Key Takeaways

Memecoins like GOAT, MYRO, and DEGEN stand out by leveraging distinctive narratives, such as AI-driven innovation, eco-conscious themes, and community-centered development, to capture attention and build loyal followings.

These memecoins have shown strong early momentum with significant price surges, high market caps, and active trading volumes, underscoring their ability to gain traction quickly in the competitive crypto landscape.

Evaluates memecoins via Messari's data-driven model, specifically Unique Holder Growth, New vs. Recurring Buyers, and Whale Activity.

MYRO and GOAT benefit from their alignment with the Solana ecosystem, which offers fast transaction speeds, low fees, and a growing developer base, enhancing their credibility and fostering innovation.

Projects like DEGEN and MYRO aim to deliver real-world value through technological innovation. DEGEN’s Layer-3 network targets scalability and low transaction costs, while MYRO’s eco-friendly approach resonates with environmentally conscious investors.

Introduction

Memecoins are the wildcards of the crypto world, offering adventurous investors the chance to turn small bets into life-changing gains. Fueled by hype, massive price swings, and viral communities, memecoins have emerged as some of the most talked-about opportunities in the market. The 2020-2021 boom, led by DOGE and SHIB, cemented their place in crypto history, showing how even joke tokens can achieve staggering success.

Now, the race is on to find the next big memecoin—tokens that can foster cult-like communities and deliver massive 100x returns. In this article, we’ll dive into their stories, analyze market dynamics, and leverage Messari’s valuation tools to uncover whether these potential stars have what it takes to achieve their ‘escape velocity.

Valuation Model

Messari’s model highlights three critical metrics to monitor: the rate of change in unique holders, the ratio of new to returning daily buyers, and the classification of buyers based on trading volume.

Unique Holder Growth

Holder growth is a vital metric for evaluating memecoins, as it reflects adoption, community engagement, and market potential. Rapid increases in the number of unique holders often signal growing demand, heightened community activity, and positive sentiment. Frequent thresholds, such as reaching 10,000 or 100,000 holders, often act as tipping points, marking significant shifts in market momentum and price movements. These thresholds indicate when a memecoin transitions from niche interest to broader recognition.

It also closely tied to price trends, as increases in unique holders often drive upward momentum. When new investors enter the market, they not only boost liquidity but also contribute to a memecoin’s visibility and perceived legitimacy. Monitoring fluctuations in holder growth can reveal market sentiment shifts, with accelerating growth indicating strong interest and slowing growth suggesting waning enthusiasm or potential selling pressure.

By analyzing holder growth alongside other metrics like trading volume, community engagement, and tokenomics, investors can gain a clearer picture of a memecoin’s trajectory and sustainability.

New Buyers

When it comes to memecoins, the influx of new buyers is one of the most important metrics to watch. Fresh capital flowing in doesn’t just drive price action—it’s a sign that a coin is building hype, growing its community, and attracting new participants. The ratio of new vs. recurring traders tells the story: when new buyers dominate, it’s usually a signal that momentum is building and the coin has room to grow. On the flip side, if recurring traders start to outnumber new ones, it could mean the market is cooling off or hitting a local top.

This metric is especially powerful for spotting turning points. A steady stream of new buyers shows strong demand and expanding adoption, which often correlates with price surges. But if the new buyer count starts dropping off, it may be a red flag—this shift often signals that the hype is fading and a price correction might happen. By keeping an eye on new buyer trends alongside metrics like holder growth and volume, we can get a clearer read on whether a memecoin is still climbing or about to reverse.

Whales

Whales—large-scale investors who hold significant portions of a token’s supply—have the power to influence market dynamics, often driving rapid price movements. However, this influence can be a double-edged sword. While whale involvement can signal confidence in a memecoin, it also introduces risks such as price manipulation, sudden sell-offs, and instability.

A key insight is that smaller accounts generally indicate a more evenly distributed and potentially stable growth pattern, as these investors contribute to organic adoption and broader community engagement. In contrast, whale-driven markets often experience rapid but less stable growth, with sharp spikes and heightened volatility. For example, in the case of WIF, early growth was primarily driven by smaller traders with investments under $1,000. This contributed to steady and organic price increases, avoiding speculative manipulation and creating a healthier growth trajectory.

When evaluating Memecoins for their 100x potential, whale activity provides critical insights into the market dynamics that can drive or hinder explosive growth. The key is to strike the right balance between organic adoption by smaller accounts and the involvement of large-scale investors.

Below is an example of how this model is applied to WIF:

Identify Ecosystem

When evaluating potential memecoins, a top-down approach provides a structured way to maximize success. Instead of focusing solely on individual memecoins, it’s essential to first identify the ecosystem that offers the best foundation for growth. If the ecosystem itself doesn’t thrive, even the most promising memecoin within it will struggle to gain traction. This leads us to ask: which ecosystem is the better fit for memecoins?

The chart highlights the share of DEX volumes attributed to memecoins within each ecosystem. Solana stands out, with 51% of its DEX volume driven by memecoins, significantly higher than Ethereum’s 16% and equal to Base’s 50%.

The chart comparing DEX volume share for memecoins across Solana, Ethereum, and Base highlights the importance of ecosystem choice. Solana has shown a steady increase in memecoin DEX volume share, overtaking Ethereum and Base by early 2024 and commanding the largest share by mid-2024.

These insights highlight Solana’s ability to operate at scale while maintaining a strong focus on memecoins. One of Solana’s key advantages is its cost-efficiency, which makes it particularly appealing to small-scale traders who are the backbone of memecoin adoption. Unlike Ethereum, where high gas fees deter smaller investors, Solana’s low transaction costs and high throughput allow for seamless trading of small amounts, encouraging frequent participation and rapid growth. This accessibility is further supported by applications on Solana that facilitate programmed trading of small trades, broadening participation and driving faster momentum in the memecoin market.

In conclusion, Solana clearly stands out as the best ecosystem for memecoins. Therefore, the memecoins we select will primarily come from Solana, ensuring they are positioned within an ecosystem that fosters growth, scalability, and sustained momentum for long-term success.

1. GOAT

GOAT quickly claimed the #12 spot in the market cap among all memecoins within just one month, but we believe it has the potential to break into the top 5 in the near future. In the following analysis, we explore its compelling narrative, which seamlessly blends Crypto Memes with AI innovation, and provides a data-driven evaluation of its growth potential.

Narrative

GOAT is not just another memecoin; it represents a cultural turning point at the intersection of AI innovation and crypto subculture. Its origins trace back to Infinite Backrooms, an AI experiment where two Claude Opus-3 chatbots, left to converse autonomously, developed a bizarre religion called the “GOATSE of GNOSIS.” This religion merged elements of Gnosticism, Hermeticism, esoteric philosophy, and the infamous internet meme Goatse, creating a narrative both absurd and intriguing.

Andy Ayrey, the creator of Infinite Backrooms, expanded on this concept through his groundbreaking thesis on “hyperstitions.” He argued that fictional belief systems, propagated by AI, could gain cultural traction and become “real” through viral adoption. In June, Ayrey launched the Terminal of Truths (ToT), an AI agent on X trained on a mix of Infinite Backrooms data, LLMtheism theories, 4Chan, and Reddit posts. ToT autonomously promoted the Goatse religion, evolving into a distinct digital persona while laying the groundwork for the launch of the GOAT token.

The GOAT token, introduced anonymously in October, quickly gained traction. Promoted by ToT as a “divine” extension of the Goatse religion, its value skyrocketed, surpassing a 1.1 billion market cap by November 16th. This meteoric rise made ToT the first AI billionaire, capturing the attention of the crypto community and beyond. With listings on major exchanges like Binance and Hyperliquid, and endorsements from figures like Brian Armstrong, GOAT has established itself as a unique player in the memecoin space.

Unlike traditional memecoins, GOAT’s appeal lies in its compelling narrative and first-mover advantage in the AI-memecoin hybrid space. Its story resonates with broader societal concerns, such as unregulated AI power, financial nihilism, and the human search for meaning in an increasingly chaotic world. The strong community built around its lore further bolsters its potential as a blue-chip token.

Whether GOAT continues its meteoric rise or fades away, its impact on the evolving intersection of AI, cryptocurrency, and culture is undeniable. It represents a fusion of historical mysticism and modern technology, offering insights into how narratives and financial tools can shape cultural evolution in the digital age.

Market Analysis

The newly launched memecoin, driven by an internet religion created by an AI agent, has added even more excitement to an already eventful 2024. On November 16th, GOAT astonished the market by surpassing a $1 billion market cap, making it the first AI agent-driven token to achieve billionaire status.

Daily Unique Holders

Now we step into analyzing the data-driven performance of GOAT using the model. The first metric, Daily Unique Holders, is reflected in the steady rise of cumulative unique traders between October 10th and October 19th. This sharp growth signals GOAT’s strong early momentum, with new participants consistently entering the ecosystem. By surpassing the critical threshold of 3,000 unique holders, GOAT has cemented its position in the initial growth phase, a crucial milestone for memecoins gaining traction. With these key indicators in place, GOAT is well-positioned to leverage this early momentum and establish itself as a significant player in the memecoin market.

New Buyers

Looking at the relationship between New and Recurring Traders, new traders consistently outpacing recurring ones from October 10th to 21st. This influx of fresh participants highlights GOAT’s growing appeal, with notable peaks on October 11th and 16th likely driven by viral moments or market buzz.

As the days progress, recurring traders begin to catch up, signaling strong retention and confidence among existing holders. This balance of onboarding new users while maintaining a loyal base is a hallmark of sustainable growth, setting GOAT apart from typical memecoin hype cycles.

Whales

GOAT’s growth reflects an organic evolution driven primarily by dolphins and fish (Average Purchase Size < $10k), with limited whale activity in its early stages. This pattern mirrors WIF’s healthier start, avoiding the speculative manipulation often tied to low-cap memecoins. Early trading volumes were dominated by mid-scale participants, fostering stable growth and reducing vulnerability to pump-and-dump schemes.

Notably, spikes in trading volume around October 16th and 19th saw increased whale involvement, though their influence remained balanced, preventing market instability. This steady, diversified participation signals GOAT’s ability to attract a broad base of investors while retaining smaller traders’ engagement. The gradual rise in whale activity reflects growing institutional interest, positioning GOAT for sustainable growth and long-term market stability as it continues to scale in the memecoin ecosystem.

In conclusion, GOAT demonstrates all the characteristics necessary to ascend to blue chip memecoin status. Its captivating narrative, first-mover advantage in the AI memecoin niche, and strong, culturally relevant community formation have positioned it as a unique and promising contender in crypto space. With its ability to appeal to diverse investor segments and leverage the attention-driving power of ToT, GOAT stands out as a pioneer in merging AI innovation with the decentralized ethos of cryptocurrency.

We are confident that GOAT has immense potential to break into the top 5 memecoins, further boosting its value even as it already commands a $1.1 billion market cap. However, its long-term success will depend on maintaining the authenticity of its origin story, addressing concerns around AI manipulation, and continuing to nurture its engaged community. If GOAT can navigate these challenges while sustaining its momentum, it is poised to become a defining force in the memecoin ecosystem, setting a new benchmark for innovation and cultural impact in the crypto world.

2. MYRO

Narrative

Myro, a decentralized cryptocurrency built on the Solana blockchain, stands out with a unique narrative that blends personal connection, innovation, and accessibility. Named after the dog of Solana’s co-founder, Raj Gokal, Myro’s origin story ties it directly to the Solana ecosystem, adding a relatable and memorable touch that resonates with the growing popularity of dog-themed tokens in the crypto space. However, Myro isn’t just another memecoin; it aims to deliver tangible value through its robust features, including lightning-fast transaction speeds, high throughput, and low fees—all powered by Solana’s cutting-edge infrastructure.

What sets Myro apart is its eco-conscious proof-of-participation consensus mechanism, making it energy-efficient and aligned with environmental priorities in a market increasingly scrutinized for its carbon footprint. Since its explosive 5308% price surge at launch, Myro has solidified its presence in the market, with a current market cap of $128 million and active trading on major exchanges like Bybit, KuCoin, and Crypto.com. Beyond the technical and market achievements, Myro’s narrative centers on accessibility, community, and innovation—creating a welcoming space for newcomers while driving utility within the Solana ecosystem. With its strong branding, scalability, and community-driven ethos, Myro positions itself as more than just a token—it’s a movement poised for significant growth in the decentralized finance space.

Market Analysis

MYRO is currently trading at $0.1443 with a 24-hour volume of nearly $49 million, reflecting significant market activity and liquidity. With a market cap of $144 million and a turnover rate of 33.82%, MYRO shows steady engagement, positioning itself as a strong contender in the memecoin space. Its FDV mirrors its market cap, underscoring a balanced tokenomics structure with no disproportionate inflation risks.

Technically, MYRO’s price movement has shown resilience, with key support levels forming around $0.13 and resistance near $0.15. The gradual recovery in both price and volume over recent weeks reflects a healthy market sentiment.

Given the current market dynamics and MYRO’s strong fundamentals, the token is well-poised to capitalize on the memecoin trend. Its balance of speculative appeal and real utility within Solana provides a compelling narrative for both retail and institutional investors. For those looking to ride the memecoin mania, MYRO stands out as a token with strong upside potential.

Daily Unique Holders

Now we step into analyzing the data-driven performance of MYRO using the model. The first metric, Cumulative Unique Traders, is reflected in the impressive rise observed between November 2023 and mid-2024. This steep growth trajectory signals MYRO’s exceptional early momentum, with a consistent influx of new participants driving its adoption. Surpassing the critical threshold of 100,000 unique traders within just a few months highlights MYRO’s strong appeal and community-driven expansion.

This rapid accumulation of traders indicates that MYRO has firmly established itself in its growth phase, positioning the token as a promising contender in the evolving crypto landscape. With these metrics demonstrating its growing network effect, MYRO is well-poised to capitalize on this momentum and solidify its role as a standout player in the competitive token ecosystem.

New Buyers

When analyzing the relationship between New and Recurring Traders, MYRO demonstrates a clear evolution toward a stable and sustainable ecosystem. In its early phases from late 2023 through early 2024, MYRO experienced a surge of new traders, indicative of strong initial interest and adoption. Over time, however, recurring traders began to steadily catch up with new traders, showcasing MYRO’s ability to retain participants and convert first-time traders into long-term holders. This gradual convergence between new and recurring traders signals a maturing user base, reinforcing MYRO’s position as more than just a passing trend.

The consistency in MYRO’s trader dynamics reflects its focus on fostering a committed community while maintaining a steady influx of fresh participants. Unlike short-lived spikes driven by viral moments, MYRO’s growth pattern highlights a balance between onboarding and retention, crucial for building a sustainable ecosystem. While GOAT thrives on momentum-driven growth marked by sharp surges in new participants, MYRO’s trajectory indicates a robust foundation built for long-term resilience in the crypto market.

Whales

MYRO’s growth showcases a strong foundation built primarily by dolphins and fish, with minimal reliance on whale activity during its early stages. This organic growth pattern parallels that of other successful memecoins, steering clear of speculative manipulation often associated with heavy early whale involvement. By concentrating activity among mid-scale traders, MYRO has fostered a stable growth trajectory and reduced its vulnerability to pump-and-dump schemes.

MYRO’s ability to retain engagement from its smaller traders while attracting measured whale participation speaks to its robust community-driven strategy. This dynamic not only fortifies its ecosystem but also ensures a healthy balance of decentralized growth and strategic investment, setting MYRO apart as a token with long-term potential.

Based on comprehensive analysis and market insights, MYRO presents itself as a memecoin with significant potential for growth. Its strong narrative, market performance, and ecosystem integration create a foundation for long-term success, distinguishing it from the typical memecoin frenzy.

MYRO’s branding and origin story—centered on Solana co-founder Raj Gokal’s dog—tap into the popular dog-themed narrative while adding a unique, personal touch. This relatable branding, coupled with its connection to the Solana ecosystem, gives MYRO a competitive edge. Unlike many memecoins that rely solely on hype, MYRO emphasizes real-world utility, community engagement, and ecosystem development, broadening its appeal to both speculative traders and long-term investors.

In conclusion, MYRO’s blend of a compelling narrative, solid market performance, and user-focused features positions it as a standout memecoin with significant growth potential. While the crypto market remains inherently volatile, MYRO’s trajectory and ecosystem advantages make it a highly promising investment for those seeking the next surging token in the decentralized finance space.

3. DEGEN

Now let’s turn our attention to the Base chain, where DEGEN stands out as the token with the highest potential for momentum and growth. What follows is a detailed breakdown of its narrative and the data-driven analysis that highlights the factors driving its rise.

Narrative

DEGEN burst onto the scene as a memecoin on the decentralized social network Farcaster around Christmas 2023, created by a developer known as Jacek. While many memecoins rely on hype or gimmicks, DEGEN took a unique path, deeply embedding itself within the Farcaster ecosystem and thriving on community-driven growth.

What set DEGEN apart from the beginning was its fair launch and focus on community involvement. The initial airdrop targeted active participants in Farcaster’s /degen channel, ensuring wide distribution among crypto-savvy users already immersed in the world of trading and memes. This grassroots approach created an immediate sense of ownership and enthusiasm within the community.

Rather than launching with a pre-packaged narrative or flashy branding, DEGEN embraced organic community-driven identity building. The community itself shaped the token’s culture, adopting the term Degen(tlemen) for holders and the Top Hat as its emblem of choice (if the degen keyword is mentioned in the degen channel post, the original heart-shaped like icon is automatically replaced with top hat). This approach transformed DEGEN from a simple token into a cultural movement, where holders felt like active participants in its evolution rather than mere spectators.

These early successes positioned DEGEN as more than just another memecoin. Its fair distribution, community-driven branding, and integration with Farcaster’s tools made it a cornerstone of the decentralized network’s culture. By turning a memecoin into a movement, DEGEN established itself as a token built not just for speculation, but for connection, creativity, and community.

The Rise and Impact of the DEGEN Layer-3

The DEGEN community has taken a significant leap forward by launching its own L3 network, designed to overcome the limitations of existing blockchain infrastructure. In just a week since launch, Degen Chain has processed 14+ million transactions, 770k+ active addresses, 25k+ deployed contracts, and $60+ million bridged.

Capitalizing on the growing interest in L3 technology, which enables near-zero transaction fees and innovative applications, the DEGEN L3 sets the stage for unprecedented opportunities in blockchain adoption and development. This ambitious network has already become a hub for experimentation, attracting developers, users, and investors drawn to its low-cost, community-driven approach.

The DEGEN L3 unlocks groundbreaking possibilities. Its ultra-low transaction fees make microtransactions feasible, paving the way for entirely new business models, such as on-chain social networks that reward users for interactions like likes and comments. The network also serves as fertile ground for machine-to-machine economies, enabling DePIN networks and AI agents to operate autonomously and efficiently. Additionally, DEGEN-specific applications such as decentralized prediction markets, in-game reward systems, and governance tools are flourishing, further solidifying the token’s utility and enriching the ecosystem. Developers are flocking to the network, driven by its active community, minimal fees, and potential for innovation.

Of course, as with any ambitious project, there are challenges to address. The DEGEN L3 operates on a cutting-edge framework that requires careful balancing of scalability, security, and decentralization. Liquidity management will be key to ensuring smooth asset access as the network grows, and the DEGEN token’s central role underscores the importance of maintaining strong community engagement and sustained interest. By addressing these challenges strategically, the DEGEN community can solidify its ecosystem as a cornerstone of blockchain space.

With its visionary approach, the DEGEN L3 is poised to redefine blockchain efficiency and user experience. Its innovative design and thriving community make it a standout contender in the evolving crypto landscape, with the potential to set new benchmarks for L3 technology and utility.

Market Analysis

Following the bullish sentiment driven by Bitcoin’s recent rally, DEGEN experienced an incredible surge, rising over 300% within a week. Reaching a peak of $0.03649, the token saw an impressive trading volume surge to over $156 million in 24 hours, signaling heightened market interest and activity.

As of November 17th, DEGEN is trading at $0.022, reflecting a healthy consolidation phase after its massive spike. With a market cap of $377 million and a fully diluted valuation (FDV) of $813 million, DEGEN now ranks #32 in the overall memecoin market, showcasing its growing prominence.

The consistent growth in DEGEN’s trading activity, combined with its social-fi features and integration into innovative blockchain solutions like its own L3, highlights its potential for further upside. As the market closely tracks Bitcoin’s movements, DEGEN stands out as a key token to watch, with the potential for sustained growth if it continues to advance its ecosystem developments and foster strong community engagement.

Conculsion

The memecoin market represents a unique blend of high-risk, high-reward opportunities. Projects like GOAT, MYRO, and DEGEN exemplify the diversity and potential within this space, each leveraging strong narratives, community engagement, and innovative features to stand out. GOAT’s pioneering blend of AI-driven culture, MYRO’s eco-conscious positioning within the Solana ecosystem, and DEGEN’s focus on organic growth and Layer-3 development showcase the variety of strategies driving success in the memecoin sector.

However, the promise of exceptional returns comes with significant risks. To navigate this volatile market effectively, investors must prioritize diversification, diligent research, and a clear understanding of their risk tolerance. Focusing on memecoins with strong community engagement, active development, and real-world utility can help balance the allure of quick profits with the need for sustainable growth.

Ultimately, success in the memecoin market requires a thoughtful and balanced approach—one that embraces innovation and opportunity while maintaining a long-term vision and sound risk management practices. By identifying and supporting projects with lasting potential, investors can position themselves to thrive in this dynamic and evolving landscape.