Meme Coin Market 2023-2024 Annual Review: Analysis of the Number and Distribution of Golden Dogs

In the past year, Meme coins have become a major focus of the cryptocurrency market, with some people occasionally becoming wealthy through these projects. Although the tokens of traditional exchanges have performed mediocrely, there are still some profitable opportunities on the blockchain. So, how many so-called "golden dog" projects have emerged in the past year? And how many investors successfully seized these opportunities? Let's take a comprehensive review and data analysis of the Meme coin market over the past year during this brief respite in the current market.

The blockchain with the most distribution of the Golden Dog project

According to statistics, the top three blockchains with the highest frequency of the Golden Dog Meme coin project are Solana, Base, and BNB Chain. Although there are sporadic success stories on other chains, the probability is relatively low.

1. Solana provides a good ecological environment for the development and explosion of Meme coins due to its low cost, high performance, and complete Meme coin tools (such as pumpfun).

2. With the endorsement of Coinbase, the number of Golden Dog projects has significantly increased, but the overall maturity is still not on par with Solana.

3. As an established public chain, BNB Chain has also nurtured many successful Meme coin projects with the strong support of exchanges.

4. The success rate of Meme coins is relatively low on Ethereum due to high Gas fees, but once a dog-themed project emerges, its wealth effect is often more pronounced.

5. Tron (波场) has briefly seen well-known projects such as SUNDOG, but the hype comes quickly and goes quickly.

6. Emerging public chains such as Sui and Aptos have relatively few golden dog projects due to their immature ecosystems.

Estimated Number of Gold Dog Projects on Each Chain

To quantitatively analyze the number of "Gold Dog" projects on each chain, we first need to clarify the definition standard of "Gold Dog":

• The price increased by more than 50 times after going live.
• Peak market cap exceeds 100 million USD
• Have significant community support or attract a large amount of attention in the short term.

Based on these criteria, we made a conservative estimate of the number of Golden Dog projects on each chain:

1. Solana: It is expected that 100-150 Golden Dog projects have emerged in the past year.
2. Base: It is estimated that there are 50-80 Golden Dog projects.
3. BNB Chain: About 30-50 Golden Dog projects
4. Ethereum: Due to high Gas fees, it is estimated that there are only 10-15 Golden Dog projects.
5. Tron: Mainly influenced by the SunPump craze, it is expected to have 10-20 Golden Dog projects.
6. Emerging public chains (such as Sui, Aptos, etc.): Due to the ecosystem being underdeveloped, it is estimated that there are only 5-15 golden dog projects.

Time Distribution of the Golden Dog Project

Dividing the past year into four quarters (2023 Q2, Q3, Q4, and 2024 Q1), the emergence of various blockchain dog projects presents the following characteristics:

1. Solana remains dominant, peaking in Q2 2023 and Q1 2024 with about 30-40 golden dog projects each quarter.
2. Base shows a rapid growth trend, increasing from 10-15 in Q2 to 15-25 in Q4.
3. The overall BNB Chain remains stable, with a slight increase in Q4, reaching 10-15.
4. Ethereum only has 2-5 Golden Dog projects each quarter.
5. Tron experienced a brief peak in Q3 due to the popularity of SUNDOG and SunPump, reaching 5-7.

Overall, the quarterly distribution of the Golden Dog projects is relatively balanced, with an average of 50-80 projects appearing each quarter, and 2023 Q4 being the peak period of the year, with a total of 56-90 Golden Dog projects appearing.

Analysis of Investor Profit Situation

We define "Grabbing the Golden Dog" as addresses that achieve a rise of more than 10 times. These addresses are typically early participants who bought shortly after a project launched (within a few hours to a few days) or investors who accurately bottomed out at price lows.

The opportunity for a 10-fold increase is mainly concentrated in the early stage of the "Golden Dog" outbreak, and the time window usually lasts only a few hours. Therefore, large investors and early participants capture most of the profits, while the majority of investors buy in at a high price and miss the best timing.

Overall, Solana and Base may have a slightly higher success rate (2%-5%) due to low transaction costs and high trading volume; Ethereum has a lower success rate (0.5%-2%) due to high Gas fees.

Summary

1. The Golden Dog project mainly focuses on three public chains: Solana, Base, and BNB Chain, among which Solana stands out the most.

2. In the past year, there have been 100-150 golden dog projects on Solana, 50-80 on Base, and 30-50 on BNB Chain.

3. The Golden Dog project is defined as: a price increase of over 50 times, a peak market capitalization exceeding 100 million USD, and significant community support.

4. The fourth quarter of 2023 is the peak period for the Golden Dog project, with a total of 56-90 projects generated.

5. Profit opportunities are mainly concentrated within a few hours after the project goes live, and only a few early participants can achieve high returns.

6. Taking Solana as an example, about 2%-5% of addresses have achieved returns of over 10 times, approximately 900,000 to 3.6 million addresses.

7. Multi-chain hotspot rotation is the norm, and investors find it difficult to maintain sufficient liquidity on every chain.

8. Even in a poor overall market, there will still be local hotspots of opportunity.

Although the current Meme coin market may be temporarily cooling down, this field is still full of opportunities. Investors should remain vigilant and be prepared to seize the next wave of opportunities that may come.