In recent days, I have found that many people are discussing some old Altcoin and new MemeCoins.
As for old projects, the token price performance of some projects has indeed been relatively poor so far in this bull market. Since these old projects lack new technologies, are updated slowly, and do not have better hype and marketing, their prices have always been unsatisfactory.
For example, some friends previously held a large position in XMR. Although the token is hailed as a representative of anonymous/privacy projects in the crypto field, with the problems of regulation and being delisted by exchanges, Monero seems to have become an old project with outdated technology and overvaluation. The same situation also happened to other old projects, such as XRP, which was once designed as a representative of blockchain with high TPS. The vision at that time was to become the fastest decentralized blockchain, but now it seems that many other projects have surpassed it in terms of TPS and decentralization, and it still maintains a high valuation of 60 billion US dollars.
In simple terms, old projects that are too scattered, too heavy, and do not meet the new market hype point seem to have no funds willing to pull up the market. The supply is completely controlled by the team/VC, and the price is always manipulated. They don't seem to think about development or innovation except cutting leeks. Therefore, as time goes by, the prospects of such old projects are worrying.
In addition to old projects, because the new projects born in this cycle can also be described as massive, the projects with high FDV, low MC, and continuous sales pressure (such as large-scale unlocking or continuous unlocking) do not seem to give people a good feeling at present. The past performance of such projects seems to be designed for VCs to specifically reap profits in this field.
Therefore, if you are making short-term investments (or speculation), you only need to grasp the market sentiment and maintain a keen sense of the market, and you don’t need to consider too much of the long-term value of the project itself (but value can be used as an expected marketing point or statement). In the medium and long term, if you want to continue to invest in copycat projects, whether they are old or new, there are several aspects of research that you should at least pay attention to, including the project’s narrative ability, relevance principle (Relevance), and MC/FDV.
Having briefly discussed the issue of Altcoin, let’s move on to discussing MemeCoin.
Compared with the investment in Altcoin projects, the performance of MemeCoin in this round of price has indeed impressed many people. Although there are more fraudulent projects or fraudulent behaviors in the MemeCoin sub-field, there are also many representative projects with extraordinary price performance, such as the more representative PEPE, WIF, BONK, etc. Of course, they are more of a performance in price (the underlying logic is the performance of people's emotions). From the perspective of products and technology, such projects themselves are actually not of much value, or even worthless.
But as long as the price can perform well, it seems to be enough, because many people enter this field for the purpose of making money in the short term, so MemeCoin has become the main choice and goal of these people. It is also because there are so many speculative opportunities that the number of MemeCoins on each chain is also very large. I made a simple statistics:
As of the time of writing, the number of MemeCoins available for trading on the Ethereum chain has exceeded 360,000, more than 1,690,000 on BNB Chain, more than 2,300,000 on Solana, more than 500,000 on Base... The total number of all chains has exceeded 5.5 million.
At the same time, the number of new tokens (mainly MemeCoin) generated on each chain every day is also very large, basically maintaining a growth rate of 10,000 to 20,000 per day. As shown in the figure below.
Although from a certain perspective, MemeCoin also represents fun, openness and democracy, and compared to many Altcoin, one of MemeCoin's core advantages is that the circulating supply during the TGE stage is 100% (i.e. MC/FDV). However, in addition to possible fraud, how to find MemeCoins that may have growth potential or opportunities among the numerous MemeCoins seems to be the main problem faced by most people.
1. What are the main categories of MemeCoin?
In terms of the popular theme trends of MemeCoin, we can currently divide the mainstream MemeCoin into the following five categories:
The first category is the Dog theme series
This type of MemeCoin mainly uses the image of dogs as the theme of promotion. The theme of dogs should start with the phenomenal DOGE in 2013. DOGE is also one of the brightest cubs in the last bull market (one of the coins that Musk has been openly promoting in the past). As time goes by, MemeCoins such as SHIB, BONK, FLOKI, and WIF, which also use the image of dogs, have also had a new round of outstanding performance in the past period of time. As shown in the figure below.
The second category is the Frog theme series
With the emergence and popularity of PEPE last year (2023), a new round of creative enthusiasm has been stimulated, resulting in the birth of various new MemeCoins such as BRETT, PEPECOIN, APU, PEIPEI, etc. As shown in the figure below.
The third category is the Cat theme series
Where there are dogs, there are cats. Therefore, cat-themed MemeCoins have also appeared in large numbers, and seem to be constantly challenging the dominance of dog-themed memes. As a result, MemeCoins such as MEW, POPCAT, MOG, and MICHI have also become popular. As shown in the figure below.
Of course, in addition to the two most popular themes of dogs and cats, there are also MemeCoins with various animal themes such as Duck. Let’s put it this way, as long as it is something you have seen in the zoo, you should be able to find it in the MemeCoin field.
The fourth category is the PolitiFI theme series
This category is also a very popular MemeCoin series recently. The mainstream tokens are basically related to the US election, such as TRUMP, boden, tremp, etc. As shown in the figure below.
The fifth category is the celebrity theme series
These are MemeCoins issued by various stars/celebrity or well-known KOLs. With their own strong fan and traffic base, such MemeCoins often have short-term hype opportunities, such as MOTHER, WYAC, JENNER, etc. As shown in the figure below.
2. Some tools related to MemeCoin
Let’s put it this way, as long as the crypto market continues to maintain its current state of not having enough new liquidity entering, and at the same time continues to be accompanied by potential huge unlocking/selling pressure from various Altcoin, it will be difficult for the market state to change significantly. Under this overall state, perhaps only some MemeCoins will continue to create a new round of speculative opportunities.
However, for retail investors, in addition to making emotional choices based on personal preferences, the first consideration for playing MemeCoin is the risk issue. For example, MemeCoin with a low market value has a higher risk, but once it rises, the opportunity is greater, and vice versa. For MemeCoin, the premise we have always given is that you are advised to only play with the part of the funds that you can afford to lose, and then consider using channels, methods, or tools to discover or mine.
In the previous article on MemeCoin, we have already sorted out some basic ideas and methods. Next, let's continue to sort out some related on-chain tools for the topic of MemeCoin. Because making good use of some tools can make your research more efficient.
The first category of tools: DEX/aggregator/market
Because most MemeCoins cannot be directly listed on large CEXs (such as Binance and OKX), various DEXs on different chains have become the main focus of people.
The first tool is DexScreener
DexScreener currently supports transactions of more than 30 chains and at least millions of tokens. You can not only see the latest MemeCoins listed through this tool, but also view a lot of key information of the corresponding tokens, such as charts (K-line), trading volume, liquidity, holders, etc., and you can also add them to your monitoring list with one click. As shown in the figure below.
The second tool is DEXTools
DEXTools is similar to the DexScreener mentioned above in terms of functionality, but its interface may be more user-friendly (supports Chinese interface display), and it also has a DEXT score module that can be used to assist your judgment, as shown in the figure below.
The third tool is AVE
AVE and DexScreener are similar in function, but AVE (which also supports Chinese interface display) seems to be more used by Chinese people, while foreigners prefer to use DexScreener. As shown in the figure below.
The fourth tool is birdeye
Birdeye is also similar to the above aggregator tools, but its function seems to be more focused on the exploration and discovery of gemstones, as shown in the figure below.
The fifth tool is GMGN
The biggest feature of GMGN is that it provides a variety of relatively real-time buy/sell signal references, and provides users with some valuable on-chain transaction information by monitoring various wallets (such as smart money). As shown in the figure below.
The second category of tools: security testing/contract testing
I have received some feedback before. For example, many new partners followed the so-called teachers they met online to trade, but were led to fake exchanges and finally fell into pig-killing schemes step by step and lost all their capital. If you have encountered similar problems, I can’t help you. There seems to be no better choice than to call the police (but the reality is that many people will not choose to call the police, but will silently accept the fact that they have been cheated).
Although direct trading through some DEXs will not encounter the problem of pig-killing schemes (your wallet is your asset), many MemeCoins may have problems such as honeypots, such as you can only buy but not sell. Therefore, before participating in MemeCoin, we need to conduct some necessary security checks.
At present, aggregators such as DexScreener and GMGN mentioned above also provide some security detection modules, but there are also some specialized security detection tools that we can use in conjunction.
The sixth tool is Token Sniffer
Token Sniffer can be used to scan the potential risks of smart contracts. This tool is also one of the most widely used security detection tools, supporting token contract detection of 14 chains. As shown in the figure below.
The seventh tool is rugdoc
RugDoc provides a honeypot checker function that can be used to help you identify potential risks of on-chain tokens such as BSC, as shown in the figure below.
The 8th tool is honeypot
Honeypot is a tool dedicated to detecting honeypot behavior. It currently supports token contract detection of Ethereum, BSC, and Base chains. As shown in the figure below.
The ninth tool is rugcheck
Rugcheck is a tool mainly used to detect risks of token contracts on the Solana chain. As shown in the figure below.
The 10th tool is solsniffer
In addition to detecting the risks of Solana on-chain token contracts, solsniffer also provides scoring, holder analysis, wallet asset analysis, etc., as shown in the figure below.
Another point that needs to be reminded here is that many security detection tools are routine tests on contract codes. In other words, even if you do not detect any problems with a certain tool, it does not mean that the corresponding token contract is really fine. But it is always better to conduct necessary tests than to do nothing. While testing, focus on whether liquidity is locked, whether token permissions are abandoned, whether tokens can be issued indefinitely, and other issues.
The third category of tools: Trading robots/TG Bots
Most MemeCoins seem to be based on information asymmetry. Sometimes, whether you make money or not can be determined within a few minutes. Therefore, in order to trade MemeCoin first, many people will use some telegram bots. Below we only list 5 popular robot tools.
The 11th tool is BonkBot
BonkBot currently supports Solana chain token preemptive trading, and the cumulative number of users is currently 392,137. As shown in the figure below.
The 12th tool is Maestro
Maestro currently supports preemptive trading of BSC, Ethereum, Arbitrum, Base, and Solana chain tokens, and the cumulative number of users is currently 357,128. As shown in the figure below.
The 13th tool is the Banana Gun
The Banana Gun robot currently supports preemptive trading of Ethereum, Solana, and Base chain tokens, and the cumulative number of users is currently 220,371. As shown in the figure below.
The 14th tool is Sol Trading Bot
Sol Trading Bot currently supports preemptive trading of Solana chain tokens, and the cumulative number of users is currently 572,941. As shown in the figure below.
The 15th tool is Unibot
The Unibot robot currently supports preemptive trading of Base, Ethereum, and Solana chain tokens, and the current cumulative number of users is 38,603. As shown in the figure below.
The fourth category of tools: Others
In addition to the aggregator tools, security detection tools, and trading robot tools listed above, there are actually many more tools for MemeCoin mining (since everyone is familiar with the two major categories of tools, crypto wallets and blockchain browsers, we will not mention them here). Here we randomly list 5 more commonly used tools in other areas.
The 16th tool is Tweetscout
TweetScout is a tool for identifying the activity of a project's Twitter account. You can use this tool to directly query the activity of any project's Official Twitter, such as social score (more than 200 points is considered a good indicator), popular followers and affiliated accounts, etc. As shown in the figure below.
The 17th tool is TwitterScore
TwitterScore is another free tool for identifying project Twitter, which will classify and sort various projects and also show whether funds are paying attention to the project. As shown in the figure below.
The 18th tool is pumpfun
pumpfun is a MemeCoin service platform based on Solana. You can quickly create a MemeCoin through the platform without any technical threshold in the creation process. At the same time, you can also directly trade various MemeCoins created by others. As shown in the figure below.
Of course, there are some other tools of the same type. For example, if you like to play with the Base chain, you can also try wagmi, which is also a fast publishing and trading platform for MemeCoin. In addition, the DexScreener we mentioned above also has a Moonshot product, which is similar to pumpfun and wagmi.
The 19th tool is alphatrace
Alphatrace currently supports the Ethereum network and is a tool that can discover and track Smart Money (smart wallet addresses) in real time. If you want to view the historical transaction win rate, realized profit, unrealized profit, etc. of a MemeCoin holding address through various aggregator platforms, you can try this tool. As shown in the figure below.
The 20th tool is the Huali Huawai Toolbox
Due to limited space, we only list less than 20 tools above. If you like to use some tools to research and mine on-chain data, you can also directly view them through the toolbox in the Notion version of Hualihuawai. We will update various commonly used or practical on-chain tools from time to time. As shown in the figure below.
This is the end of our sharing of this issue. This is also the 491st article updated by Hualihuawai. For additional information such as data citations and image sources involved in the main text, please refer to the article backup of the corresponding date in the Notion version of Hualihuawai.
Disclaimer: The above content is only a personal point of view and analysis, and is only used for learning records and communication, and does not constitute any investment advice. The encryption field is a high-risk market. In addition to various forms of hacker attacks, fraud and pig-killing schemes, many projects also have the risk of returning to zero at any time. Please look at it rationally, establish a correct investment concept, improve risk prevention awareness, and do not touch it if you don’t understand it.
