Let's first look at a set of data:

In 2024, the total market cap of meme coins skyrocketed from 20 billion USD to 140 billion USD, with a growth rate of 600%.

After peaking at 137 billion USD in December 2024, the market cap fell by 59% to 56.2 billion USD in February 2025, then slightly rebounded to 64.25 billion USD.

In terms of market participation, meme coins accounted for 31% of attention in the cryptocurrency market in 2024, with trading volume increasing by over 950%.

It can be seen that the market is growing very quickly. We set the standard for golden dog projects as those with a growth rate of over 50 times and a market cap exceeding 100 million USD, mainly concentrated on-chain in:

Solana: In 2024, the issuance of tokens on the Solana chain exceeded 5 million, with 69,197 projects successfully breaking into the market. Approximately 550,000 to 730,000 new meme coins were added in the past year, with an estimated 100 to 150 meeting the 'golden dog' criteria. Q2 2024 and Q1 2025 are peak periods for golden dogs.

Base: Approximately 2,000 to 3,000 new trading pairs are added daily, resulting in about 730,000 to 1.1 million meme coins in a year, with an estimated 50 to 80 meeting the 'golden dog' criteria. The number of golden dog projects increased from 10-15 in Q2 2024 to 15-25 in Q4.

BNB Chain: Approximately 500 to 1,000 new trading pairs are added daily, leading to about 180,000 to 360,000 meme coins in a year, with an estimated 30 to 50 meeting the 'golden dog' criteria. There was a slight increase in the number of golden dogs in Q4 2024.

Ethereum: Due to high gas fees, the number of daily trading pairs is relatively low, with a conservative estimate of 10 to 15 golden dogs in the past year.

Tron: Mainly driven by the SunPump craze, the number of golden dogs in the past year is conservatively estimated at 10 to 20. In Q3 2024, due to SUNDOG and SunPump, there were 5 to 7 golden dog projects.

Emerging chains (such as Sui, Aptos, Bitcoin Runes): The ecosystem is immature, and golden dogs are scarce, with a conservative estimate of 5 to 15 golden dogs in the past year.

How many people have actually caught the golden dog?

The 'address that caught the golden dog' refers to the number of addresses that achieved a growth rate of over 10 times, typically early participants who bought shortly after the project was launched (within a few hours to a few days) or those who accurately timed the bottom during price dips.

Overall, only 2%-5% of addresses earned 90% of the profits on the Solana chain, while 90% of retail investors lost all their capital after buying at high prices.

The Pumpfun platform issued 5.09 million tokens in a year, with only 1.36% surviving, while the rest became worthless 'shitcoins'.

Over 87% of new projects have issues such as centralized contract permissions and unlocked liquidity, and some projects create false hype through bot trading.

The meme coin market exhibits typical characteristics of 'high volatility, strong narratives, and low entry barriers'. From the above data, it is evident that the current market is flooded with air coins, many meme coin projects lack practical application scenarios, and purely rely on speculation to attract investors, resulting in severe price fluctuations, which is a concentrated expression of speculative risk.

Data doesn’t lie. After reading this article, do you still consider yourself a 'diamond hand' and want to invest in the golden dog? Or are you still that 'chosen one'?

#金狗 #钻石手 #Meme币 #投机风险