Public chains compete for hegemony: Solana issues tens of thousands of Meme coins every day, but the Memes of other chains are “acclimated”

Author: Frank, PANews

Different from previous narratives, Meme coins were extremely popular at the beginning of this bull market. Even if value investors once dismissed Meme coins, they now cannot ignore the impact Meme coins have on the industry. For the builders of the public chain ecosystem, they may have found new growth opportunities in Meme coins.

Solana adds nearly 10,000 Meme coins every day, and the 24-hour loss probability is about 99.6%

With the arrival of this wave of investment boom, the number of newly issued Meme coins on the Solana network has also increased. Reached an unprecedented scale. Previously, the average daily circulation has reached 2,500, leading the public chain. However, recent data shows that the number of Meme coins issued on the Solana network reached a staggering 9,943 on March 15, an increase of approximately 5.8 times compared to 1,699 on February 27.

PANews analyzed the new Meme coins released in the past 24 hours (March 18-March 19). According to dexscreener data, there were 3,288 Meme coins issued and established trading pairs by Solana in the past 24 hours, of which , the size of the liquidity pool is more than 100,000 US dollars, and the number of tokens that have increased more than 10 times in 24 hours is 5, accounting for about 0.15%. This criterion usually indicates that the trading pair has good liquidity and that the meme coin can make early investors profitable.

When we lower the standard, the size of the liquidity pool needs to reach more than 100,000 US dollars, and the increase in 24 hours is 1%, which means that the token will be There will be no losses within a certain period of time. In this case, the number of tokens required is 15, accounting for 0.4%.

From this perspective, if you randomly invest in Meme coins on Solana and hold them for 24 hours, the probability of losing money is 99.6%.

It has to be said that although Meme’s stories of getting rich seem to appear every day, in fact what we really see may just be survivors.

For example, on March 18, according to monitoring by on-chain analyst @ai_9684xtpa, the address 2Znc4...pW6Cf has accumulated a total loss of US$1.48 million in chasing up and down Meme tokens within 11 hours. Among them, it lost US$236,000 in NOS tokens, US$364,000 in SLERF, and US$879,000 in NAP. There are numerous cases recently monitored by data of Solana addresses causing huge losses by converting Meme tokens.

BOME boosted Solana’s active wallet addresses to double, and on-chain income increased by 160%

Behind the sudden wealth and loss of retail investors, Solana became this The biggest winner of the Meme craze.

Among them, the explosion of BOME currency directly brought huge data changes to Solana. BOME was launched on February 14. From February 15 to February 16, Solana’s active wallet addresses increased from 1.24 million to 2.42 million, an increase of 1.18 million, a surge of 95%. On March 19, Solana ranked first in the number of active addresses.

In addition to the significant increase in the number of active wallets, other data on the entire Solana chain ecology have also been greatly improved. The network fee on the Solana chain increased from 5453 SOL to 14389 SOL from March 12 to March 17, an increase of nearly 163%. Based on a SOL price of US$200, Solana’s on-chain fee income reached US$2.87 million on March 17.

#The growth of Meme currency has also helped DEX on the Solana chain become the decentralized exchange with the highest market share. Coingecko data on March 19 shows that among the top five DEXs, three are from the Solana chain, with market shares of Jupiter 19.9%, Raydium 19.9%, and Orca 10.1%. The market share of these three DEX is approximately 49.9%, accounting for half of the DEX market.

Taking Raydium as an example, the one-hour trading volume before March 15th was approximately US$150 million, and by March 19th, the hourly trading volume increased to 25 billion, an increase of more than 15 times.

#But the huge growth BOME has brought to Solana is not an exception. On December 14, 2023, BONK, the earliest Meme currency on Solana, rose by 84%. On December 15, active addresses increased from 550,000 to 1.08 million, directly driving the number of active addresses to almost double.

Multiple public chains are trying to replicate the Meme effect, but the results are still unknown

After Solana achieved great success with Meme, other public chains have gradually realized that Meme coins may bring The network is growing, and some public chain officials have even personally issued MEME tokens.

On December 29, 2023, the Avalanche Foundation stated that it would promote the Culture Catalyst plan by purchasing Meme coins.

On March 17, Aptos launched the official Meme coin $LME. On March 18, Bitcoin Layer 2 public chain Ligo announced the launch of Meme coin SOLIGO on Solana.

But can Meme coin really become the golden key to the growth of each public chain’s current bull market data?

## Take Avalanche as an example. On December 29, the Avalanche Foundation will purchase Meme coins to promote the Culture Catalyst plan. After the plan is announced, the number of contracts on the Avalanche chain will increase from 630,000 increased to 660,000. At the same time, the number of active addresses on January 3 was 289,000, an increase of 129% from 12.6 on December 29.

In fact, the address activity on Avalanche did not achieve sustained growth due to Meme coins after that. On the contrary, after the Avalanche Foundation announced the five Meme coins it holds, its active addresses fell for three consecutive days. And the prices of these Meme coins have not increased significantly due to the holdings of the Avalanche Foundation.

The LME currency issued by Aptos also performed unsatisfactorily. After a brief rise, it began to fall continuously. On March 19, the price had dropped to 0.00001318, a 93.6% drop from the high of 0.0002075. The number of daily active addresses on the chain has not increased significantly.

It seems that the seeds of Meme currency cannot germinate in every piece of public chain soil. This may be a question that every ecology needs to think about.

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