Meme

Originating from Internet culture, meme currency is a crypto digital currency based on blockchain technology.

The design of Meme coins is mainly inspired by various interesting, funny, and popular memes on the Internet. These memes usually have unique symbols, logos, or images.

Dogecoin (DOGE), the first memecoin created, was launched in 2013 as a parody inspired by the popular Doge Meme of the Japanese Shiba Inu.

Memes tend to be highly volatile. They are primarily community-driven and can gain popularity overnight due to recognition and FOMO from the online community. Still, as investors turn their attention to the next memecoin, their prices could unexpectedly slide.

Another characteristic of memes is that they often have large or unlimited supplies. For example, Shiba Inu (SHIB) has a total supply of 1,000 trillion tokens, while DOGE does not have a maximum supply and already has over 100 billion tokens in circulation. Since meme tokens generally do not have a coin-burning mechanism, their huge supply contributes to their relatively low price. You can buy millions of meme tokens for just $1, but like all cryptocurrencies, trading and investing in meme coins carries high financial risks.

Precautions

Invest in a small amount to win big

Memes are caused by FOMO in the community. We must remember to invest in a small amount to win big, and never be fooled by market FOMO, because Memes fluctuate greatly.

Deep research

There are a lot of risks involved with the current meme craze, especially with fake memes being posted impersonating certain well-known figures, so it’s important to delve into the authenticity when we see it.

Cash out when profits soar

Memes mainly enter the market early and have low cost. When the outside world starts to enter the market, we need to withdraw the cost first, so even if it is reset to zero, the impact will be little.

Dexscreener

Dexscreener is a tool designed specifically for cryptocurrency investment. It can help users screen out the most promising projects in decentralized exchanges, providing comprehensive data analysis and market monitoring capabilities.

Dexscreener main functions:

1. Filter items: Dexscreener provides an intuitive platform for crypto users. Users can filter out projects that meet the conditions (such as market value, trading volume, increase, etc.) based on their own investment preferences and needs, and can quickly locate the projects they are interested in.

2. Analyze data: Dexscreener provides rich data analysis functions after screening the project. On this platform, users can view the project’s technical indicators, market trends, etc., to help users make accurate decisions.

3. Real-time monitoring: Dexscreener provides real-time market monitoring, which can help users adjust their strategies by linking to market dynamics promptly.

Today we will use Dexscreener tool to show you how to understand Meme.

Steps

STEP.1

Determine to participate in the chain

Dexscreener website: https://dexscreener.com/

First we go to the official website of Dexscreener, where we can see that the website is divided into two parts. The left side can be seen as filtering, and the right is the real-time display page. You can use the preliminary filtering on the left to filter different chains, such as Meme currency on Solana is more popular. Therefore, we can click on Solana to participate.

STEP.2

Get new pair

We said above that Meme mainly enters the market early, so we need to find trading pairs that have newly increased liquidity in the last hour, so the above does a preliminary screening through the chain, and the following can filter through, for example, trading volume, but need to click on 1H to screen pairs.

For example, we filtered the new trading pairs in the past hour above.

STEP.3

Filter base on liquidity

We have only done a preliminary screening above, but it is not very easy to find the targets that need to be participated. You can click to further filter. For example, if the liquidity of a currency cannot reach 10,000, then we can filter it out because the liquidity is too low. Not only are there fewer people participating, but there is also the risk of running away at any time.

Above, Paul selected these trading pairs from 10000 pairs. Now look at the places shown in the icon. Remember that these places can be sorted. We only need to click on the corresponding conditions. We can also see the current currency’s trading volume, number of holders, FDV and other information.

STEP.4

Learn more

When you select the specific currency you want to participate in, you can click on the currency to enter the details page.

Because the subsequent contract detection tools currently do not support Solana, we chose the contract on Ethereum for processing. Click on the upper right to copy the contract itself to Tokensniffer (https://tokensniffer.com/).

We can see that this tool scores the contract and provides BUBBLE MAP to map the distribution of wallets.

What Paul suggests here is that the score of contract detection is above 80, but it is not absolute. At the same time, we also need to check the distribution of wallets and the funds involved. For example, there is no problem with this currency contract.

STEP.5

View Community

As mentioned above, the main force for Meme is the community, so we also need to always pay attention to the project community. Here we recommend a community viewing tool (https://app.tweetscout.io/), which can offer the twitter scores of the project.

Analyzing tool

The project’s token mechanism platform: https://tokenterminal.com/

Project social updates: https://lunarcrush.com/

Project token unlocking platform: https://token.unlocks.app/

Token holders of the project: https://bubblemaps.io/

Track inflows and outflows on L1 and L2 blockchains: https://cryptofees.info/

DeFi protocol-related data: https://defillama.com/

Disclaimer：

1. This article is reprinted from [CoinmanLabs], All copyrights belong to the original author [Paul]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
2. Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
3. Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.