What are the categories of MemeCoin? 20 essential tools for mastering MemeCoin
In recent days, many people have been discussing issues related to some old altcoins and new MemeCoins.
Regarding old projects, so far in this bull market, the performance of some tokens has indeed been quite poor. The lack of new technology, slow updates, and insufficient marketing hype have led to their prices being consistently disappointing.
For example, XMR, which some friends heavily invested in, is regarded as a representative of anonymous/privacy projects in the crypto space. However, with regulatory issues and being delisted from exchanges, Monero seems to have become an outdated project with an overvaluation. The same situation has occurred with other old projects, such as XRP, which was designed to be a high TPS blockchain. At that time, the vision was to become the fastest decentralized blockchain, but now it seems that many other projects have surpassed it in terms of TPS and decentralization, while it still maintains a high valuation of $60 billion.
In simple terms, old projects that are too decentralized, too heavy, and do not align with new market hype points seem to have no funding willing to pump them. On the other hand, projects whose supply is entirely controlled by teams/VCs and whose prices are always manipulated seem to only think about harvesting profits rather than development or innovation. Therefore, over time, the prospects for such old projects are quite concerning.
In addition to old projects, the new projects born in this cycle can also be described as massive. Thus, projects with high FDV, low MC, and continuous selling pressure (such as large unlocks or ongoing unlocks) currently do not seem to give a good impression. The past performance of such projects appears to be designed for VCs to harvest profits in this field.
Therefore, if you are making short-term investments (or speculations), it is sufficient to grasp market sentiment and maintain a keen market sense, without needing to consider the long-term value of the projects themselves too much (though value can serve as an expected marketing point or narrative). From a medium to long-term perspective, if you want to continue investing in altcoins, whether they are old or new projects, there are several aspects of research that should at least be emphasized, including the project's: narrative ability, relevance principle, and MC/FDV.
Having briefly discussed the issues with altcoins, let's continue to elaborate on MemeCoins.
Compared to investments in altcoin projects, the price performance of MemeCoins in this round has indeed caught the attention of many. Although the MemeCoin subfield is accompanied by more fraudulent projects or scams, there have also been several representative projects with extraordinary price performance, such as the notable PEPE, WIF, BONK, etc. Of course, their performance is more about price (the underlying logic reflects people's emotions), and from the product and technology perspective, such projects do not hold much value, or even no value at all.
However, as long as they can perform well in price, it seems to be enough, as many people enter this field with the goal of making money in the short term, making MemeCoins their primary choice and target. Due to the plethora of speculative opportunities, the number of MemeCoins across various chains is also extremely high. I did a simple count:
As of the writing of this article, the number of MemeCoins available for trading on the Ethereum chain has exceeded 360,000, over 1,690,000 on the BNB Chain, more than 2,300,000 on Solana, and over 500,000 on Base… The total number across all chains has surpassed 5.5 million.
At the same time, the number of new tokens (mainly MemeCoins) born on various chains daily is also quite high, maintaining a growth rate of about 10,000 to 20,000 per day. As shown in the figure below.
From a certain perspective, MemeCoins also represent fun, openness, and democracy. Compared to many altcoins, a core advantage of MemeCoins is that their circulating supply at the TGE stage is 100% (i.e., MC/FDV). However, aside from potential fraudulent activities, how to find those MemeCoins among the many that may have upward potential or opportunities seems to be the main issue faced by most people.
1. Main Categories of MemeCoins
From the trend of popular themes in MemeCoins, we can currently categorize mainstream MemeCoins into the following five categories:
The first category is the Dog-themed series
This type of MemeCoin primarily uses the image of dogs for thematic promotion. The dog theme should start with the phenomenal DOGE in 2013, which was also one of the brightest coins in the last bull market (one of the coins that Musk has been openly supporting). Over time, other MemeCoins like SHIB, BONK, FLOKI, WIF, which also feature dogs, have had a new round of impressive performances recently. As shown in the figure below.
The second category is the Frog-themed series
With the emergence and explosive popularity of PEPE last year (2023), a new wave of creative enthusiasm was ignited, leading to the birth of various new MemeCoins such as BRETT, PEPECOIN, APU, PEIPEI, etc. As shown in the figure below.
The third category is the Cat-themed series
Where there are dogs, there will inevitably be cats. Therefore, MemeCoins themed around cats have also emerged in large numbers, seemingly continuously challenging the dominance of dog themes in the meme field. Thus, MemeCoins like MEW, POPCAT, MOG, MICHI have also gained popularity. As shown in the figure below.
Of course, in addition to the two most popular themes of dogs and cats, there are also various animal-themed MemeCoins like Duck. To put it simply, as long as it’s an animal you’ve seen in a zoo, you should be able to find it in the MemeCoin space.
The fourth category is the PolitiFI-themed series
This category is also a very popular series of MemeCoins recently, with mainstream tokens basically related to the U.S. elections, such as TRUMP, Boden, Tremp, etc. As shown in the figure below.
The fifth category is the Celebrity-themed series
This includes various celebrities or well-known KOLs issuing their own MemeCoins. Relying on their strong fan and traffic base, such MemeCoins often have short-term speculative opportunities, such as MOTHER, WYAC, JENNER, etc. As shown in the figure below.
2. Some Tools Related to MemeCoins
To put it simply, as long as the crypto market continues to maintain its current state without sufficient new liquidity entering, and continues to be accompanied by various potential massive unlocks/selling pressures from altcoins, it will be difficult for the market state to change significantly. In this overall state, perhaps only some MemeCoins will continue to create new rounds of speculative opportunities.
However, for retail investors, aside from making emotional choices based on personal preferences, the primary consideration when playing with MemeCoins should still be risk issues. For instance, low market cap MemeCoins carry higher risks, but once they rise, the opportunities are greater, and vice versa. For MemeCoins, we have consistently suggested that you should only invest the portion of funds you can afford to lose, and then consider leveraging channels, methods, or tools for discovery or exploration.
In previous articles on the topic of MemeCoins, we have already outlined some basic ideas and methods. Next, let's continue to outline some related on-chain tools for the topic of MemeCoins. By effectively using some tools, you can make your research much more efficient.
First Category of Tools: DEX/Aggregators/Market Data
Since the vast majority of MemeCoins cannot be directly listed on major CEXs (like Binance, OKX), various DEXs on different chains have become the main focus for people.
The first tool is DexScreener
DexScreener currently supports trading on over 30 chains and at least a million tokens. You can not only see the latest listed MemeCoins through this tool but also check various key information about the corresponding tokens, such as charts (candlestick), trading volume, liquidity, holder statistics, etc. You can also add them to your monitoring list with one click. As shown in the figure below.
The second tool is DEXTools
DEXTools has similar functions to the aforementioned DexScreener, but its interface may be more user-friendly (supports Chinese interface display). It also has a DEXT score module to assist your judgment. As shown in the figure below.
The third tool is AVE
AVE is also similar in function to DexScreener, but it seems to be used more by locals, while foreigners prefer DexScreener. As shown in the figure below.
The fourth tool is birdeye
birdeye is also similar to the above aggregator tools, but it seems to focus more on exploration and discovery of gems. As shown in the figure below.
The fifth tool is GMGN
GMGN's biggest feature is that it provides various real-time buy/sell signal references by monitoring various wallets (like smart money) to provide users with valuable on-chain trading information. As shown in the figure below.
Second Category of Tools: Security Checks/Contract Audits
Previously, I received some feedback, such as many new partners following so-called teachers they met online to trade, only to be led to shady exchanges and ultimately falling into scams, losing all their capital. If you have encountered similar issues, then I am afraid I cannot help you; aside from reporting to the police, there seems to be no better choice (but the reality is that many people will not choose to report and will only silently accept the fact that they have been scammed).
While trading directly through some DEXs does not encounter the issue of scams (your wallet is your asset), many MemeCoins may have issues like honeypots, where you can only buy but cannot sell. Therefore, before participating in MemeCoins, we need to conduct some necessary security checks.
Currently, some aggregators like DexScreener and GMGN also provide security detection modules, but there are also some specialized security detection tools we can use in conjunction.
The sixth tool is Token Sniffer
Token Sniffer can be used to scan for potential risks in smart contracts. This tool is one of the more widely used security detection tools, supporting token contract detection on 14 chains. As shown in the figure below.
The seventh tool is rugdoc
RugDoc provides a honeypot checker function that can help you identify potential risks in tokens on chains like BSC. As shown in the figure below.
The eighth tool is honeypot
honeypot is a dedicated tool for detecting honeypot behavior, currently supporting token contract detection on Ethereum, BSC, and Base chains. As shown in the figure below.
The ninth tool is rugcheck
rugcheck is a tool primarily used to detect token contract risks on the Solana chain. As shown in the figure below.
The tenth tool is solsniffer
solsniffer can not only be used to detect token contract risks on the Solana chain but also provides functions like scoring, holder analysis, and wallet asset analysis. As shown in the figure below.
Additionally, it is important to note that many security detection tools conduct routine checks on contract code. In other words, even if you do not detect any issues through a certain tool, it does not mean that the corresponding token contract is truly problem-free. However, conducting necessary checks is always better than doing nothing. While checking, pay special attention to whether liquidity is locked, whether token permissions have been relinquished, and whether tokens can be infinitely minted.
Third Category of Tools: Trading Bots/TG Bots
Most MemeCoins seem to thrive on information asymmetry, and sometimes whether you make money can be determined within minutes. Therefore, to engage in front-running trades for MemeCoins, many people use various telegram bots. Below, we list five currently popular bot tools.
The eleventh tool is BonkBot
BonkBot currently supports front-running trades for Solana chain tokens, with a cumulative user count of 392,137. As shown in the figure below.
The twelfth tool is Maestro
Maestro currently supports front-running trades for tokens on BSC, Ethereum, Arbitrum, Base, and Solana chains, with a cumulative user count of 357,128. As shown in the figure below.
The thirteenth tool is Banana Gun
Banana Gun currently supports front-running trades for tokens on Ethereum, Solana, and Base chains, with a cumulative user count of 220,371. As shown in the figure below.
The fourteenth tool is Sol Trading Bot
Sol Trading Bot currently supports front-running trades for Solana chain tokens, with a cumulative user count of 572,941. As shown in the figure below.
The fifteenth tool is Unibot
Unibot currently supports front-running trades for tokens on Base, Ethereum, and Solana chains, with a cumulative user count of 38,603. As shown in the figure below.
Fourth Category of Tools: Others
In addition to the aggregator tools, security detection tools, and trading bot tools listed above, there are actually many other tools for discovering MemeCoins (we will not mention crypto wallets and blockchain explorers here as everyone is quite familiar with them). Here, we casually list five other commonly used tools.
The sixteenth tool is Tweetscout
TweetScout is a tool for identifying the activity level of project Twitter accounts. You can directly use this tool to check the activity of any project's official Twitter account, such as social scores (over 200 points can be considered a good indicator), popular followers, and affiliated accounts, etc. As shown in the figure below.
The seventeenth tool is TwitterScore
TwitterScore is another free tool for identifying project Twitter accounts. It categorizes and ranks various projects and can also show whether funds are paying attention to the project. As shown in the figure below.
The eighteenth tool is pumpfun
pumpfun is a Solana-based MemeCoin service platform where you can quickly create a MemeCoin without any technical barriers, and you can also directly trade various MemeCoins created by others. As shown in the figure below.
Of course, there are also similar tools. For example, if you like to play on the Base chain, you can try wagmi, which is also a quick release and trading platform for MemeCoins. Additionally, the Moonshot product mentioned in DexScreener is similar to pumpfun and wagmi.
The nineteenth tool is alphatrace
alphatrace currently supports the Ethereum network and is a tool that can discover and track Smart Money (smart wallet addresses) in real-time. If you want to check the historical trading win rate, realized profits, and unrealized profits of a certain MemeCoin holding address through various aggregator platforms, you can try this tool. As shown in the figure below.
The twentieth tool is the Hu Li Hua Wai toolbox
Due to space limitations, we have listed fewer than 20 tools above. If you enjoy using tools for on-chain data research and exploration, you can also directly check the toolbox in the Hu Li Hua Wai Notion version, where we will periodically update various commonly used or practical on-chain tools. As shown in the figure below.
This concludes our content for this issue, which is also the 491st article updated by Hu Li Hua Wai.
