Memecoins have taken center stage in the latest crypto bull run, with public interest reaching unprecedented levels. New tokens and trading platforms have fueled the frenzy, while key market forces shape the trend. Although Ethereum and Solana dominate the spotlight with their ongoing rivalry, other major players have also emerged as significant contributors in recent months
Wintermute has been actively serving as a market maker for several memecoins. Out of the 25 memecoins in the company’s portfolio, 8 are traded on Binance’s spot market, while 7 are listed on Binance’s futures market. (Market value data as of November 27.)
1. Wintermute Holdings
According to on-chain analysis, the total value of memecoins in Wintermute’s portfolio has exceeded $190 million. The majority of these assets are concentrated in the Solana and Ethereum networks, with Solana-based memecoins accounting for 44% of the portfolio and Ethereum-based ones making up 38%. The remaining funds are distributed among memecoins on BNB Chain, Base, and Avalanche.
2. Market Making Entry Point
Wintermute typically engages in market making once a memecoin reaches a significant market valuation. In most cases, this happens when the token’s market capitalization surpasses $100 million.
3. Strategy for Trending Topics
Wintermute’s recent strategy involves participating in the market making of memecoins tied to trending themes. For example, the rivalry between Neiro (First Neiro on Ethereum) ($NEIRO) and Neiro Ethereum ($neiro) caught the company’s attention, leading it to work with both tokens. Additionally, Wintermute is actively involved in market making for AI-themed memecoins, such as Goatseus Maximus ($GOAT) and Act I: The AI Prophecy ($ACT).
4. Expansion to Other Networks
Beyond the popular Solana and Ethereum networks, Wintermute is also engaging in market making for memecoins on other public blockchains. For instance, the company entered the Base network when its activity surged in March 2024. Below is the network’s TVL (blue line), fees (pink line), and revenue (yellow line) dynamics since its launch in August 2023.
You can find all Wintermute wallet addresses in our collections
Neiro Ethereum ($neiro)
Wintermute began market making for the $neiro token on August 7. At the start, $neiro had a market capitalization of $210 million and a total of 7,000 holders. Following Wintermute’s involvement, the market capitalization surged to $290 million, with the token’s price increasing by 38% to its all-time high. Building on this success, Wintermute launched trading for $neiro perpetual contracts with USD margin on September 6
Neiro (First Neiro on Ethereum) ($NEIRO)
As of September 16, Wintermute’s position in $NEIRO accounted for 0.69%, coinciding with the token’s listing on Binance. On October 9, Wintermute resumed market making for $NEIRO when its market capitalization stood at $750 million, with the number of holders reaching 11,000. Following Wintermute’s involvement, $NEIRO’s market value soared to a record $1.14 billion, with the token’s price surging by 52% to its all-time high.
Conclusion
The memecoin market continues to evolve rapidly, driven by fast cycles, strategic market making, and the wealth effect spreading across various blockchains. While Ethereum and Solana remain leaders, public networks like Base, TON, and even the Bitcoin ecosystem are beginning to gain more attention, proving that memecoin trends can significantly impact the future of blockchain activity.
For traders and investors, this means the need to stay flexible and closely monitor emerging narratives and market forces that can shift quickly. Despite their unpredictability, memecoins hold the potential to transform blockchain ecosystems, creating opportunities for early adopters and experienced market participants.
In the near future, we will expand our network list to include Solana and TON, providing a more comprehensive view of current trends and opportunities.