Author: WEEX Labs

In a slightly fatigued market backdrop, while Memecoins are no longer frenzied, they still serve as a battleground for attention economics.

Memecoins Have Not Reached Their End, Just Changed Direction

Compared to the scene in 2024 where Memecoins stood out, this year's Memecoins have indeed cooled down significantly after $TRUMP, but this does not signify an end; rather, the market has evolved to the next stage.

• From Solana to Base, BNB Chain: In the early days, Solana monopolized 90% of new coin issuance with its low fees and high speed, especially with the launch of Pump.fun, which significantly decentralized token issuance rights, sparking a year-long Meme craze in 2024. However, with the ongoing expansion of multi-chain and other public chains, Solana's share has now dropped to 57%, as BNB Chain, Base Chain, and others continue to capture on-chain market share.

• Small and Medium Memes Become Mainstream: The Memecoin market has shifted from being dominated by Ethereum chain giants like DOGE, SHIB, and PEPE, to the emergence of large Memecoins with billion-dollar market caps on the Solana chain, such as BONK, WIF, FARTCOIN, and TRUMP, and now to the emergence of small and medium Memecoins with market caps in the tens of millions across various chains, such as BRETT and TOSHI on Base Chain, and Binance Life and BROCCOLI on BNB Chain, indicating that the market cap ceiling for Memecoins is continuously lowering, and the market is maturing.

• Rotation Rhythm Accelerates: With limited growth in liquidity and an accelerating trend in the number of Memecoins, the market rotation rhythm has shifted from "weeks" to "hours." Especially benefiting from the proliferation of AI tools and upgrades in social media algorithms, the speed of viral spread and decay has significantly increased, leading to many new coins reaching their peak within just 24-48 hours of launch, with lifecycles far quicker than the previous weekly cycles.

Recent Popular Memecoins: Social Media Heat + Small and Medium Market Caps

Browsing through recent popular Memecoins undoubtedly validates the aforementioned changes.

$Franklin: Franklin The Turtle was originally a classic children's character from a series of books and TV shows in Canada during the 1980s and 1990s. The current U.S. Secretary of Defense recently posted a politically satirical image on X, expressing a tough stance on U.S. cross-border military anti-drug operations, which led to the creation of a Memecoin named after him, portraying Franklin the Turtle as a satirical, militarized anti-drug warrior. This coin was launched on December 1 and reached a peak FDV of $24.36M by the 10th, currently falling back to $5.4M.

$DOYR: This originated from a typo where DYOR was mistakenly written as DOYR, and following the reply "DOYR = DO YouR meme?", the BNB Chain community quickly launched a Memecoin of the same name. This coin was launched on December 6 and reached a peak FDV of $31.34M the next day, currently falling back to $3.4M.

$Horse Success (马到成功): This is derived from the Chinese blessing phrase "马到成功," and is a popular Chinese Memecoin following "Binance Life" and "Vulgar Penguin." This coin was launched on November 15 and reached a peak FDV of $5.03M on December 2, currently falling back to $2.6M.

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

Opportunities in the Structural Changes of Memecoins

Starting from the DOGE dog meme, to the current complex ecosystem where any topic can become a coin, Memecoins are no longer just internet jokes, but a perfect blend of community narratives, attention dissemination, and speculative frenzy.

This year's Memecoin market is as thrilling as a roller coaster: accelerated rotation, reduced scale, and multi-chain expansion all signify a transition from revelry to maturity.

It is foreseeable that in the future, regardless of bull or bear markets, the Memecoin market will not fall silent, because as long as there is attention, there will be people betting on a dog image to spread emotions.

However, in this fast-paced era, Memecoins have begun to shift from being a "joke" to a "cultural index." For instance, established tokens like DOGE, SHIB, and BONK are shedding their religious constraints, continuously upgrading technology and applications to empower Memes, while more newly produced small and medium Memecoins are turning towards "social media heat + data-driven" approaches, which carry higher risks but more refined opportunities. The rise and fall of these Memecoins also reflect the changing popularity of certain social topics.

Regardless of how one puts it, this structural change will reshape investment logic, bringing more opportunities to participants while also testing their ability to DYOR.

* This article is provided by WEEX Labs for the purpose of trend research and discussion only and does not constitute any form of investment advice or commitment. The content, data, and opinions mentioned are for reference only, and investors should make their own judgments and bear the corresponding risks.

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