Against a backdrop of a somewhat fatigued market, Memecoins, though no longer frenzied, remain a battleground in the attention economy.

Memecoins Haven't Reached the End, They've Just Changed Direction

Compared to the scene in 2024 where Memecoins stole the show, this year's Memecoin activity has indeed quieted down significantly after $TRUMP, but this is not the end; rather, the market has evolved to the next stage.

• From Solana to Base, BNB Chain: Initially, Solana monopolized 90% of new token issuance with its low fees and high speed, especially with the launch of Pump.fun, which significantly decentralized token issuance rights and spurred a full year of Meme mania in 2024. However, with multi-chain expansion and the continuous efforts of other public chains, Solana's share has now dropped to 57%, with BNB Chain, Base Chain, and others continually grabbing on-chain market share.

• Small to Medium-Sized Memes Become Mainstream: The Memecoin market narrative has shifted from being dominated by Ethereum chain tokens like DOGE, SHIB, PEPE with billion-dollar market caps, to Solana chain spawning large Memecoins with multi-billion dollar market caps like BONK, WIF, FARTCOIN, TRUMP, and now to small and medium-cap Memecoins with million-dollar market caps emerging on various chains, such as BRETT and TOSHI on Base chain, and Binance Life, BROCCOLI on BNB Chain. This indicates the market cap ceiling for Memecoins is continuously lowering, and the market is maturing.

• Accelerated Rotation Rhythm: With limited liquidity growth and an accelerating trend in the number of Memecoins, the market rotation rhythm has shifted from "weeks" to "hours." Particularly thanks to the proliferation of AI tools and upgrades in social media algorithms, the speed of viral spread and decay has increased dramatically. This results in a large number of new coins reaching their peak within just 24-48 hours of launch, with a lifecycle far shorter than the previous weekly cycles.

Recent Hot Memecoins: Social Media Hype + Small to Medium Market Cap

Browsing recent hot Memecoins undoubtedly confirms the above changes.

$Franklin: Franklin The Turtle was originally a classic children's character from a series of books and TV shows in Canada in the 1980s and 90s. The current U.S. Secretary of Defense recently posted a politically satirical image on X, expressing a tough stance on U.S. cross-border military anti-drug operations. Subsequently, the同名 Memecoin portrayed Franklin the Turtle as a satirical, militarized anti-drug warrior. The coin launched on December 1st, reached a peak FDV of $24.36M by the 10th, and has currently retraced to $5.4M.

$DOYR: The起因 was DYOR being misspelled as DOYR. Then, spurred by a reply post saying "DOYR = DO YouR meme?", the BNB Chain community quickly launched a同名 Memecoin. The coin launched on December 6th, reached a peak FDV of $31.34M the next day, and has currently retraced to $3.4M.

$马到成功 (Horse Success): Originating from the Chinese blessing phrase "马到成功" (meaning immediate success) leveraged by the community, it is a popular Chinese Memecoin following others like "Binance Life" and "Vulgar Penguin". The coin launched on November 15th, reached a peak FDV of $5.03M on December 2nd, and has currently retraced to $2.6M.

$jesse: A personal Memecoin issued by Base co-founder Jesse in November. The coin launched on November 21st, reached a peak FDV of $28.08M on the same day, and has currently retraced to $10M.

Opportunities in the Structural Changes of Memecoins

Starting from DOGE's dog meme to today's complex ecosystem where any topic can become a coin, Memecoins are no longer just simple internet jokes but a perfect fusion of community narrative, attention propagation, and speculative frenzy.

This year's Memecoin market has been as thrilling as a roller coaster: accelerated rotation, smaller scale, multi-chain expansion—all marking a transition from狂欢 (carnival) to maturity.

It is foreseeable that, regardless of bull or bear markets, the Memecoin market will not fall silent, because wherever there is attention, someone will go all-in on a dog picture to spread emotion.

However, in the era of flash trends, Memecoins are beginning to transform from "jokes" into "cultural indices." For example, older tokens like DOGE, SHIB, and BONK are shedding their religious constraints, continuously undergoing technical upgrades, and applications are empowering the Meme. Meanwhile, more newly produced small and medium Memecoins are turning to "social media heat + data-driven," which carries higher risks but offers more refined opportunities. The rises and falls of these Memecoins also represent the热度变迁 (heat变迁 - heat changes/evolution) of certain social topics.

No matter how you look at it, this structural change will reshape investment logic, bringing more opportunities for participants while also demanding more DYOR.