From data, looking at meme coins: PEPE takes the crown in user popularity on Nansen, with AIDOGE coming in second, revealing the true differences in liquidity.

Major cryptocurrencies are trending downward, while meme coins like PEPE, AIDOGE, and WOJAK are experiencing radical growth, becoming the representatives of the current hot upward trend. According to on-chain data company Nansen, meme coin PEPE has become the top coin that users on the platform are most keen on checking. How are other meme coins performing?

PEPE Meme Coin Skyrockets! Nansen Data Shows It Dominating in Popularity

Despite the poor liquidity of meme coins, the rapid surge in prices has attracted many investors willing to take the risk and enter the market.

According to on-chain data company Nansen, PEPE meme coin ranks first in search popularity among users of their various paid plans. It appears that users across different investment levels are showing significant interest in PEPE.

According to CoinMarketCap statistics, the price of PEPE has been on the rise, with two decimal places already trimmed:

Nansen Data: AIDOGE and WOJAK Meme Coins Have Lower Popularity

In the same data, it can be seen that users of Nansen Lite free version are also paying attention to the AIDOGE meme coin.

However, for Standard users willing to pay the cost of $100 per month, AIDOGE meme coin falls to seventh place in terms of interest.

For higher-tier VIP users paying $1000/2000 per month, AIDOGE is no longer among the main focus coins.

On the other hand, the rapidly growing WOJAK meme coin is completely out of sight for Nansen users.

As users who use on-chain data to observe market movements are considered to be more rational investors, the actual popularity of different meme coins may be reflected in on-chain data rather than just price surges.

Price Websites: CMC, CoinGecko Show Inconsistent Results

Investigation shows that there are inconsistent search results on popular price comparison websites like CMC CoinMarketCap and CoinGecko.

In CMC's popular searches, the above three meme coins do not appear, but another emerging niche meme coin, THEPEPE, does:

CoinGecko searches show that PEPE, AIDOGE, and WOJAK meme coins all appear, with PEPE being the most popular:

The discrepancies in these two results may be due to different statistical methods used by the two sites and differences in user types.

Analysis: Liquidity of PEPE, AIDOGE, and WOJAK Meme Coins

According to CMC data as of 5/2:

• PEPE's main liquidity is on OKX 23%, Uniswap v2 20%, and v3 18%, with a 24-hour trading volume of $189 million on DEX and $272 million on CEX.
• AIDOGE's main liquidity is on OKX 42%, Gate.io 13%, with very limited trading volume on DEX. The 24-hour trading volume on CEX is as high as $210 million, while DEX volume is only $5.34 million.
• WOJAK's main liquidity is on Uniswap v2 36% and MEXC 28%, with a 24-hour trading volume of $59 million on CEX and $34.58 million on DEX.

Overall, PEPE has the highest liquidity, distributed on both DEX/CEX; AIDOGE is highly concentrated on CEX, with lower liquidity; WOJAK has average liquidity on DEX/CEX, with the least liquidity.

What does this reveal? With gas fees soaring and transaction costs being very high, the relatively high proportion of trading volume on DEX may indicate a higher proportion of natural trading behavior and more diversified chips. Conversely, coins with a concentration of trading on CEX may be more challenging for market manipulators to control.

This is for reference only, and investors should evaluate their own risks.