Author: WEEX Labs Amid a somewhat sluggish market, Memecoin, though no longer frenzied, remains a battleground in the attention economy. Memecoin hasn't reached its end, it's just changed direction. Compared to the meteoric rise of Memecoin in 2024, this year's Memecoin scene has indeed cooled considerably after $TRUMP. However, this doesn't mean it's over; rather, the market has evolved to the next stage. • From Solana to Base and BNB Chain: Solana initially monopolized 90% of new coin issuance with its low fees and high speed, especially after Pump.fun significantly decentralized token issuance rights, fueling the Memecoin craze throughout 2024. However, with multi-chain expansion and the continued efforts of other public chains, Solana's share has now dropped to 57%, while BNB Chain, Base Chain, and others are constantly vying for on-chain market share. Source: https://www.theblock.co/data/decentralized-finance/dex-non-custodial/share-of-new-tokens-appearing-on-dexs • Small and Medium-Sized Memes Become Mainstream: The memecoin market has shifted from being dominated by Ethereum-based coins like DOGE, SHIB, and PEPE with market caps of tens of billions, to the emergence of large memecoins on the Solana chain such as BONK, WIF, FARTCOIN, and Trump, and now to smaller and medium-sized memecoins on various chains with market caps of tens of millions, such as BRETT and TOSHI on the Base chain, and Binance Life and BROCCOLI on the BNB chain. This indicates that the market cap of memecoins is constantly decreasing, and the market is becoming increasingly mature. • Accelerated Rotation Pace: With limited liquidity growth and a rapid increase in the number of memecoins, the market rotation pace has changed from "weekly" to "hourly". Especially thanks to the widespread adoption of AI tools and the upgrade of social media algorithms, the speed of virus transmission and decay has increased significantly. This has resulted in many new coins reaching their peak value in just 24-48 hours, a lifespan far faster than the previous weekly cycles. Recently Popular Memecoins: Social Media Popularity + Small to Mid-Cap Browsing recent popular memecoins undoubtedly confirms these changes. $Franklin: Franklin the Turtle was originally a classic children's character from a series of books and television programs in Canada during the 1980s and 90s. Recently, the current US Secretary of Defense posted a politically satirical image on X, expressing the US's tough stance on cross-border military anti-drug operations. Subsequently, the memecoin of the same name portrayed Franklin the Turtle as a satirical, militarized anti-drug warrior. Launched on December 1st, the coin reached a high FDV of $24.36M on the 10th, and has currently fallen back to $5.4M. $DOYR: Originating from a typo of DYOR as DOYR, and fueled by the post "DOYR = DO Your meme?", the BNB Chain community quickly launched a memecoin with the same name. Launched on December 6th, it reached a peak FDV of $31.34M the following day, and has since fallen back to $3.4M. $Horse Success: Derived from the community's Chinese blessing "马到成功" (ma dao cheng gong), it's a popular Chinese memecoin following in the footsteps of "Binance Life" and "Vulgar Penguin." Launched on November 15th, it reached a peak FDV of $5.03M on December 2nd, and has since fallen back to $2.6M. $jesse: A personal memecoin launched in November by Jesse, co-founder of Base. Launched on November 21st, the coin reached a peak FDV of $28.08M on its first day, and has since fallen back to $10M. Memecoin's Opportunities for Structural Change From its origins as the DOGE dog emoji to its current complex ecosystem where any topic can become a coin, Memecoin is no longer just an internet joke, but a perfect fusion of community narrative, attention dissemination, and speculative frenzy. This year's Memecoin market has been a rollercoaster ride: accelerated rotation, shrinking scale, and multi-chain expansion all signify a transition from frenzy to maturity. Source: https://whaleportal.com/meme-season-index/ It's foreseeable that regardless of bull or bear markets, the Memecoin market will not be quiet, because as long as there is attention, someone will go all in on a dog image to spread emotion. However, in this fast-paced era, Memecoin has begun to transform from a "joke" into a "cultural index." For example, established tokens like DOGE, SHIB, and BONK are shedding their religious shackles and continuously upgrading their technology and applications to empower memes. Meanwhile, many newly minted small and medium-sized memecoins are shifting towards a "social media buzz + data-driven" model, which carries higher risk but offers more refined opportunities. The price fluctuations of these memecoins also reflect the changing popularity of certain social topics. In any case, this structural change will reshape investment logic.While offering more opportunities to participants, this also presents greater challenges for DYOR. * This article is provided by WEEX Labs for trend research and discussion purposes only and does not constitute any form of investment advice or commitment. The content, data, and opinions expressed herein are for reference only.