANews
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, MEME culture, accompanied by a large influx of funds, has become increasingly complex, with speculation shifting from internet hotspots to various abstract cultures. For many who aspire to find the wealth code in this market, it seems to have entered an epic level of understanding difficulty.
Compared to the consistently high heat, the MEME track still lacks some macro analytical tools to analyze the overall development situation. People seem more obsessed with the stimulation of PVP, while rarely thinking about what kind of MEME is more likely to curve out, 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 ultimate winners
As of November 21, there are 32 MEME coins with a market cap of over 100 million on the Solana chain, with the highest market cap being 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 cap of 100 million USD, the number of tokens from internet hotspots and the cat series is the highest, with 8 and 7 respectively. The number in the AI category is 6. However, in terms of total market cap, the dog series has the highest total market cap of MEMEs, reaching 7.206 billion USD, accounting for 42% of the total market cap.
The market cap of cat series tokens is about 3.224 billion USD, from this perspective, the dog series is currently leading the cat-dog battle.
AI triggers the MEME 'October Revolution'
Besides the market cap comparison, the timeline can also reveal the overall market's heat. The following chart compares the issuance times of MEME tokens with a market cap exceeding 100 million USD. From this comparison, it is evident that the MEME market has significant thematic preferences at each time period.
Dog-themed tokens are the earliest famous series on the Solana chain, with issuance time almost concentrated in 2023. Since November 2023, there are still 3 dog series MEMEs with a market cap exceeding 100 million USD, among which BONK ranks first on the Solana chain with a market cap close to 4 billion USD. $WIF ranks second on Solana. It seems that the dog series remains the most popular material in the MEME world to date.
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 MEME newcomers. Overall, from April to May, Solana can be said to be the market for cats. However, from the perspective of average market cap, the average market cap of the cat series reached 1.295 billion USD, ranking second, just below the dog series. This indirectly indicates that the cat-dog battle remains the biggest winner on Solana.
October was the month when Solana entered the peak MEME heat, during which the most MEMEs with a market cap of over 100 million were born, a total of 11 MEMEs with a market cap exceeding 100 million were born in October, with the most being AI series and internet hotspots. The representative tokens for this month are MOODENG (internet hotspot) and GOAT (AI).
In the overall heated crypto market of November, although the perspective on MEMEs changes daily, it seems that no strong momentum has formed so far. In November, 3 tokens reached a market cap of 100 million, still mainly dominated by AI and internet hotspots. Recently, the DeSci perspective has seen only one token, $RIF, reach a market cap above 100 million. In November, the most eye-catching is undoubtedly Pnut, which, with the boost from Musk and Binance, became the youngest token with a market cap of 1 billion USD.
Looking at the overall time span, the highest market cap MEMEs on the Solana chain are still those issued earlier, with only Pnut having an issuance time of less than 1 month in the top ten tokens. Perhaps from this perspective, leading tokens mostly need to undergo the sedimentation of time to gather consensus.
A thick enough liquidity pool allows the frog series to have a place
In searching for the reasons why these tokens can maintain a market cap of over 100 million USD, PANews found some unique phenomena that may explain the situation. In terms of overall market cap and social media heat, frog series tokens do not seem very popular, yet there are still 3 tokens from the frog series that occupy a market cap of over 100 million USD.
Observing the liquidity amounts of all these tokens, it can be found that the frog series tokens have the largest liquidity pool, with the liquidity of 3 tokens exceeding all other series, reaching 179 million, with an average liquidity pool of 59.9 million USD, and an average liquidity / market cap ratio of 11.53%. Ample liquidity may prove the persistence of large funds. In terms of averages, the AI series seems to have the thinnest liquidity (except for DeSci), at only 7.03 million USD, with a liquidity / market cap ratio of only 1.49%. Such liquidity may be difficult to maintain for longer periods; however, it seems that the AI series is still in the stage of competition among many, with large funds yet to invest in the liquidity pool.
One in ten thousand 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 10 years of the crypto world. The number of graduated tokens (full curve on Raydium) is 50,389, accounting for about 1.4%. The number of tokens with a market cap over 100 million is 32.
There are 154 MEMEs with a market cap between 10 million and 100 million USD. The probability is about 0.00089%, less than one ten-thousandth. They account for about 0.6% of the graduated tokens. The number of tokens with a market cap between 1 million and 10 million is 396, accounting for 0.79% of graduated tokens, while the number of tokens with a market cap between 10 million and 100 million is 150, accounting for 0.29% of graduated tokens.
From this data ratio, 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.
Besides Solana, which public chains are also MEME hot spots?
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 occurring.
In terms of quantity, the number of MEMEs between 1 million and 10 million in Base reached 121, second only to Solana, while BSC is more concentrated between 10 million and 100 million, becoming a gathering place for mid-tier MEMEs. Ethereum remains the place with the most top MEMEs besides Solana, with a total of 16 MEMEs over 100 million. The one with the highest market cap is PEPE, reaching 8.74 billion USD, making it the highest market cap MEME among the analyzed chains (excluding DOGE and SHIB). Overall, on coingecko, 11 out of the top 100 tokens by market cap are MEMEs.
To have a deeper discussion on the development and methodology of MEME coins, PANews will soon launch a series of in-depth content analyzing chip data on top projects of different categories of MEME coins.
Do these MEMEs that have become gold mines have a large number of mouse warehouses? How long can early chips hold? When do large holders establish positions? We strive to restore the financial truth of these MEMEs with data. Stay tuned!
