OurNetwork: A look at the current status of popular Memecoins

Author: Matt Casto, Ario Source: OurNetwork Translation: Shan Ouba, Golden Finance

1. Politician Memecoins

The number of Trump and Biden themed tokens has hit the highest issuance since the end of May

In the past few days, the number of Trump and Biden-themed paired tokens has increased significantly, reaching the highest level since the end of May. The vast majority of these paired tokens were created on Uniswap v2, not v3. This may be due to the simpler creation and management of v2 pools, a clearer fee structure, and lower gas costs for certain operations. It should be noted that this data does not include paired tokens created on the Solana chain, only Ethereum and other EVM chains.

• In terms of transaction volume, the most popular Trump and Biden psychedelic coins on Ethereum and some EVM chains were issued before the political psychedelic coin craze in May. As the craze heated up, more paired tokens were issued, and the early issued tokens received considerable trading volume.

• The prices of MAGA and BODEN (the two most popular political meme coins) have been moving in sync since the beginning of June. While there was no divergence in performance after the June debate, last weekend was the largest divergence observed between the two assets.

2.BONK

In the past 90 days, BONK trading volume on DEX exceeded US$2.8 billion

• BONK is a meme-inspired cryptocurrency based on Solana, which is known for its active community and aims to bring fun and engagement to the crypto world. Despite its interesting origins, $BONK has a large trading volume and high user engagement, making it a notable player among memecoins. In the past 90 days, it has exchanged more than $2.8 billion on DEXs, involving 205,400 exchangers. The distribution by DEX shows that exchanges Jupiter (39.23%) and Phoenix (37.98%) facilitate the majority of trading volume.

• During this period, the price of BONK has shown significant volatility, reaching as high as $0.000041 (a new high). Increased buying volume is directly correlated to the price of BONK, as evidenced by the ratio of buyers to sellers. When this ratio exceeds 1.4, price increases usually follow. BONK's movement on CEX shows a subtle mix of inflows and outflows. Notably, the large outflows over the past 90 days highlight how liquidity shifts can affect market sentiment and price volatility. A total of $2,982.7 billion in net BONK was withdrawn from CEX, indicating active activity. 3. WIF Dogwifhat’s WIF token is one of the worst performing memecoins. Dogwifhat (WIF) reached its highest ranking on CoinMarketCap, becoming the third largest meme coin by market cap, surpassing PEPE and briefly surpassing BONK to become the most valuable Solana meme coin, with a peak market cap of over $2 billion. However, it has recently experienced a sharp decline. Since June 1, WIF’s price has fallen by 55%, making it one of the worst performing meme coins since then. The token recently fell out of the top 50 before returning to the 49th position on CMC on July 15.

• Despite the decline, WIF remains one of the most traded assets. In fact, as of July 15, it ranks 13th in terms of 24h volume ($307 million) and 16th in terms of CMC 7-day volume ($1.8 billion). As a result, WIF's trading volume exceeds the combined total of BONK, MOG, and POPCAT. (24h/7d). Still liquid.

• WIF's net flow (buy volume - sell volume) is still the highest among the top memecoins. In fact, the $WIF token has seen a net on-chain flow of +445 million USD in the last 24 hours. The second-largest token is $BONK, which has seen a net flow of $352 million in the last 24 hours. PEPE accounts for only 11% of WIF’s net flow.

• Tx-Level Alpha: The whale responsible for the largest single market purchase ($6.2 million at the time) spent $4.65 million just two weeks ago to buy 2.3 million WIF tokens at $2.03. Despite the pullback, he has not made any additional purchases since then. Does he expect more losses? He remains the largest WIF holder, with one of his addresses holding about 23.39 million WIF tokens, worth $36 million at current prices. However, 24 days ago, our whale still deposited 3.5 million WIF to centralized exchanges.

4. FLOKI

FLOKI's trading volume exceeded $8.6 billion in the first 8 days of March

• Floki started out as a meme token inspired by Elon Musk, but has since grown into a thriving ecosystem with multiple practical products, millions of fans around the world, and one of the world's most recognizable crypto brands. FLOKI is the largest "memecoin" on the BNB chain and one of the largest memecoins on the ETH network, accounting for about 23% of its total supply. Its trading volume is also very impressive, for example, the trading volume in the first 8 days of March exceeded 8.6 billion US dollars.

• Floki's staking program adds another layer of utility value to FLOKI and ensures its long-term stability. Staking FLOKI enables users to earn Floki's sister token TokenFi/TOKEN, a top RWA tokenization project. The longer the token is staked, the higher the APY users receive.  

• FLOKI's trading volume in the first 8 days of March exceeded US$8.6 billion.

• Binance, the world's largest cryptocurrency exchange, has staked 205 billion $FLOKI tokens, worth more than $7.8 million, for one year using Floki's staking program. This level of commitment demonstrates a strong belief in Floki and the TokenFi ecosystem and its future.

5. BNB Memecoins

BNB Chain provides $1 million in support to the meme ecosystem through the Meme Innovation Program

• The "BNB Chain Meme Innovation Competition" provides developers and the community with the opportunity to unleash their creativity and compete for up to $500,000 in rewards. CAT leads with a total transaction volume of 54.3 million. The competition successfully promoted liquidity and innovation in the BNB Chain community. In addition, WHY, created as an entry to the program, has a market value of over $70 million.

• Developers can easily create memecoins on BNB Chain using launchpads such as Four.meme, Burve, and Flap. In addition, developers can easily create and issue their tokens using TokenFi or PinkSale. BNB Chain's low fees, fast transactions, and large user base make it an ideal choice for creating memecoins.

• Floki and Baby Doge Coin are the two largest meme coins on BNB Chain. FLOKI currently has a daily trading volume of $2.8 million and a fully diluted value (FDV) of $766.4 million. Meanwhile, Baby Doge has a daily trading volume of about $1 million and a FDV of $274.1 million.

• BNB Chain has allocated $900,000 for LP support to further develop and grow promising meme projects. All revenue generated by the LP support fund has been reinvested to support further development of meme coins. These funds will be sent directly to this dedicated LP address.