Author: Nancy, PANews

Behind the growing prosperity of MEME culture lies a complex interplay of interests involving multiple parties. In this tense and intense game, the various participants are the key driving forces behind the continuous heating of the MEME market, with some even showcasing their skills to reap substantial profits, becoming direct beneficiaries of this feast.

Top Players/Survivors

The wealth effect of MEME has significantly amplified market enthusiasm, especially with various stories of individuals becoming rich by hundreds or even thousands of times going viral on social media, stirring up investors' fervor. However, the number of steadfast "diamond hands" is rare, and there exists a serious survivor bias. For instance, recent data from Lookonchain revealed that a trader, in just 5 hours, purchased 5 types of MEME coins due to FOMO, resulting in losses on every transaction, totaling a loss of 274 SOL (approximately $43,500); Onchain Lens monitored a "not-so-smart" trader who bought 12.15 million GNON for 10 SOL ($1,505) but sold it just a minute later for 7.32 SOL (approximately $1,113), incurring a loss of $392, while this asset is now worth over $8.5 million.

It can be said that in this asset frenzy, most participants are merely following the crowd, and some unfortunately become the exit liquidity for profit redistribution. It is important to note that most "smart money" achieving high returns often possesses comprehensive capabilities such as ample financial support, keen market insight, diverse technical tools, and strong psychological resilience. For example, the recently revered "MEME Godfather" Murad has heavily invested in a large amount of MEME, with on-chain detective ZachXBT revealing at the beginning of October that his MEME position was valued at $24 million. Currently, assets including SPX, POPCAT, MOG, and APU have realized very considerable returns, with some return rates reaching dozens of times.

However, behind some so-called "smart money" are often insider players or project parties. For instance, regarding the MEME coin SHAR, Lookonchain monitored that an insider sold 500 million SHAR (50% of the total supply) in a single transaction, exchanging it for 19,620 SOL (approximately $3.38 million), causing the price of SHAR to crash by about 96%. Meanwhile, this RUG event also exposed several KOLs who participated early in the hype and profited.

Launch Platforms

With the lowering of issuance thresholds and optimization of trading efficiency, MEME launch platforms have gained a significant amount of traffic and funds. Taking Pump.fun as an example, Dune data shows that since its launch in early March, over 376 addresses have issued more than 2.6 million tokens through Pump.fun. In just the past 24 hours, about 12,000 addresses issued 21,000 tokens. This data clearly indicates the strong demand for MEME, which has also led Pump.fun to earn substantial profits. Dune data shows that as of October 24, Pump.fun's cumulative revenue exceeded 990,000 SOL (valued at approximately $150 million). Lookonchain monitored that Pump.fun has sold 503,343 SOL at an average price of $156.4 (valued at $78.7 million).

However, MEME launch platforms exhibit a clear first-mover advantage. PANews previously mentioned in a related analysis article that the vast majority of issuance volume and traffic in the MEME market is captured by leading projects like Pump.fun.

Deployers (Dev)/Community Takeover (CTO)

As the issuance thresholds and costs for MEME have decreased, including the recently popular AI agent MEME, a large number of token deployers (Dev) have entered the market to profit from this opportunity.

For example, Lookonchain monitored that the Neiro deployer earned 15,508 SOL with just 3 SOL, achieving a return of 5,169 times; Pionex monitored that the Void deployer on the Base network removed liquidity and exchanged tokens for about 130 ETH (valued at approximately $360,000), while the token has since dropped by 99%; Onchain Lens monitored that the PELF deployer sold 3.2 million PELF for about 662 SOL, totaling $103,000 (sales may also occur in other wallets); SANYUAN Labs disclosed that an address starting with "4Ddr" issued 300 MEME coins in the past 30 days, earning $100,000 a month… Such cases are not uncommon.

As these Devs exit with their profits, projects focusing on "community autonomy" (CTO) have also become a hot direction of market interest. Successful cases not only attract the attention of market participants but are even seen by some groups as new profit-making tools.

Public Chains

With the rapid rise of the MEME ecosystem on Solana, this trend has begun to spread to major public chains such as Ethereum, Base, TON, Sui, and BSC, significantly driving related data growth. Among them, Solana and Ethereum are the two main battlegrounds for MEME players, with most popular and leading projects emerging from these two chains. According to the latest data from CoinGecko, as of October 24, the market cap of MEME on Ethereum has exceeded $35.5 billion, while the related market cap on Solana is close to $12 billion, together accounting for 63.1% of the overall market. This also confirms the strong influence and appeal of Ethereum and Solana in the MEME space.

Although Ethereum slightly leads in the scale of the MEME market, it mainly relies on established MEME coins like DOGE, SHIB, and PEPE, while Solana serves as fertile ground for this wave of MEME enthusiasm, with several new leading MEMEs emerging from this chain, injecting strong momentum into Solana's data growth. For instance, according to DefiLlama data, driven by the rising speculative sentiment around MEME coins, daily transaction fees on the Solana blockchain have risen to the highest level since early May 2024, reaching $550,000, the second-highest daily transaction fee in its history.

Regarding the different characteristics of MEME development on Solana and Ethereum, PANews has also published an article analyzing that MEME on Solana is primarily adept at quickly leveraging hot topics to capture traffic, demonstrating stronger price explosiveness and capital attraction, while Ethereum has a more solid financial and user base, with a more diverse range of MEME types.

Various Tools and Service Providers

For MEME hunters to gain an edge in identifying market opportunities among a plethora of assets, effective and practical tools are essential. These products generate profits by providing services to investors and issuers through tool usage and service fees.

PANews has also compiled a list of currently commonly used tools for MEME, including over 50 practical tools such as contract security checks, data dashboards, launch platforms, and commonly used wallets, helping investors better capture Alpha.

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