ON–223: Memecoins 💸

Coverage on PEPE, BONSAI, NEAR memecoins, BODEN, WIF, BONK & Avalanche memecoins.

Apr 12, 2024

ON–223: Memecoins 💸

Memecoins 💸

① PEPE 🐸

📈 88 addresses made $1M+ on PEPE, the only non-dog memecoin in the top 40 digital assets

  • On Mar. 6, $PEPE became the only meme in the top 40 MC that’s not a dog. Price up 981,171x in 1 year from $0.(10)1. Does pay to be early? Candlestick investigated 88 addresses w/ $1M+ profit on $PEPE and here’s our findings: earlier the better — 40% of the $1M-profit addresses entered in their first week. There’s still a chance for later entries however — 23 traders (26%) built positions after half a year and still made $1M+. HODLing appears to be the key — 59 addresses (67%) held for 100+ days. 31 (35%) held for 300+ days and are still holding.
Source: www.candlestick.io
  • Let's zoom in to the address visible in the upper right corner of the chart — the address held 350+ days for $30M+ profit. The trader lost $276k on 7 other bets but PEPE last year. There they turned $3.15M into more than $30M of profit, sold $1.5M and sent $800k to another address. The address still holds 3.9T $PEPE ($30M) for a 9.8x ROI.
Source: www.candlestick.io
  • PEPE is “old,” so is it worth the attention? Here’s more alpha after digging into the 31 profitable traders among the top 200 $PEPE holders active in the last 30 days: top traders are still accumulating — 10 addresses (32%) added more $PEPE to their bags. Also, 9 addresses (21%) among the top 200 have never sold.
Source: www.candlestick.io
  • 💦🔬 Tx-Level Alpha: One of the top traders among Top 200 holders, 0xe7d0, has spent $1.5M on $PEPE and turned into $10.7M since they first entered —$9.2M profit, 6x ROI. The address is still HODLing and accumulating.


📈 $BONSAI reaches $70M FDV, $4M in daily volume

  • Since launch in Mar. 4, BONSAI has reached $70M in FDV (topped at $100M), and 8.6k holding wallets. BONSAI was created by MadFi, a team that has been active in the Lens ecosystem since 2022. Users can use BONSAI for paid collects and paid open actions within the Lens ecosystem on the Polygon network.
Source: Dune Analytics - @socialgraphvc
  • BONSAI daily volume had a max of $2.1M in buys and $1.9M in sells on Apr. 1, around the airdrop, and since then, has decreased to 187k in buys and 160k in sells on Apr. 11.
Source: Dune Analytics - @socialgraphvc
  • Since launch, BONSAI has grown it's share from 10% to 23% of Lens' collects on publications. The overall amount of collects have seen a boost from <1k/day, to 4k+ per day, coming from the bootstrapped liquidity of the BONSAI airdrop.
Source: Dune Analytics - @socialgraphv
  • 💦🔬 Tx-Level Alpha: As seen on the logs of this transaction, the collector with a LensId = 142, is collecting an NFT from the creator with the LensId = 116740, a travel influencer who records all her adventures, publishes them onchain, and fans can support her by collecting her posts (this NFT is has a publicationId = 954). The collector paid a total of 70 BONSAI (~$4.7), 86% went to the creator, and the rest was split between referrers, Lens protocol and the frontend client.

③ NEAR Memecoins 🐉

📈 BLACKDRAGON Sees 5x Increase in Holders and 7.7x Growth in FDV Since March

  • In March, the memecoin landscape on NEAR blockchain experienced notable expansion. BLACKDRAGON achieved a staggering 500% increase in holders, reaching approximately 34k, and had a 770% increase in FDV, peaking at $7.4M (over $10M on Mar. 29). Similarly, LONK and NEKO saw their FDVs rise by around 75%, while LONK's number of holders surged by 166%. Notably, UWON attained an impressive FDV of $28M and amassed 210k holders within just one month of its launch.
Source: Flipside - @MoDeFi
  • Following the launch of UWON in March, memecoins trading on NEAR experienced a notable surge. On Mar. 18, UWON peaked with 132k trades, 61% were to UWON. By Mar. 28, BLACKDRAGON swaps reached a record high of around 40k transactions, with 71% to BLACKDRAGON.
Source: Flipside - @MoDeFi
  • Ref Finance launched a memecoin farming program allowing users to stake tokens for NEAR and REF rewards. LONK attracted the most stakers (1.15K), with 60% of its supply currently staked. Additionally, over 950 stakers have locked in more than 22% of the BLACKDRAGON token supply to participate.
Source: Flipside - @MoDeFi
  • 💦🔬 Tx-Level Alpha: The wallet, "lele.near," staked over 28% of LONK's total supply in a single transaction on Ref Finance. By Mar. 17, this wallet had claimed 661 NEAR and 9,930 REF tokens, currently valued at around $9,000. This wallet now holds 30% of LONK's total supply, indicating a high concentration of ownership and making LONK a risky investment in the memecoin space.

④ BODEN 🇺🇸

📈 BODEN crosses $600M market capitalization, 32,000+ holders.

  • Political memecoins have captured investors attention around an opportunistic election cycle leading to introspective theses on how these assets have become cultural prediction markets with staying power. Leading this meta is BODEN (Jeo Boden), a satirical memecoin on Solana that's moved +200% so far in April, and a staggering +40,000% since launching just over 5 weeks ago. Currently 32,400 wallets hold the token having made 754,000+ transactions to date.
Source: birdeye.so
  • Daily buy volume peaked on Apr. 5 at $22.73M as BODEN surged to a new ATH. However the rally was short lived as daily sell volume hit $22.92M resulting in a nearly full retrace of the move, eliminating $265M (42%) of market capitalization in the process.
Source: Flipside - @m3ji & birdeye.so
  • BODEN has separated from the pack when it comes to the subcategory of 'political memecoins' to become the 4th largest memecoin on Solana — BODEN is in a race to be just the 3rd memecoin to eclipse $1B+ in the ecosystem alongside WIF and BONK. Meanwhile TREMP (Doland Tremp), the derivative counterpart to $BODEN, currently sits at just 1/10 its market cap - $53M vs $525M, despite launching on Solana 5 days prior.
Source: birdeye.so

⑤ WIF & BONK 🐶

📈 WIF crosses a $3B Market Cap, now double BONK

  • WIF has becime the 3rd biggest memecoin with a market cap of $3B and is up by 50% on a monthly basis. BONK is down by 10% on a monthly basis with a market cap of $1.4B. WIF’s DEX volume is consistently above $70M since a slump in March. BONK’s daily DEX volume reduced from $10M to $3M since the beginning of the month. The cumulative DEX volume of WIF reached $8B and Bonk’s $5.2B setting the ratio between both at 62/38.
Source: Dune Analytics - @mausefalle
  • The Buy/Sell Ratio of WIF has consistently been around 50/50 since December with no days with negative net sales despite the price drop in the recent weeks. BONK’s buy ratio on the other hand has been picking up in recent weeks to around 60/40 and peaking at 70% on Mar. 20.
Source: Dune Analytics - @mausefalle
  • The recent dominance of WIF over BONK is especially clear in the accumulated DEX fees WIF is generating — more than $2M since end of March. That’s while BONK’s reduced from $300k to below $50k. This leaves the ratio at 90/10 with a downtrend for BONK since end of March.

⑥ Avalanche Memecoins 🔺

📈 Memecoins on Avalanche reaches $1.5B+ in volume and Trader Joe's Memecoin Rush Pools exceeded $100M memecoins deposited

  • Avalanche Foundation announced Memecoin Rush, a $1M liquidity mining incentive program, on Mar. 21 to scale liquidity and drive momentum for AVAX community coins. In the past 6 months, the cumulative swap volume has reached $1.5B due to 2 major surges — one in December 2023 and another in March 2024. The memecoin scene exploded too, from just HUSKY in 2023 to >15 including COQ and MEOW. COQ continues to dominate the scene with 30-40% of swap volume while MEOW/KIMBO/TECH have been gaining steam with 10-20%.
Source: Flipside - @cloudr3n
  • Trader Joe's memecoin staking pool, launched on Mar. 28 for the Memecoin Rush program, soared to over $100M staked in just 2 days. Over 5,000 users joined in the first week. Notably, 53% of total value locked (TVL) is in COQ, and a majority (62%) staked in only 1 pool.
Source: Flipside - @cloudr3n
  • Trader Joe's Memecoin Rush pools are a huge liquidity sink locking up >40% of the circulating supply of most memecoins on Avalanche. This percentage has been fairly constant since Mar. 30. Despite a significant number of users who fully unstaked their COQ, those moves represent only 1.4% of the total supply, with the overall amount staked remaining unchanged at 20%.
Source: Flipside - @cloudr3n
  • 💦🔬 Tx-Level Alpha: Memecoin Rush rewards for Week 1 were just released and the highest amount claimed in a single transaction was 247 AVAX! This user currently has deposits in all 15 pools, amounting to a total of $2.2M. The bulk of the deposit ($2M) is in the COQ staking. This roughly translates to 30% APR in just a week!

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