Author: WEEX Labs

In the somewhat weary market environment, although Memecoin is no longer frenzied, it remains a battleground of the attention economy.

Memecoin Is Not Over, Just Changing Direction

Compared to the Memecoin dominance seen in 2024, this year's Memecoin has indeed quieted down significantly after $TRUMP, but this is not the end; it is a transition to the next stage of the market.

• From Solana to Base, BNB Chain: In the early days, Solana monopolized 90% of the new coin issuance share with its low fees and high speed, especially Pump.fun's launch significantly decentralized the token issuance rights, driving the Meme craze throughout 2024. However, with multi-chain expansion and continued efforts from other public chains, Solana's share has now dropped to 57%, while BNB Chain, Base Chain, and others are constantly grabbing on-chain share.

• Small and Medium-sized Memes Become Mainstream: The Memecoin market has shifted from the narrative dominated by billion-dollar market cap coins on the Ethereum chain like DOGE, SHIB, PEPE to large Memecoins with billions of dollars in market cap born on the Solana chain such as BONK, WIF, FARTCOIN, TRUMP, and now to small and medium-sized Memecoins with tens of millions in market cap born on various chains like BRETT and TOSHI on the Base chain, and Binance-related coins like Binance Life and BROCCOLI on the BNB chain. This shift indicates that the Memecoin market cap ceiling is continuously decreasing, and the market is becoming more mature.

• Accelerated Rotation Rhythm: With limited liquidity growth and an accelerating trend in Memecoin quantity, the market's rotation rhythm has changed from "weekly" to "hourly." Especially with the popularity of AI tools and the upgrade of social media algorithms, viral spread speed and decay rate have significantly increased. As a result, a large number of new coins now reach their peak from launch in just 24-48 hours, with a lifecycle much faster than the previous weekly cycle.

Recent Popular Memecoins: Social Media Buzz + Small to Medium Market Cap

Looking at recent popular Memecoins undoubtedly confirms the above changes.

$Franklin: Franklin The Turtle was originally a classic children's character from a series of books and TV shows in Canada in the late 1980s and 1990s. The current US Secretary of Defense recently posted a political satire image on X, expressing America's tough stance on cross-border military drug prohibition. Subsequently, the eponymous Memecoin portrayed Franklin the Turtle as a satirical, militarized anti-drug warrior. The coin was launched on December 1st and reached a peak FDV of $24.36M on the 10th before falling back to $5.4M.

$DOYR: The cause was DYOR being mistyped as DOYR, and then in response to a post saying "DOYR = DO YouR meme?", the BNB Chain community quickly launched a Memecoin of the same name. The coin was launched on December 6 and reached a peak FDV of $31.34M the next day, currently down to $3.4M.

$Horse Success: Originating from the Chinese community's blessing phrase "马到成功" (instant success), it is a popular Chinese Memecoin following the likes of "Binance Life" and "Tacky Penguin." The coin was launched on November 15, reached a peak FDV of $5.03M on December 2, and is currently at $2.6M.

$jesse: A personal Memecoin issued by Base's co-founder Jesse in November. The coin was launched on November 21, reached a peak FDV of $28.08M on the same day, and is currently down to $10M.

Opportunities in Memecoin Structural Changes

From the starting point of DOGE's doge meme to today's diverse ecosystem where any topic can become a coin, Memecoins are no longer just internet jokes but a perfect combination of community narrative, attention dissemination, and speculative frenzy.

This year's Memecoin market has been as exhilarating as a rollercoaster: accelerated rotation, reduced scale, multi-chain expansion, all of which signal a transition from revelry to maturity.

It can be foreseen that regardless of a bull or bear market, the Memecoin market will not quiet down in the future because as long as there is attention, someone will go all-in with a dog picture to spread emotion.

However, in the era of flash mobs, Memecoins have begun to shift from being a "joke" to a "cultural index." For example, old tokens like DOGE, SHIB, BONK are breaking free from religious constraints, continuously upgrading technologically and applying themselves to empower memes. On the other hand, many new and smaller Memecoins are turning to "social media popularity + data-driven" strategies. While the risk is higher, the opportunity is more refined, and the rise and fall of these Memecoins also represent the changing popularity of certain social topics.

Whichever way you put it, this structural change will reshape the investment thesis, providing more opportunities for participants while also putting DYOR to the test.

* This article is provided by WEEX Labs for trend research and discussion purposes only, and does not constitute any form of investment advice or commitment. The content, data, and opinions mentioned in the article are for reference only. Investors need to make their own judgments and take on corresponding risks.

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