MEME liquidity game: Who profits from the capital carnival?

Author: Nancy, PANews

Behind the growing prosperity of MEME culture, there is actually a contest of interests involving multiple forces. In this tense and fierce game, all participants are the key force in promoting the continuous heating of the MEME market, and some even use their skills to seize huge profits and become direct beneficiaries of this feast.

Head Players/Survivors

The wealth effect of MEME has significantly amplified the popularity of the market, especially various stories of getting rich hundreds or even thousands of times on social media. The viral spread of the media has further aroused investors' enthusiasm. However, there are very few "diamond hands" who firmly hold behind it, and there is also a serious survivorship bias. For example, recent Lookonchain data detected that a trader purchased 5 MEME coins due to FOMO in just 5 hours. As a result, every Bidu suffered losses, with the total loss reaching 274 SOL (approximately US$43,500); Onchain Lens monitored that a "not very smart" trader purchased 12.15 million SOL at a price of 10 SOL (US$1,505) GNON, but it was sold for 7.32 SOL (approximately $1,113) just one minute after buying it, with a loss of $392. Today, the asset is worth more than $8.5 million.

It can be said that in this asset carnival, most of the participants are drifting with the crowd, and even unfortunately are used as exit liquidity for interest redistribution. You must know that behind the high returns achieved by most "smart money" are comprehensive capabilities such as sufficient financial support, keen market insights, diversified technical tools, and strong psychological quality. For example, Murad, the “godfather of MEME” who has been highly regarded by the community in recent times, has heavily held a large number of MEME positions. In early October, chain detective Zach Some assets have achieved very impressive returns, some of which have returns of dozens of times.

However, behind some of the so-called "smart money" are more insider players or project parties. For example, MEME currency SHAR, according to Lookonchain monitoring, an insider sold 500 million SHAR (accounting for 50% of the total supply) in a transaction in exchange for 19,620 SOL (approximately US$3.38 million). This selling behavior resulted in SHAR The price collapsed by about 96%. At the same time, this RUG incident also exposed many KOLs who participated in the early campaign and profit.

Launch Platform

With the reduction of issuance threshold and the optimization of transaction efficiency, MEME launch platform has obtained a large amount of traffic and funds. Taking Pump.fun as an example, Dune data shows that since its launch in early March, more than 376 addresses have issued more than 2.6 million tokens through Pump.fun. In the past 24 hours alone, approximately 12,000 addresses issued 21,000 tokens. This data is enough to show the strong demand for MEME, which also drives Pump.fun to make a lot of money. Dune data shows that as of October 24, Pump.fun’s cumulative revenue exceeded 990,000 SOL (valued at approximately US$150 million). Lookonchain monitors that Pump.fun has sold 503,343 SOL (valued at US$78.7 million) at an average price of US$156.4.

However, the MEME launch platform has a clear first-mover advantage. Most of the circulation and traffic in the MEME market are taken up by leading projects such as Pump.fun.

Deployer (Dev)/Community Takeover (CTO)

With the reduction of MEME issuance threshold and fees, including the recent popular AI agent MEME, a large number of tokens have also appeared in the market Deployers (Devs) rush in and take advantage of the opportunity.

For example, according to Lookonchain monitoring, the Neiro deployer earned 15,508 SOL with only 3 SOL, with an income as high as 5169 times; according to Paidun monitoring, the Void deployer thevoid.base.eth on the Base network removed liquidity The token was later exchanged for approximately 130 ETH (worth approximately US$360,000), and the token has fallen 99%; Onchain Lens monitoring revealed that the PELF deployer sold 3.2 million PELF for approximately 662 SOL, for a total of 103,000 US dollars (sales may also occur in other wallets); SANYUAN Labs disclosed that the address starting with "4Ddr" issued 300 MEME coins in the past 30 days, with a monthly income of 100,000 US dollars... Such cases are common.

As these Devs make profits and leave, CTO (community takeover) projects focusing on "community autonomy" have also become a hot topic in the market. Successful cases have not only attracted the attention of market participants , and are even used as new profit-making tools by some groups.

Public Chain

As Solana’s MEME ecosystem quickly became popular, this craze also began to spread to major public chains such as Ethereum, Base, TON, Sui and BSC and became significant. Promote relevant data growth. Among them, Solana and Ethereum are the two main battlefields that MEME players mainly participate in. Most popular and leading projects were also born on these two chains. The latest data from CoinGecko shows that as of October 24, the market value of MEME on Ethereum has exceeded US$35.5 billion, and the related market value of Solana is close to US$12 billion. The two account for 63.1% of the overall market. This also confirms the strong influence and appeal of Ethereum and Solana in MEME.

Although Ethereum is slightly superior in MEME market size, it mainly relies on the support of old MEME coins such as DOGE, SHIB and PEPE, while Solana is fertile ground for this wave of MEME craze, with many new entrants. The leading MEMEs all come from this chain, which has also injected strong impetus into Solana’s data growth. For example, according to DefiLlama data, as the MEME coin hype increased, daily transaction fees on the Solana blockchain rose to a level not seen since early May 2024, reaching a high of $550,000, which is the second highest daily transaction fee in its history. .

As for the different characteristics of MEME development on Solana and Ethereum: MEME on Solana is mainly good at quickly using hot spots to capture traffic, and shows stronger price explosiveness and capital attraction, while Ethereum has With a more solid financial and user base, MEME types are also more diverse.

Various tools and service providers

If MEME hunters want to quickly identify market opportunities among a large number of assets, effective and practical tools are essential. These products Profit from providing services to investors and issuers through tool usage and service fees.