# The Watch List: Memecoins _Which memecoin has the strongest onchain holder base?_ March 6, 2026 • Michael Nadeau --- # The Watch List: Memecoins ## Which memecoin has the strongest onchain holder base? Michael Nadeau March 06, 2026 Hello readers, We’re currently running a 30-day free trial of TDR Pro — where we invest behind the research shared with members and here via *The Watch List.*  Membership includes: - Access to our portfolio (+ history). - Portfolio management alerts when we make changes. - Access to Pro member-only “cycle awareness” reports (onchain data, market structure, macro). - Access to The Watch List research, price targets, and data dashboards. If you’re interested, you can sign up [here.](https://thedefireport.io/friends?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins)  Back to business. Whether you like them or not, we think memecoins are here to stay. In this week's edition of *The Watch List*, we share our high-level views on the sector and go deep on the memecoins we are closely monitoring. Topics covered: - [Why Memecoins?](#why-memecoins) - [Total Tokenholders](#total-tokenholders) - [Tokenholders with Holdings under $100](#tokenholders-with-holdings-under-10) - [Tokenholders with Holdings over $1k](#tokenholders-with-holdings-over-1-k) - [Tokenholders with Holdings over $100k](#tokenholders-with-holdings-over-100) - [Whale Retention](#whale-retention) - [Momentum & 50 WMA](#momentum-50-week-moving-average) - [% Drawdown](#current-price-from-all-time-high) - [Closing Thoughts](#closing-thoughts) *Please note that you can click the data citation note under each chart to access the supporting dashboard for this week’s report. *The DeFi Report is powered by **[Galaxy](https://www.galaxy.com/?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins)**: helping the world invest, build, and transform — relentlessly. * [](https://www.galaxy.com/?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins)Galaxy is a global leader in digital assets and data center infrastructure, delivering institutional solutions across trading, asset management, staking, custody, and tokenization. Alongside financial services, Galaxy builds AI- and HPC-ready data centers, including 1.6 GW of approved power at its Helios campus, built for scale through every cycle. Let’s go. # Why Memecoins ##### Our Approach Some people like memecoins. Some people hate them. We try to separate ourselves from that debate and simply observe the market. From what we can tell, memecoins are here to stay. In terms of product/market fit, they appear to be the ultimate crypto “game.” People like to trade. They like to gamble. They like the social aspects. They like the risk/reward. And we think they understand the game they are playing. After seeing the success of PEPE within Ethereum, we speculated on BONK and Solana in late 2023. That led us to go deeper into the sector, including onchain data and additional investments such as GIGA, PEPE, and SPX6900. Our goal is to unearth unique attributes in the holder data that indicate staying power and holder conviction. ##### Why BONK, PEPE, SPX6900, PENGU, and USELESS? - Liquidity. Each token trades with ample liquidity and is available across popular exchanges and retail venues. - Addressable interest. Each token has a *global *addressable interest (rather than a niche meme, such as ones tied to politics). - Leaders/embedded culture. Each token is supported by either 1) an Evangelist leader/holder base, 2) an established internet meme/culture, or 3) a popular, existing brand. - Performance. Each token has seen multiple periods of massive gains followed by violent corrections. This price action shows broad interest and helps decentralize the holder base, setting a foundation for the next expansion. - No unlocks. No VCs. Just transparent, onchain data. - High beta. Each token has demonstrated high beta to BTC and the L1 asset of its ecosystem. With the right allocation (we target 3-5%), assets, and entries, this can meaningfully boost risk-adjusted returns. Now. Let’s hop into the onchain data to see if we can separate the wheat from the chaff. # Total Tokenholders [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) - BONK: 985.9k current tokenholders (currently at peak holdings). BONK launched in December of ‘22. Its the largest memecoin in the Solana ecosystem and is deeply integrated across apps and wallets. Note that BONK has implemented community-driven airdrop campaigns in which large numbers of wallets were dusted with tokens. This appears in the data below. - PENGU: 534.1k tokenholders (down 14% from peak). PENGU launched in December of ‘24. The token represents social interest in the popular Pudgy Penguin brand. The combined market cap of the Pudgy Penguin NFT collection is $78.5m today. Meanwhile, the memecoin market cap is $454m (5.7x the NFT collection and down from a peak of $2.7b). We think the value of the Pudgy Penguin brand (a very strong crypto brand that has penetrated mainstream) is likely to continue to accrue to the memecoin. - PEPE: 505.7k current tokenholders (down 1.51% from peak). Pepe launched in April of ‘23. We view PEPE as the purest expression of internet meme culture in crypto (and specifically Ethereum). It’s built around the globally recognized Pepe the Frog meme, which has sustained a strong internet presense since the late 2010s. - SPX6900: 113k current tokenholders (down 0.33% from peak). SPX6900 launched in September 2023 and has spawned a cultish internet community led by [Murad](https://x.com/MustStopMurad?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins)centered on the idea of “flipping the stock market.” The brand seems to blend financial satire with a “BTC-like” holder base that takes itself quite seriously (as reflected in the data below). We successfully traded SPX6900 in the last bull market and have been analyzing the community and onchain data since August of ‘24. - USELESS: 38.6k current tokenholders (down 5.2% from peak). USELESS launched in May 2025 as an “anti-utility” memecoin that leans into irony. It’s attracted a niche, seemingly loyal community over the last year after launching on LetsBONK (which took market share from Pump Fun at the time). With a market cap of $44m and liquidity of over $10m/day (at bear-market lows), we think USELESS could present an interesting opportunity in the right market conditions. # Tokenholders With Holdings Under $100 [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) ##### Takeaway BONK, PENGU, and PEPE already have well-established holder bases. SPX6900 appears to have a more committed, loyal base of holders (though smaller). # Tokenholders With Holdings Over $1k [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) *$1k wallets are segmented by units held equal to $1k at the all-time high token price. ##### Takeaway SPX6900 stands out here, as it has since we’ve been tracking this data. To better understand $1k tokenholder retention, we normalize the data from each token’s all-time high price, calculating the number of units needed to be a “$1k holder” at that time. We then track those wallets to determine the change in holdings (in units) across time. The intention is to strip out noise from price action to better understand holder retention. Here’s what we found: [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) ##### Takeaway SPX6900 appears to have separated itself from the pack in terms of ”$1k holder” retention — as measured in units to strip out noise from price action. # Tokenholders with Holdings over $100k [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) *$100k wallets segmented by units held equal to $100k at the all-time high token price. ##### Retention Similar to the $1k holder data, we segment the $100k wallets by units held equal to $100k at the all-time high price. We then track those wallets to determine the change in total “$100k wallets” (in units) across time. Here’s what we found: [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) ##### Takeaway Once again, SPX6900 appears to have separated itself in terms of $100k tokenholder retention. # Whale Retention Another way to monitor whale retention is to capture all wallets that have *ever held* over $100k of the token, and then compare that to the number of wallets that still hold greater than 50% of their peak holdings (in units) today. Here’s what we found: [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) # Momentum & 50 Week Moving Average ##### Relative Strength [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) When we buy memecoins, we look for entries when the 14-day RSI is in or nearing oversold territory (30). ##### 50-Week Moving Averages ##### SPX6900 [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) SPX6900 is currently trading 64% below its 50 WMA. ##### BONK [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) BONK is currently trading 62% below its 50 WMA. ##### PENGU [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) PENGU is currently trading 58% below its 50 WMA. ##### PEPE [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) PEPE is currently trading 57% below its 50 WMA. # Current Price from All-Time High [Data: The DeFi Report](https://dune.com/the_defi_report/memecoin?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins) It’s not surprising that SPX6900 has held up relatively stronger than the others, given the superior onchain data. # Closing Thoughts Given the sector's interest, we think it’s prudent for crypto investors to pay attention to memecoins. We find value in monitoring the sector for broad risk-on/off and liquidity conditions within the crypto markets. Not to mention the “hot sauce” the right assets can provide to a portfolio at the right size and entry points. We successfully traded BONK and SPX6900 (exiting with 10x + gains with a small % of the portfolio) in the last bull market. We’ll be looking for similar opportunities to come. If you’d like to be notified if/when we add any of the tokens covered today (or any other assets on The Watch List) to our active portfolio, you can subscribe to TDR Pro (one month free) [here](https://thedefireport.io/friends?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-memecoins). Take a Report. And Stay Curious. ***Disclaimer****: Individuals have unique circumstances, goals, and risk tolerances, so you should consult a certified investment professional and/or do your own diligence before making investment decisions. The author is not an investment advisor and may hold positions in the assets covered. Certified professionals can provide individualized investment advice tailored to your unique situation. This research report is for general educational purposes only, is not individualized, and as such should not be construed as investment advice. The content contained in the report is derived from both publicly available information as well as proprietary data sources. All information presented and sources are believed to be reliable as of the date first published. Any opinions expressed in the report are based on the information cited herein as of the date of the publication. Although The DeFi Report and the author believe the information presented is substantially accurate in all material respects and does not omit to state material facts necessary to make the statements herein not misleading, all information and materials in the report are provided on an “as is” and “as available” basis, without warranty or condition of any kind either expressed or implied.*