The Meme Token Craze
Apr 25, 2023 - Over the past week a new DeFi native narrative has taken Crypto twitter and the chain by storm. "Meme" tokens are taking on-chain traders by storm. Since launching April 16th, $PEPE has climbed to approximately a $127M Market Cap. Many other tokens have been spun off and have experienced similar volatile, yet surging growth including $CHAD, $WOJAK, $ROPE, $MUMU, $TRAD. Dig into what's going on here and if this really is a Meme token season, Analysis Tips (but not limited to) Token Distributions: How distributed is the ownership of the token? Is ownership being distributed to new buyers or repeat buyers? Trading & tx volume: Dig into the liquidity on-chain. What has trading volume been like compared to non-meme tokens? Whale View: Dig into the whales of a given $MEME Token. Are there new ones entering? Are existing ones deploying more capital? Network Impact: How impactful has meme coin speculation been to Ethereum? Are new wallets becoming active? Is Gas on the rise? Are meme token buyers spending the most on gas?
