Meme Coin Data Analysis | Will the meme coin market crash after the season? Which meme coin has the highest trading volume?

In the cyclical nature of the cryptocurrency market, memes occasionally add a touch of excitement and allure. As stories of new fortunes and losses spread through social media, people often forget past lessons and rush back into the market.

Is the popularity of meme coins a precursor to an upward trend in the market? Or is it merely a last gasp of creativity before a downturn, as the market runs out of new narratives? This article will attempt to explore possible answers from a data-driven perspective and examine the changes that meme coins bring to the market.

Meme coin craze🟡

The sign of a new alt season, or a local top?#Bitcoin price overlaid with meme coin volume indicates it may be a local top📈

But, @jamest0lan thinks that this time could be different……

🧙https://t.co/FIx26Mwl3r

— Dune (@DuneAnalytics) May 8, 2023

Meme Coin Data Statistics

The Dune Data Dashboard used in this article was created by blockchain analyst James and has been collecting data since July 2020.

The chart below shows the cumulative and weekly trading volume of meme coins. From the black bars, it can be seen that during this period, the meme trend has prevailed three times. The first two times were related to the Dogecoin (DOGE) and Shiba Inu (SHIB) frenzy, while the third time was led by the recent rise of PEPE. The total trading volume of meme coins has exceeded 3 billion USD.

Furthermore, looking at the number of meme coin holders, each meme season brings more users into the crypto market. Currently, there are over 2 million addresses holding meme coins.

Additionally, by examining Ethereum gas fees, although high gas fees are not necessarily caused by meme speculation, the emergence of meme seasons will definitely drive up gas fees.

So, what is the proportion of meme coins? Data shows that on 5/5, meme coin exchanges generated 30% of all gas, the highest in recent times, and gradually declined afterwards, averaging around 10-20%.

Will there be a decline after the meme frenzy, as usual?

As the meme-related topics cool down, how will the market trend change next?

Looking at the trends of the past two cycles, after the meme season, there has always been a long period of decline, with the first time rebounding after a three-month decline, and the second time showing a slight rebound after a year of decline.

Although it cannot be asserted that the end of this meme coin cycle will definitely lead to a market crash, past experiences can serve as a warning.

Lastly, let's take a look at the coins with the highest weekly trading volume during this meme season.

Surprisingly, the top spot is not taken by coins like PEPE or WOJAK that emerged in this cycle, but by Shiba Inu (SHIB), with Elon and PEPE following in second and third place, respectively.

Furthermore, the former meme king, Dogecoin (DOGE), surprisingly does not even make it to the top five, ranking only 7th.