“Which CA are we rushing to today?”
The endless stream of MEME coins continues to captivate players, who tirelessly mine for potential “golden dogs.” In some MEME groups, players share the contract addresses of the MEME coins they have just purchased. The launch of new MEME platforms has lowered the difficulty of coin issuance, and KOLs continue to drive various MEME projects to dominate the market. PANews has also analyzed the reasons why MEME coins are currently overshadowing mainstream cryptocurrencies.
Although only a few survivors can emerge from the thousands of new MEME coins launched daily, how can one grasp the potential stocks among the successfully landed MEME coins? Is the rise of leading MEME coins accidental, and what characteristics are worth noting? In this article, PANews has compiled a list of the top 12 popular MEME coins on Ethereum and Solana by market value (selected based on the highest market value projects on each chain as of October 18th).
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Over 70% of MEME coins gained popularity this year, with significant returns usually requiring holding for at least five months.
Most experienced significant pullbacks, with average holdings reaching tens of thousands of dollars in value.
Analyzing the multiple logic behind the rise of MEME coins.
Enduring time tests and establishing strong community consensus.
Enhancing attractiveness through the wealth effect.
Celebrity effect with inherent influence.
Seizing user mindshare through first-mover advantage.
According to CoinGecko data, as of October 18th, the market capitalization of the MEME sector has surpassed $61 billion, reaching a historical high. Among them, 10 MEME coins have entered the top 100 in the cryptocurrency market, including not only established players like Doge, SHIB, and PEPE but also newcomers like WIF, BONK, and POPCAT.
The 12 popular MEME coins selected by PANews were mostly launched after 2023, with the majority gaining popularity this year, accounting for over 70%. In terms of market size, these projects have a combined market capitalization of over $5.54 billion, representing nearly 9.1% of the overall MEME market value. POPCAT, Neiro, MOG, SPX, and SPX have the largest market size among them. This also indicates the level of participation in the MEME market.
Looking at the time it took for each MEME project to reach its token’s all-time high, the average duration was 162.7 days. BITCOIN (HarryPotterObamaSonic10Inu), MOG, SPX, and GIGA required longer periods, ranging from at least a year to even more time. This indicates that MEME coins that have been validated over a certain period are more likely to gain community recognition. On the other hand, MOODENG, GOAT, and Daram experienced strong surges to their peak within a month, with some lasting only a few days. Of course, this is directly related to the current community enthusiasm.
In terms of the change in the number of holding addresses after reaching the all-time high price, the average increase was 39.3%. Among these MEME coins, APU and MOODENG had the highest growth rates, with 135.7% and 119.9% respectively. In contrast, the growth rates of projects like BITCOIN, POPCAT, and Neiro were not significant, with increases of only 5.3%, 3.2%, and 1.5% respectively. This may be related to factors such as listing on mainstream exchanges, accumulating a sufficient user base in the early stages, and the timing of price increases.
Moreover, these MEME coins have brought astonishing returns. Based on statistical data, the average highest return among the 12 MEME coins exceeded 37,000 times. Excluding the extreme value of GIGA, which reached a staggering 245,000 times, the highest average increase of other MEME coins was 18,000 times. BITCOIN, SPX, MOODENG, and GOAT performed particularly well, while Daram and POPCAT lagged behind. Of course, these returns are based on market value data, and it is unlikely that any player could capture all these gains. However, some players did achieve thousands or even tens of thousands of times in profit. PANews has previously analyzed the profitable smart money paths on GOAT and MOODENG.
When measuring the ability of price risk control, the maximum drawdown rate is undoubtedly one of the commonly used indicators and a psychological test for holders. From the data, excluding GOAT and Daram, which are still in an upward trend after gaining popularity, the other MEME coins have experienced different degrees of pullbacks from their historical highs, with an average maximum drawdown rate of about 49.1%. MICHI, APU, MOG, and MOODENG experienced the greatest declines, with decreases of 87.7%, 87.5%, 71.1%, and 65.4% respectively, which means that their holders who bought at the peak face significant risks of losses. In comparison, the maximum drawdown rates of GIGA, FWOG, POPCAT, and Neiro are much lower than the average.
Furthermore, in terms of the time it takes for these projects to recover from a drawdown, the average is about 23.9 days. Among them, projects with the highest drawdown rates, such as MICHI, APU, MOG, and MOODENG, require longer recovery periods, some taking more than a hundred days. On the other hand, GIGA, BITCOIN, FWOG, POPCAT, SPX, and Neiro have recovery times in the single digits. The length of the price adjustment period will also affect the confidence of holders, and the longer the period, the more it impacts confidence.
In addition, looking at the holding value of these 12 projects, the average holding value, excluding the top 10 holding addresses, is nearly $9,837.6 (calculated based on the October 18th price). Among them, SPX, MOG, POPCAT, Neiro, and BITCOIN have the highest holding values, with values of $26,560, $17,504, $16,337, $15,120, and $11,297 respectively. Daram, GIGA, GOAT, and MOODENG are below the average, all below $5,000. Looking at the ratio of holding value to the highest increase in multiples, POPCAT, Daram, FWOG, and Neiro have higher investment costs for holders, while GOAT, MOODENG, and GIGA have lower costs.
From simple internet memes to billion-dollar cultural narratives, the success of the above MEME projects provides the following insights:
Time is always an important tool for testing value, and projects that span longer periods often gain market recognition. For example, BITCOIN (HarryPotterObamaSonic10Inu) is an abstract MEME that combines elements of Harry Potter, Obama, and Sony. It gained attention in 2023 due to a surge, but its price experienced a year-long turmoil until it began to rise steadily in September this year. During this period, BITCOIN’s holders also continued to increase, achieving a nearly 88.2% increase within a year. SPX (SPX6900) is also an abstract MEME launched in 2023, with the story of an anime girl surpassing the market value of the S&P 500. Looking at the price trend, SPX also went through a long period of stagnation until September this year. According to online analyst Ai Yi’s analysis, the MEME’s Dev and its associated addresses have not interacted with the project for a long time, indicating that SPX has completely handed over to the community.
Taking POPCAT as another example, the MEME reached a market capitalization of over $1.3 billion even before listing on major exchanges, thanks to its strong community support. Although POPCAT’s surge is not as high as other MEME coins, it already has over 77,000 holding addresses, the highest among the mentioned projects.
For many MEME players, the continuous decline in the value of value coins has made them no longer willing to “buy the dip,” and the MEME field has become one of the means for the community to resist VCs. The higher wealth effect undoubtedly makes MEME more appealing and attracts funds and new users in a straightforward manner, especially for users with smaller capital, who can leverage low costs for potentially imaginative returns.
For example, GIGA (GigaChad) is a tribute to the legendary figure Ernest Khalimov. It achieved a maximum surge of 245,000 times, far exceeding other MEME projects mentioned earlier. MOG (Mog Coin) is the first emoticon culture coin, with a maximum increase of over 16,000 times since its launch. It has also regained almost all of its decline after a significant pullback. MOG has been gaining more supporters as its price rises, showing a stable growth trend in the number of holding addresses.
MEME can also be understood as the monetization of attention economy. As a scarce economic resource, projects with a stronger ability to attract attention have more consensus and greater potential for growth. Among them, the celebrity effect often possesses attractiveness and influence, which has been an important factor in the success of past MEME projects.
For example, APU (Apustaja) is one of the widely used frog emoticons on the Internet, similar to the PEPE image, and has a strong cultural foundation. MOODENG, on the other hand, is supported by the internet-famous animal Moo Deng and has tremendous influence and traffic support. According to a survey by crypto KOL Rasmr, MOODENG is currently the most favored MEME coin among ordinary people. However, these types of MEME coins are often affected by changes in the underlying support value. For example, MOODENG’s market capitalization plummeted significantly after the Moo Deng hype cooled down.
“Becoming the first is a shortcut to entering the minds of people.” Among many MEME narratives, novel narratives often attract players more easily. For example, GOAT (Goatseus Maximus) is the first MEME coin promoted by AI agents and has gained popularity with the help of a16z’s reputation. Within just over a week, the MEME achieved a market capitalization of over $300 million, with a maximum increase of over 24,000 times. Daram combines BRC20 and MEME characteristics, and it has opened up the issuance channel for MEME assets, with its market capitalization surpassing $50 million within a week of launch.
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This article is authorized for reprint from PANews.
