Which Meme Coins Have the Strongest "Fundamental Base"?

Source: The DeFi Report

Author: Michael Nadeau

Compiled and organized by: BitpushNews

In the political arena, a candidate's strength often depends on the loyalty of their "core support group/base." In sports, clubs with the most loyal, generationally passed-down fan bases are often the most valuable. In religion, "core believers" convert new followers to spread the faith.

The same principle applies to consumer goods companies and media brands.

Tesla has its "die-hard fans."

Apple has its "Apple fans."

Barstool Sports has its "hardcore audience."

Fox News has its "base," and CNN is no exception.

Loyal "core groups" never leave. These people deeply bind their self-identity to politicians, sports teams, religious beliefs, and product philosophies.

Their loyalty means:

1. Spontaneous free promotion (the most effective form of communication)

2. Product evangelism

3. A sense of group belonging

4. Capital access channels

5. A collective belief system

From this perspective, we also apply the same framework to meme coin communities.

Which meme coins have the strongest "base," and what does this tell us about the value of their communities?

We aim to use on-chain data to answer this question.

Token Holder Groups

Average and median holdings per wallet

From the data, SPX6900 stands out as an outlier in both median and average wallet holdings. Its median balance in Ethereum wallets is four times that of any other "blue chip" meme coin.

You might wonder why WIF, BONK, and Based Brett have such low median balances. The answer is airdrop/dust wallets.

Holders with balances > $1,000

In terms of the percentage of holders with balances over $1,000, SPX6900 also stands out—almost double that of second-place MOG.

Holders with balances > $10,000

Today, among all wallets holding SPX6900 on Ethereum and Solana, 4.52% have balances over $10,000—almost double that of the second-ranked token.

Holders with balances > $100,000

Among all wallets holding SPX6900 on Ethereum and Solana, less than 1% have balances over $100,000.

For reference, bitcoin (BTC) has 167,000 wallets with balances over $1 million (0.8%). Ethereum (ETH) has 18,276 wallets with balances over $1 million (0.015%). It has 141,000 wallets with balances over $100,000 (0.1%).

Percentage of holders with balances < $100

SPX6900 leads in having more high-conviction, large token holders. Therefore, it's not surprising that it has a smaller percentage of wallets with balances below $100.

Token Holder Retention Rate

We believe our retention data provides the strongest signal about the "base" of meme coins.

Whale retention rate > 50%

SPX6900 leads once again.

Pengu (Pudy Penguins), BONK, and GIGA follow closely, ranking in the top four.

BONK and GIGA have very low median and average holder balances, yet they appear at the top of this chart. We value whale retention rate data more.

Whale retention rate > 75%

On Ethereum, among SPX6900 wallets that once held $100,000, 30% still retain more than 75% of their peak holdings.

This is interesting.

Some people think investing in meme coins is "burning money."

But here, we see that nearly a third of SPX holders have invested significant funds and remain steadfast even after experiencing 10-20x gains and 80% drawdowns.

This is a profound conviction.

Retail retention rate > 50%

We see the same level of conviction across all SPX6900 holder groups.

Retail retention rate > 75%

Again, among SPX6900 holders who once held $10,000 in tokens, about a third still hold more than 75% of their peak holdings.

Conviction. Delusion? Call it what you want. The data doesn't lie; it's sending a signal.

DEX Capital Flows

30-day net capital flow: wallets > $1,000

In addition to analyzing wallet group holdings and retention rates, we also look at the net inflow/outflow on decentralized exchanges (DEX) for different groups at key turning points to understand the buying and selling behavior of different communities.

• Net inflow = selling activity.

• Net outflow = buying activity.

This is the first category where SPX6900 does not lead.

*Please note, more mature meme coins (Pepe, Shiba, Bonk) are also traded on most centralized exchanges in addition to the data shown here.

Remember, inflow = coins sent to DEX (selling).

30-day net capital flow: wallets > $100,000

30-day price change

Unsurprisingly, tokens with the highest DEX inflows over the past 30 days tend to be those with the weakest price performance.

Fair Value

MVRV (Market Value to Realized Value Ratio)

MVRV measures the "realized price," which is a proxy for the cost basis of all circulating tokens versus their market price.

SPX6900's MVRV is 1.63, indicating that SPX6900 holders have an average of 63% unrealized gains (Pengu holders are up an average of 102%).

The average holders of the remaining tokens are currently in an unrealized loss position (MVRV below 1).

No wonder market sentiment is poor.

Momentum and Price Action

RSI (Relative Strength Index)

When RSI approaches or falls below 30, it indicates the token is "oversold."

Historically, allocating a small amount to certain projects at these turning points has yielded excess returns over 3-6 months.

The key is, you need to be confident that the bull market structure remains intact.

Price percentage from all-time high

Conclusion

Price action ties all of this together. Meme coins with the strongest token holder group data and retention rates also perform best in the market.

In our view, the "base" is the reason behind this.

Either you have one, or you don't.

We believe the tokens with the strongest "base" are as follows:

1. SPX6900

2. PENGU

3. BONK

4. PEPE

5. MOG

6. GIGA

SPX6900 is particularly interesting to us.

Why?

Its data performance is outstanding, but what's the reason behind it? Why can SPX6900 achieve the kind of "MEME faith" that other communities can't?

We think the key points are:

1. A "core figure" who participates with real money and is highly trusted by the community (such as Murad);

2. Targeting a "major pain point." SPX6900's slogan is "Overthrow the stock market." You might think this is nonsense, but it precisely hits the predicament of the global younger generation—they find it hard to get ahead and feel abandoned by the times. This emotional resonance tightly unites the community;

3. Unique community culture. "Overthrow the stock market," "Stop trading, start believing," "Eternity," "No candlesticks, but I love you," "DCA every day." You may not understand these slogans, but for the community, they represent identity and belonging;

4. Unrealistic beliefs + outrageous target prices. If you recall the early days of bitcoin, SPX6900 is somewhat similar: a small group of people with absurd beliefs, a grand idea, and an extremely cohesive community;

5. Withstood several major crashes. SPX6900 is extremely volatile, having risen tenfold and fallen 80%. Such volatility washed out speculators, but the true "hardcore community" never left;

6. A group of people who voluntarily work for the project for free. They call it—"powered by love."