Writen by: Michael Nadeau

Compiled and organized by: BitpushNews

Whether you like it or not, we believe that meme coins will exist in the long term. This article will share a macro view of the industry and delve into the meme coins we are closely monitoring.

Let's get started.

Why Focus on Meme Coins

Our Methodology

Some people love meme coins, while others despise them. We try to step outside of this debate and simply observe the market. From our observations, meme coins have taken root. From the perspective of "product-market fit (PMF)," they seem to be the ultimate crypto "game." People enjoy trading, like the thrill of risk and reward, and appreciate the social aspect. Moreover, we believe participants are very aware of the kind of game they are playing.

After witnessing the success of PEPE in the Ethereum ecosystem, we seized BONK and Solana at the end of 2023. This led us to explore the field more deeply, including on-chain data and additional investments like GIGA, PEPE, and SPX6900. Our goal is to uncover unique attributes within holder data that indicate the staying power of a token and the conviction of its holders.

Why Choose BONK, PEPE, SPX6900, PENGU, and USELESS?

Liquidity: Each token has ample liquidity and can be traded on mainstream exchanges and retail channels.

Audience Range: Each token has global audience interest (not limited to niche memes based on specific political themes).

Leaders / Embedded Culture: Each token is supported by at least one of the following: 1) a highly influential leader / holder group; 2) an established internet meme / culture; or 3) an existing popular brand.

Historical Performance: Each token has experienced significant price surges followed by sharp corrections. This price behavior indicates broad market interest and helps to diversify the holder structure, laying the foundation for the next expansion.

No unlocking, no venture capital: Only transparent on-chain data.

High Beta: Each token shows a high beta coefficient concerning BTC and its ecosystem's L1 assets. With proper allocation (we target 3-5%), token selection, and entry points, this can significantly enhance risk-adjusted returns.

Now, let's dive into on-chain data to see if we can separate the truth from the noise.

Total Number of Token Holders

BONK: 985,900 current holders (at an all-time high of holders). BONK launched in December 2022, making it the largest meme coin in the Solana ecosystem, deeply integrated into various applications and wallets. Note that BONK has executed community-driven airdrop activities, "spreading" to a large number of wallets, which is reflected in the data below.

PENGU: 534,100 holders (down 14% from its peak). PENGU launched in December 2024 and represents social interest in the popular brand Pudgy Penguin. The total market cap of the Pudgy Penguin NFT series is currently about $78.5 million, while its meme coin market cap is $454 million (5.7 times that of the NFT series, which is down from $2.7 billion at its peak). We believe that the value of the Pudgy Penguin brand (a strong crypto brand that has entered the mainstream) will likely continue to flow into this meme coin.

PEPE: 505,700 current holders (down 1.51% from its peak). PEPE launched in April 2023. We believe PEPE is the purest expression of internet meme culture in cryptocurrency, particularly in Ethereum. It is based on the globally recognized "Sad Frog (Pepe the Frog)," which has maintained a strong internet presence since the end of the 2010s.

SPX6900: 113,000 current holders (down 0.33% from its peak). SPX6900 launched in September 2023 and has generated a fervent internet community led by Murad, centered around the core idea of "flipping the stock market." The brand seems to combine financial satire with a "BTC-like" holder base, with holders exhibiting a very serious attitude (as shown in the data below). We successfully traded SPX6900 during the last bull market and have continued to analyze its community and on-chain data since August 2024.

USELESS: 38,600 current holders (down 5.2% from its peak). USELESS launched in May 2025 as a meme coin that tends to be ironic and "anti-utility." After its launch last year on LetsBONK (which then captured market share from Pump Fun), it attracted a vertical and seemingly loyal community. Its current market cap is $44 million, with daily liquidity exceeding $10 million (at bear market lows), and we believe that under appropriate market conditions, USELESS may present interesting opportunities.

Holders with Positions Below $100

Conclusion:

BONK, PENGU, and PEPE already have very mature holder bases. SPX6900, on the other hand, shows a more determined and loyal holder base (albeit smaller in scale).

Holders with Positions Over $1,000

Note, $1,000 wallet classification: segmented by the number of token units held when the token reached its historical all-time high (ATH) worth $1,000.

Conclusion:

SPX6900 stands out here, as it has consistently performed since we started tracking this data.

To better understand the retention of $1,000 holders, we normalized the historical peak price data for each token to calculate the number of units required to become a "$1,000 holder" at that time.

Then we track these wallets over time to observe changes in holdings (number of units). This aims to strip away the noise of price fluctuations to gain a more accurate understanding of holders' retention willingness.

Here are our findings:

Conclusion:

In terms of retention rates for "$1,000 holders" (measured by the number of units to strip away price effects), SPX6900 appears to have stood out from its peers.

Holders with Positions Over $100,000

$100,000 wallet classification: segmented by the number of token units held when the token reached its all-time high (ATH) worth $100,000.

Retention Rates

Similar to the data for $1,000 holders, we classify $100,000 wallets based on the number of units held at the ATH.

Then, we track these wallets to determine changes in the total "number of $100,000 wallets" (measured by token units) over time.

Here are our findings:

Conclusion:

Once again, it is evident that SPX6900 leads in the retention rates of $100,000-level token holders.

Whale Retention Rates

Another method of monitoring whale retention is to tally all wallets that have ever held tokens worth over $100,000 and then compare it to the current number of wallets that still hold over 50% of their peak holding volume (measured in units).

Here are our findings:

Momentum and 50-Week Moving Average (WMA)

Relative Strength

When we buy meme coins, we look for entry points where the 14-day RSI is at or near the oversold territory (30).

50-Week Moving Average

SPX6900: Trading price is 64% below the 50 WMA.

BONK: Trading price is 62% below the 50 WMA.

PENGU: Trading price is 58% below the 50 WMA.

PEPE: Trading price is 57% below the 50 WMA.

Drawdown Ratio from Historical Peak Prices

Considering that SPX6900 has superior on-chain data, it is not surprising that it behaves relatively more resiliently than other tokens.

Conclusion

Given the industry's attention, we believe it's wise for crypto investors to focus on meme coins. We find that meme coins are highly valuable in monitoring broad risk preferences (Risk-on/off) and liquidity conditions in the crypto market.

Not to mention, under appropriate position sizes and entry points, the right assets can provide "strong catalysts" for a portfolio.

We successfully captured BONK and SPX6900 in the last bull market (with an extremely small percentage of portfolio positions exited, yielding over 10 times returns). We will continue to look for similar entry opportunities in the future.

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