Author: PANews, Frank
MEME coins have become an important business card in the crypto world, with ups and downs of wealth stories and hot topics. On the other hand, MEME culture has become increasingly complex with the influx of a large amount of capital, and the speculation has even shifted from online hot spots to various abstract cultures. For many people who aspire to find the wealth code in this market, it seems to have entered an epic level of difficulty in understanding.
Compared to the unabated heat, the MEME track still lacks some macro tools to analyze the overall development situation, and people seem to be more obsessed with the stimulation of PVP, but rarely think about what kind of MEME is more likely to run out of the curve, or what are the characteristics behind those top MEME?
PANews will restore the truth of the head MEME through the overall data of MEME.
Dog series MEME become the ultimate winners
As of November 21, there are more than 32 MEME coins with a market cap of over $100 million on the Solana chain, with the highest market cap MEME coin being BONK, a dog-themed token launched in 2023.
PANews categorized these tokens as follows: crypto native (crypto original content), frog series (similar to PEPE), cat, dog, internet hot spot (from TIKTOK or other internet social hot spots), AI, DeSci.
According to this classification, we can see that the number of tokens in the internet hot spot and cat series categories is the largest, with 8 and 7 respectively. The number of AI-themed tokens is 6. But in terms of total market cap, the dog series MEME has the highest total market cap, reaching $7.206 billion, accounting for 42% of the total market cap.
The market cap of the cat series tokens is about $3.224 billion, and from this perspective, the cat-dog war is currently led by the dog series.
AI triggers the "October Revolution" of MEME
In addition to the market cap comparison, the overall market heat can be seen from the timeline. The figure below shows the issuance time comparison of MEME tokens with a market cap of over $100 million. From this comparison, we can clearly see that there is a significant thematic preference in the MEME market in each time period.
The dog series tokens are the earliest known series on the Solana chain, with almost all of them concentrated in 2023. From November 2023 until now, nearly a year later, there are still 3 dog series MEME with a market cap of over $100 million, with BONK ranking first on Solana chain MEME with a market cap of nearly $4 billion, and $WIF ranking second. 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 the heat seems to have been maintained until September, with cat series tokens constantly becoming new MEME stars during this period. Overall, 4 to 5 months on Solana can be said to be the cat's market. However, in terms of overall average market cap, the average market cap of the cat series reached $1.295 billion, second only to the dog series, which also indirectly shows that the cat-dog war is still the biggest winner on Solana.
October was the month when Solana entered the highest MEME heat, with the most MEME coins with a market cap of over $100 million born in this month, a total of 11, with the most being AI series and internet hot spots. The representative tokens in this month include MOODENG (internet hot spot) and GOAT (AI).
In November, when the crypto market was generally hot, the MEME angle changed every day, but it seems that no strong momentum has been formed so far. 3 tokens born in November reached a market cap of $100 million, still mainly AI and internet hot spots. The DeSci angle that has been rising recently only has one token, $RIF, reaching over $100 million in market cap. In November, the most eye-catching one was Pnut, which became the youngest $1 billion token with the help of Musk and Binance.
From the overall time span, the MEME tokens with the highest market cap on the Solana chain are still those with earlier issuance time, and only Pnut among the top ten tokens has been issued for less than 1 month. Perhaps from this perspective, the top tokens generally need to experience the precipitation and accumulation of consensus over time.
The thick liquidity pool allows the frog series to have a place
In finding the reasons why these tokens can stand firm with a market cap of over $100 million, PANews found some unique phenomena that may explain the problem. In terms of overall market cap and social media heat, the frog series tokens do not seem to be particularly popular, but there are still 3 frog series tokens occupying a market cap of over $100 million.
Observing the liquidity pool amount of all these tokens, it can be found that the frog series tokens have the largest liquidity pool, with the liquidity pool of the 3 tokens exceeding all other series, reaching $179 million, with an average of $59.9 million per frog token and an average liquidity pool/market cap ratio of 11.53%. Sufficient liquidity may be the proof of the persistence of large capital. From the average point of view, the liquidity pool of the AI series seems to be the thinnest (except for DeSci), only $7.03 million, with a liquidity pool/market cap ratio of only 1.49%, and such liquidity may be difficult to maintain for a longer period, but from the current point of view, the AI series seems to be still in the stage of contention among the champions, and large capital has not yet been invested in the liquidity pool in the undecided situation.
One in sixty thousand grasps a $100 million large MC memecoin
So how many tokens can really break out and become a true MEME gold mine? As of November 21, Pump.fun has issued a total of 3.59 million tokens, a scale that has far exceeded the total token issuance in the crypto world over the past 10 years. Of these, the number of tokens that have graduated (fully curved on Raydium) is 50,389, accounting for about 1.4%. And the number of tokens with a market cap of over $100 million is 32.
The number of MEME tokens with a market cap of $10 million to $100 million is 154. The probability is about 0.00089%, less than one in ten thousand. It accounts for about one in six of the graduated tokens. The number of tokens with a market cap of $1 million to $10 million is 396, accounting for 0.79% of the graduated tokens, and the number of tokens with a market cap of $10 million to $100 million is 150, accounting for 0.29% of the graduated tokens.
From this data ratio, getting a wealth code and successfully profiting is no easier than buying a lottery ticket. But it still seems higher than the probability of winning the first prize in the lottery (about one in 17.72 million). No wonder the crypto community calls MEME investment a lottery-style investment.
In addition to Solana, what other public chains are also MEME hotbeds?
In our impression, Ethereum and BSC chains were once the MEME paradise. From the current data, in addition to Solana, the prosperity of the Base chain seems to be quietly happening.
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 the gathering place for the middle force of MEME. Ethereum is still the place with the most top MEME outside of Solana, with a total of 16 MEME over $100 million. The highest market cap among them is PEPE, reaching $8.74 billion, which is the highest market cap MEME among the analyzed chains (DOGE and SHIB are not included here). Overall, among the top 100 tokens by market cap on coingecko, 11 are MEME.
In order to have a deeper discussion on the development and methodology of MEME coins, PANews will launch a series of in-depth content, analyzing the chip data of the leading MEME coin projects in different categories.
Do these MEME that have become gold mines have a large number of rat warehouses? How long can the early chips be held? When do the big players start building positions, and so on, we will try to restore the true story of these MEME's funds using data. Please stay tuned!
