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ON–251: Memecoins

From ournetwork

① Political Memecoins 🏛️

👥 Matt Casto | Dashboard

📈 Trump and Biden pairs hit highest launch count since late May

  • There has been a sharp increase in Trump and Biden pairs created over the past few days to amounts last observed in late May. A large majority of these pairs were created on Uniswap v2 vs v3, potentially due to its pool creation and management simplicity, simpler fee structure, and gas costs, which are less intensive in V2 under certain operations. Note that this data does not factor in Solana-derived pairs that were created and only includes Ethereum and other EVM chains.

Flipside - @mcasto

  • The most popular Trump and Biden memecoins on Ethereum and select EVM chains in terms of volume traded are ones that launched prior to where the political memecoin narrative gained traction in May. As the narrative gained traction and more pairs launched, the early ones experienced significant volumes.

Flipside - @mcasto

  • Since the start of June, the price of MAGA and BODEN, two of the most popular political memecoins, have traded in-line with each other. While there wasn't any dispersion in performance following June's debate, this past weekend was the largest observed dispersion between the two assets.

Dune Analytics - @mcasto_

② BONK 🐕

👥 Ario | Website | Dashboard

📈 BONK swap volume on DEXs crosses $2.8B+ in last 90 days

  • BONK is a meme-inspired cryptocurrency based on Solana which is known for its vibrant community and aim to bring fun and engagement to the crypto world. Despite its playful origins, $BONK has shown significant trading volumes and active user participation, making it a notable player among memecoins. In the last 90 days, its swap volume on DEXs surpassed $2.8B, involving 205.4k swappers. Distribution-by-DEX reveals that the exchanges Jupiter (39.23%) and Phoenix (37.98%) have facilitated the majority of the volume.

Flipside - @Ario

  • During this time, BONK's price has shown significant volatility, peaking at $0.000041 (a new ATH). Increased buy volume correlates directly with BONK's price, as indicated by the buyer-to-seller ratio. When this ratio surpasses 1.4, the price typically increases subsequently.

Flipside - @Ario

  • BONK's movements on CEXs demonstrate a nuanced mix of inflows and outflows. Notably, substantial outflows in the past 90 days underscore how liquidity movements impact market sentiment and price volatility. A total net of 2982.7B $BONK has been withdrawn from CEXs, indicating significant activity.

Flipside - @Ario

③ WIF 🐶

👥 0xhonz | Website | Dashboard

📈 Dogwifhat's WIF token among the top underperforming memecoins.

  • Dogwifhat (WIF) reached its highest position on CoinMarketCap as the third-largest meme coin by market capitalization, surpassing PEPE and briefly overtaking BONK as the most valuable Solana memecoin, with a peak market cap of over $2B. However, it has recently experienced a sharp decline. Since June 1, WIF's price has declined by 55%, making it one of the most underperforming memecoins since that. The token recently dropped out of the top 50 before returning to 49th position on CMC as of July 15.

TradingView

  • Despite the drawdown, WIF is still one of the most traded assets. Indeed, it is ranked thirteenth in terms of 24 hour traded ($307M) volume and sixteenth in terms of 7-day volume on CMC ($1.8B) as of July 15. As a result, WIF records more volume than BONK, MOG, and POPCAT combined. (24h / 7d). Still liquid.

CoinMarketCap

  • WIF's netflow (buy_volume - sell_volume) remains the highest among the top memecoins. Indeed, the $WIF token has seen a onchain netflow of +$445M over the last 24 hours. Second in those terms is $BONK, with a netflow of $352M over the last 24 hours. PEPE only accounts for 11% of WIF's netflow.

Dune Analytics - @husko

  • 💦🔬 Tx-Level Alpha: The whale who was responsible for the largest single market buy (worth $6.2M at the time) spent another $4.65M just two weeks ago to buy 2.3M WIF tokens for $2.03. He has not made any additional purchases since then despite the drawdown. Does he expect more blood? He is still the largest WIF holder, with one of his addresses holding approximately 23.39M WIF tokens, worth $36M at current price. However, 24 days ago, our whale still deposited 3.5M WIF to centralized exchanges.

④ FLOKI 🦴

👥 Not a Whale | Website | Dashboard

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

  • Floki originally started as a meme token inspired by Elon Musk but has since evolved into a thriving ecosystem with several utility products, millions of fans all over the world, and one of the most recognized crypto brands globally. FLOKI is the biggest "memecoin" on the BNB Chain, and one of the largest on the ETH network, with approximately 23% of its total supply staked. It also pulls impressive trading volume, exceeding $8.6B in the first 8 days of March, for example.

BscScan

  • 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 tokens are staked, the higher the APY the user earns. 

staking.floki.com

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

CoinMarketCap

  • 💦🔬 Tx-Level Alpha: Binance, the world’s largest cryptocurrency exchange, has staked 205B $FLOKI tokens, valued at over $7.8M, for a full year using Floki’s staking program. This level of commitment showcases strong trust in the Floki and TokenFi ecosystem and their future.

⑤ BNB Memecoins 🟡

👥 Jimmy Zhao | Dashboard

📈 BNB Chain supports the development of meme ecosystem by $1M with the Meme Innovation program

  • The “BNB Chain Meme Innovation Battle” competition offered developers and the community an opportunity to unleash their creativity and compete for rewards up to $500,000. CAT led the roost with 54.30M total trading volume. This competition successfully drove liquidity and innovation within the BNB Chain community. In addition WHY which was created as a submission for this program achieved a market cap of over $70M.

bnbchain.org

  • Developers can easily create memecoins on BNB Chain using launchpads like Four.meme, Burve & Flap. Furthermore developers can use TokenFi or PinkSale to easily create and launch their tokens. BNB Chain's low fees, fast transactions, and large user base make it ideal for memecoin creation.

dappbay.bnbchain.org

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

DEX Screener

  • 💦🔬 Tx-Level Alpha: BNB Chain allocated $900,000 for LP support to further develop and grow promising meme projects. All the revenue generated from the LP support’s funding has been reinvested to support further meme coin development. These funds will be directed this dedicated LP address.
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