“Which CA are we rushing to today?”
The ever-emerging MEME coins continue to be enthusiastically mined by players. In some MEME groups, players share the contract addresses of the MEME coins they have just purchased.
The launch of new MEME launch 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 behind the current popularity of MEME coins, overshadowing mainstream cryptocurrencies.
Although only a few survivors can successfully emerge from the thousands of new MEME coins launched daily, how can one grasp the potential winners among the successful ones? Is the rise of leading MEME coins accidental, or are there any noteworthy characteristics? For this reason, PANews has compiled a list of the top 12 popular MEME coins on Ethereum and Solana with higher market values (selected based on the highest market value projects with the same name on each chain, as of October 18th).
Table of Contents
Toggle
Over 70% of MEME coins became popular this year, with significant returns requiring holding for at least five months.
Most experienced significant retracements, with average holdings reaching tens of thousands of dollars.
Analyzing the multiple logics behind the rise of MEME coins.
Enduring time tests and establishing strong community consensus.
Enhancing attractiveness through the wealth effect.
Leveraging the celebrity effect for greater influence.
Seizing user minds through the first-mover effect.
According to CoinGecko data, as of October 18th, the market value of the MEME sector has exceeded $61 billion, reaching a historical high. Among them, 10 MEME coins have entered the top 100 in the cryptocurrency market. In addition to well-known players such as Doge, SHIB, and PEPE, there are also newcomers such as 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 cumulative market value of over $5.54 billion, accounting for nearly 9.1% of the overall MEME market value. POPCAT, Neiro, MOG, SPX, and SPX have the largest market sizes. 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, it took an average of 162.7 days, with BITCOIN (HarryPotterObamaSonic10Inu), MOG, SPX, and GIGA requiring a longer time, often at least a year or more. This suggests that MEME coins that have been verified through a certain period are more likely to gain community recognition. On the other hand, MOODENG, GOAT, and Daram all experienced strong surges to their peak within a month, with the shortest time being just 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 token’s all-time high, there was an average increase of 39.3%. Among these MEME coins, APU and MOODENG had the highest growth rates at 135.7% and 119.9%, respectively. In contrast, BITCOIN, POPCAT, and Neiro had less significant growth rates at 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 early on, and the timing of price increases.
Moreover, these MEME coins have generally brought remarkable returns. From the statistical data, the average highest return rate among the 12 MEME coins exceeded 37,000 times. Excluding the extreme value of GIGA’s 245,000 times, the average highest increase for the other MEME coins was 18,000 times. BITCOIN, SPX, MOODENG, and GOAT performed particularly well, while Daram and POPCAT lagged behind. Of course, these return rates are based on market value data, and it is rare for players to catch all the increases. However, some players still managed to achieve gains of thousands or even tens of thousands of times. PANews has previously analyzed the profitable paths of GOAT and MOODENG.
When measuring the ability to control price risks, 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 channel after gaining popularity, the other MEME coins have experienced different degrees of retracement from their historical highs, with an average maximum drawdown rate of about 49.1%. MICHI, APU, MOG, and MOODENG experienced the largest declines, with declines of 87.7%, 87.5%, 71.1%, and 65.4%, respectively. This also means that holders who bought at the peak will face the risk of significant losses. In comparison, GIGA, FWOG, POPCAT, and Neiro had maximum drawdown rates far below the average.
Furthermore, in terms of the number of days to recover from the retracement, these projects took an average of about 23.9 days. Among them, MICHI, APU, MOG, and MOODENG, which had the highest drawdown rates mentioned earlier, required longer recovery periods, with some taking over a hundred days. On the other hand, GIGA, BITCOIN, FWOG, POPCAT, SPX, and Neiro had recovery times in single digits. The length of the price adjustment cycle will also affect the confidence of holders, with longer cycles having a greater impact.
In addition, looking at the current holding values of these 12 projects, excluding the top 10 holding addresses, the average current holding value 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 $26,560, $17,504, $16,337, $15,120, and $11,297, respectively. Daram, GIGA, GOAT, and MOODENG have holding values below the average, all below $5,000. If we look at the ratio of holding value to the highest increase, POPCAT, Daram, FWOG, and Neiro have higher investment costs, while GOAT, MOODENG, and GIGA have lower costs.
Behind the simple internet memes and the billion-dollar cultural narratives, the success of these MEME projects provides the following insights:
Time is always an important tool for testing value, and projects that span longer periods of time often gain market recognition. Take BITCOIN (HarryPotterObamaSonic10Inu) as an example. This is an abstract MEME that combines elements such as Harry Potter, Obama, and Sony. It gained attention in 2023 due to a surge in price, but its price experienced fluctuations for a year until it began a continuous rise in September of 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 a story about an anime girl surpassing the market value of the S&P 500. Looking at the price trend, SPX also experienced a long period of stagnation until September of this year. According to the analysis by the online analyst Ai Yi, the MEME’s Dev and its associated addresses have not interacted for a long time, indicating that SPX has been completely handed over to the community.
Using POPCAT as another example, the MEME surpassed a market value of $1.3 billion without even being listed on major exchanges, thanks to its strong community support. Although POPCAT’s increase is not as high as other MEME coins, it already has over 77,000 holding addresses, the highest among the projects mentioned above.
For many MEME players, the continuous decline in the value of value coins has made them less willing to “buy the dip,” and the MEME field has become a means for the community to resist venture capitalists. The higher wealth effect undoubtedly makes MEME coins more attractive and is a simple and direct way to attract funds and new users, especially for users with limited funds who can leverage low-cost investments for imaginative returns.
For example, GIGA (GigaChad) is a MEME coin that pays tribute to the legendary figure Ernest Khalimov. It achieved a record increase of 245,000 times, far surpassing other MEME projects mentioned earlier. MOG (Mog Coin) is the first expression-based cultural coin and has achieved an increase of over 16,000 times since its launch. It has also gained more supporters as its price has risen, showing a steady 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 that attract more attention also gain more consensus and have a greater potential for growth. Among them, the celebrity effect often possesses attractiveness and influence, which have been important factors in the success of previous MEME coins.
For example, APU (Apustaja) is one of the widely used frog emoticons on the internet and has a similar image to PEPE. It also has a strong cultural foundation. MOODENG is backed by the internet-famous animal Moo Deng and has a great influence and traffic support. According to a survey by crypto KOL Rasmr, MOODENG is currently the most popular MEME coin among ordinary people. However, MEME coins like these are often influenced by changes in the underlying support value. For example, MOODENG’s market value has dropped significantly after the Moo Deng frenzy cooled down.
“Becoming the first is a shortcut to enter people’s minds.” Among the many MEME narratives, novel narratives often attract players more easily. For example, GOAT (Goatseus Maximus) is the first MEME coin created and promoted by AI agents and gained popularity with the reputation of a16z. Within just over a week, the MEME achieved a market value of over $300 million and a maximum increase of over 24,000 times. Daram combines BRC20 and MEME properties, opening up the issuance channel for MEME assets and achieving a peak market value of over $50 million within a week of launch.
PANews has compiled a list of commonly used tools for playing MEME, including contract security detection, data boards, launch platforms, and commonly used wallets. With over 50 practical tools, it helps capture alpha! Click the link to experience it now.
This article is authorized to be reproduced by PANews.