Which Meme Coins Have the Strongest "Base"?

Source: The DeFi Report; Author: Michael Nadeau; Compiler: BitpushNews In politics, a candidate's strength often depends on the loyalty of their core base. In sports, clubs with the most loyal, generational support are often the most valuable. In religion, core believers convert new believers to spread their teachings. The same principle applies to consumer goods companies and media brands. Tesla has die-hard fans. Apple has Apple fans. Barstool Sports has a dedicated audience. Fox News has a base, and CNN is no exception. The loyal "core group" never leaves. These people deeply entwine their identities with politicians, sports teams, religious beliefs, and product concepts. Their loyalty means: Spontaneous free publicity (the most effective form of communication) Product evangelism A sense of belonging to the group Access to capital Collective belief system Through this lens, we can also apply the same framework to the meme coin community.

Which meme coins have the strongest "fundamentals," and what does this tell us about the value of their communities?

We aim to answer this question using on-chain data.

Disclaimer: The opinions expressed in this article are the author's own and should not be considered investment advice.

Token Holder Group

Average and Median Holdings per Wallet

As can be seen from the data, SPX6900 is an outlier in terms of median and average wallet holdings. The median wallet balance on Ethereum is four times that of any other "blue chip" meme coin. You might be wondering why the median balances for WIF, BONK, and BasedBrett are so low. The answer is airdrops/dust wallets. Holders with >$1,000 in holdings SPX6900 also stands out in terms of the percentage of holders holding over $1,000 in holdings—nearly double that of the second-placed MOG. Today, 4.52% of all wallets holding SPX6900 on Ethereum and Solana hold more than $10,000 — almost double the amount of the next-largest token. Of all wallets holding SPX6900 on Ethereum and Solana, less than 1% hold more than $100,000. For reference, Bitcoin (BTC) has 167,000 wallets holding more than $1 million (0.8%). Ethereum (ETH) has 18,276 wallets holding more than $1 million (0.015%). It has 141,000 wallets holding more than $100,000 (0.1%).

Percentage of holders holding <$100

SPX6900 leads in having more high-conviction, large-value token holders. Therefore, it's not surprising that it has a smaller percentage of wallets holding less than $100.

Token Holder Retention Rate

We believe our retention data provides the strongest signal about the "base" of meme coins.

Whale Retention Rate > 50%

SPX6900 leads again.

Pengu (Pudy Penguins), BONK, and GIGA follow closely behind, completing the top four. BONK and GIGA have very low median and average holder balances, yet they appear at the top of this ranking. We prioritize whale retention. Whale Retention Rate > 75% On Ethereum, 30% of SPX6900 wallets that once held $100,000 still hold over 75% of their peak holdings. This is quite interesting.

Some people think investing in meme coins is "burning money."

But here we see nearly a third of SPX holders invested heavily and held on through a 10-20x rally and an 80% drawdown.

That's a deep conviction.

Small investor retention rate > 50%

We see the same level of conviction across all groups of SPX6900 holders.

Small retail investor retention rate > 75%

Again, roughly one-third of SPX6900 holders who once held $10,000 in tokens still hold more than 75% of their peak holdings.

Belief. Delusion? Call it what you will. The data doesn't lie; it's sending a signal.

DEX Fund Flows

30-Day Net Fund Flows: Wallets > $1,000

In addition to analyzing holdings and retention rates by wallet cohort, we also examine net inflows/outflows from decentralized exchanges (DEXs) at key turning points for different cohorts to understand buying and selling activity in different communities.

• Net inflow = selling activity.

• Net outflow = buying activity.

This is the first time the SPX6900 has failed to lead in this category.

*Note that more established meme coins (Pepe, Shiba, Bonk) are also traded on most centralized exchanges in addition to our data here.

Remember, inflow = coins sent to DEX (sell).

30-day net fund flow: Wallet > $100,000

30-day price change

The tokens we believe have the strongest "fundamentals" are the following:

1. SPX6900

2. PENGU

3. BONK

4. PEPE

5. MOG

6. GIGA

SPX6900 is particularly interesting to us.

Why? Its performance is impressive, but what's the real reason behind it? Why does SPX6900 achieve a "MEME faith" that other communities can't? We believe the key lies in the following: A core figure who both invests real money and is highly trusted by the community (such as Murad); Targeting a public pain point. SPX6900's slogan is "Turning the Stock Market Upside Down." You might think it's far-fetched, but it accurately captures the plight of younger generations around the world—they struggle to make a name for themselves and feel left behind. This emotional resonance brings the community together; and a unique community culture. "Turning the Stock Market Upside Down," "Stop Trading, Believe in Something," "Eternity," "No K-Lines, But I Love You," and "Daily Fixed Investment." You might not understand these slogans, but for the community, they represent a sense of identity and belonging.

Unrealistic beliefs + outrageous price targets. If you think back to the early days of Bitcoin, the SPX6900 is a bit like it: a small group of people with absurd beliefs, a grand idea, and a highly cohesive community.

Withstood several major declines. The SPX6900 was extremely volatile, rising tenfold and falling 80%. This volatility washed out speculators, but the true "hardcore community" never left.

A group of people who spontaneously worked for the project for free. They called it "generating electricity with love."