SPX6900 didn't just meme "culture."
They memed *conviction."
This is something that has consistently appeared in our onchain data.
Here we have "Whale Retention"
It's showing the total number of wallets holding SPX6900 that have ever hit $100k in total value.
We mark those wallets when this happens as "whale wallets."
And then we track the number of *units* in those whale wallets (stripping out noise from price action).
We want to see a high % that maintains over 50% of their peak holdings (in units) through volatility (upside and downside)
SPX6900 has consistently been number 1 in this category.
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This is how you separate the wheat from the chaff when it comes to "blue chip" memes.
Popcat, WIF, AI16z, and Fartcoin have very low conviction holders relative to the top memes.
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P.S. We're sharing an update this week with readers of @the_defi_report on all the "blue chip" memecoin data we track
If you'd like to have the latest research hit your inbox when it's published, see the link below 👇
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