CoinStats logo
MemeCore

MemeCore

M·1.527
3.6%

MemeCore (M) - Price Potential March 2026

By CoinStats AI

Ask CoinStats AI

MemeCore (M) Maximum Price Potential Analysis

Current Market Position and Context

MemeCore trades at approximately $1.43–$1.47 USD as of March 2026, representing a 49–52% decline from its all-time high of $2.78–$2.96 reached in September 2025. The project ranks 36th–42nd globally by market capitalization, with current valuation ranging from $1.8 billion to $2.56 billion depending on circulating supply calculations. This positions MemeCore as the third-largest meme coin by market cap, trailing only Dogecoin ($23.96 billion) and Shiba Inu ($5.16 billion).

MemeCore launched as a Layer 1 blockchain in February 2025, purpose-built for "Meme 2.0"—a paradigm positioning meme coins as sustainable cultural and economic assets rather than purely speculative instruments. The network operates on an EVM-compatible architecture with a proprietary Proof of Meme (PoM) consensus mechanism that rewards cultural contributions and on-chain activity alongside traditional staking.

Market Cap Comparison Analysis

MemeCore's $2.36–$2.56 billion market cap provides useful context when compared to established meme coins and traditional market benchmarks:

ProjectMarket CapPositionMultiple vs MemeCore
Dogecoin$23.96B#1 Meme9.3–13.3×
Shiba Inu$5.16B#2 Meme2.0–2.9×
MemeCore$2.36B#3 Meme1.0× (baseline)
Pepe$2.05B#4 Meme0.87×
Official Trump$1.36B#5 Meme0.58×

In traditional market terms, MemeCore's valuation approximates mid-tier technology companies or regional financial institutions. The total meme coin sector commands approximately $35.9 billion in aggregate market capitalization, with MemeCore representing roughly 6.6% of this total.

The infrastructure differentiation between MemeCore and token-only competitors (Dogecoin, Shiba Inu) is substantial. MemeCore provides a dedicated blockchain, PoM consensus mechanism, MemeX launchpad for no-code token creation, and ecosystem tools designed specifically for sustainable meme economies. However, this technical advantage has not yet translated into proportionally higher valuation relative to Dogecoin or Shiba Inu, which benefit from longer market presence (Dogecoin: 12+ years; Shiba Inu: 5+ years) and deeper liquidity despite lacking comparable infrastructure.

Historical ATH Analysis and Context

MemeCore's all-time high of $2.78–$2.96 in September 2025 occurred approximately 2.5 months after the project's July 3, 2025 listing at $0.0352. This represents a 5,460–8,300% gain in a compressed timeframe, typical of successful meme coin launches during periods of elevated speculative sentiment.

The September 2025 peak corresponded with several catalysts:

  • Mainnet launch completion and ecosystem expansion announcements
  • Multiple centralized exchange listings (Binance Alpha, Kraken, Bitget, MEXC, HTX, BingX, Hashkey)
  • Peak daily trading volumes exceeding $45 million
  • Broader meme sector momentum during Q3 2025

The subsequent 49–52% drawdown to current levels reflects post-launch volatility normalization, reduced speculative trading volume (currently $8–$12 million daily versus $45 million at peak), and broader meme sector correction in early 2026. This pattern aligns with historical precedent from comparable meme coin launches, where initial euphoria phases typically give way to consolidation periods lasting 6–12 months.

The ATH represents a 2,400% gain from listing price, suggesting the market initially priced in substantial future adoption and ecosystem growth. Current price levels imply either market repricing of adoption expectations downward, or a consolidation phase before renewed appreciation. Historical analysis of similar projects indicates that projects successfully transitioning through consolidation phases often experience renewed appreciation during subsequent bull market cycles.

Supply Dynamics and Dilution Impact

Supply structure presents the most critical constraint on price appreciation potential. Current metrics reveal:

  • Circulating Supply: 1.26–1.74 billion M tokens (12.7–17.4% of maximum)
  • Total Supply: 5.33–5.34 billion M tokens
  • Maximum Supply: 10 billion M tokens
  • Fully Diluted Valuation (FDV): $7.63–$14.3 billion at current prices

The FDV-to-market-cap ratio of 3–4× significantly exceeds the 1–1.5× range typical of mature cryptocurrency projects. This disparity indicates substantial future supply expansion will occur through block rewards and PoM incentive distributions. Historical precedent from similar projects demonstrates that FDV-to-market-cap ratios exceeding 200% correlate with sustained downward price pressure absent extraordinary demand catalysts.

Dilution Mathematics:

At current price levels ($1.43), each 1% of total supply entering circulation injects approximately $79.7 million in potential selling pressure. The 82.6% of tokens not yet in circulation represents a structural headwind: maintaining current price levels as supply expands requires proportional increases in market cap. Conversely, if market cap remains constant while supply expands to maximum levels, per-token price would decline to approximately $0.24 (current $2.36B market cap ÷ 10B max supply).

Deflationary mechanisms exist through partial token burning on gas fees and dApp usage, but these are unlikely to offset inflationary pressure from block rewards and ecosystem incentives over the medium term. For price appreciation to occur alongside supply expansion, market cap growth must exceed supply growth—a requirement that becomes increasingly challenging as the project matures.

Supply Impact on Scenario Analysis:

The relationship between circulating and fully diluted valuation creates asymmetric price scenarios. At current supply levels (1.74B tokens), a $6 billion market cap implies $3.45 per token. However, at full dilution (10B tokens), the same $6 billion market cap implies only $0.60 per token. This dynamic means price appreciation potential depends critically on whether market cap expansion outpaces token supply expansion.

Network Effects and Adoption Curve Analysis

MemeCore's rapid ascent from $0.05 to $2.78 in 2.5 months demonstrates strong early adoption dynamics and community mobilization. Current metrics reveal:

Adoption Metrics (March 2026):

  • Token holders: 6,700 addresses
  • Daily trading volume: $8.79–$12.62 million (0.37–0.59% of market cap)
  • Mainnet launch: February 12, 2025 (13 months operational)
  • Active dApp ecosystem: MemeX (launchpad), MemeCore Stake, MemeMax (perpetuals), Memes.War (gaming)
  • Cross-chain partnerships: NEO blockchain (PoM integration), Meson Free Bridge (native M bridging)

Network Effect Drivers:

  1. Creator Incentives: The Meme Vault mechanism allocates 5% of each new MRC-20 token's supply to reward creators and long-term holders, creating economic alignment between platform success and token value. This differs fundamentally from token-only meme coins, which lack built-in creator incentive structures.

  2. Proof of Meme Consensus: PoM rewards validators and delegators based on cultural impact metrics alongside traditional staking, theoretically creating feedback loops between viral engagement and network security. However, this mechanism remains unproven at scale; no comparable projects have successfully implemented cultural impact metrics in consensus mechanisms.

  3. Ecosystem Liquidity: 85% of M trading volume concentrates on PancakeSwap (BNB Chain), indicating limited native chain adoption despite mainnet launch. This represents a critical constraint on network effect realization—the dedicated blockchain infrastructure has not yet attracted sufficient trading volume to establish itself as the primary liquidity venue.

Adoption Curve Constraints:

The meme coin failure rate stands at approximately 97% within one year, per Chainplay research cited in project materials. MemeCore's infrastructure advantage does not eliminate this sector-wide risk. Sustained adoption requires continuous viral engagement and creator participation—metrics difficult to predict or sustain beyond initial launch phases.

Current holder base of 6,700 addresses represents 0.3–1.3% of realistic total addressable market (estimated 500,000–2 million users at maturity). This suggests significant room for adoption expansion, but meme token markets exhibit winner-take-most dynamics; Dogecoin and Shiba Inu command 75%+ of meme sector liquidity, constraining growth potential for secondary projects.

Total Addressable Market (TAM) Analysis

The addressable market for MemeCore encompasses multiple overlapping segments:

Meme Coin Sector TAM:

  • Global meme coin market cap (March 2026): $35.9 billion
  • Meme coin trading volume (2025 average): 33.08% returns, highest among major crypto categories
  • Estimated addressable market for "Meme 2.0" infrastructure: Difficult to quantify precisely, but includes:
    • Meme token creators seeking sustainable models: estimated 10,000+ active projects annually
    • Retail traders seeking meme exposure with reduced volatility: estimated 5–10 million globally
    • Creator economy participants monetizing viral content: estimated 50+ million potential users

Infrastructure TAM:

  • Layer 1 blockchain market cap (March 2026): approximately $170 billion
  • Meme-specific Layer 1 market cap: MemeCore represents approximately 1.5% of this segment
  • Potential TAM if MemeCore captures 5–10% of meme-focused Layer 1 activity: $8.5–$17 billion market cap

Conservative TAM analysis suggests the meme coin category could expand to $50–75 billion under favorable market conditions, with MemeCore potentially capturing 10–15% of this expanded market. This would imply $5–11 billion market cap potential, consistent with base and optimistic scenarios outlined below.

However, TAM expansion depends on factors largely outside MemeCore's control: broader cryptocurrency market cycles, regulatory developments, and macroeconomic conditions. The project's ability to capture market share within an expanding TAM depends on sustained execution, community engagement, and ecosystem development—all uncertain variables given the project's limited operational history.

Comparison to Similar Projects at Peak Valuations

Dogecoin and Shiba Inu provide useful benchmarks for understanding MemeCore's potential ceiling:

Dogecoin (DOGE):

  • Current market cap: $23.96 billion
  • Historical peak market cap: approximately $88 billion (May 2021)
  • Circulating supply: 145.5 billion tokens (unlimited maximum)
  • Years of operation: 12+ years
  • Network effects: Established payment use case, institutional recognition, long-term community

Shiba Inu (SHIB):

  • Current market cap: $5.16 billion
  • Historical peak market cap: approximately $41 billion (October 2021)
  • Circulating supply: 589.5 trillion tokens (unlimited maximum)
  • Years of operation: 5+ years
  • Network effects: ShibaSwap DEX, Shibarium Layer 2, established community

MemeCore (M):

  • Current market cap: $2.36 billion
  • Historical peak market cap: approximately $2.96 billion (September 2025)
  • Circulating supply: 1.74 billion tokens (10 billion maximum)
  • Years of operation: 13 months
  • Network effects: Dedicated Layer 1 blockchain, PoM consensus, MemeX launchpad

MemeCore's current $2.36 billion market cap represents 15.6% of Dogecoin's current valuation and 6.2% of Shiba Inu's peak valuation. Achieving Dogecoin's current market cap would require 10.1× appreciation; achieving Shiba Inu's peak would require 17.4× appreciation.

However, direct comparison requires important context: Dogecoin benefits from 12+ years of network effects, institutional recognition, and established use cases. Shiba Inu achieved peak valuation during the 2021 bull market when speculative capital flowed aggressively into meme coins. MemeCore's valuation potential depends on whether it can replicate these conditions or establish differentiated value propositions that justify premium valuations relative to established competitors.

The infrastructure advantage MemeCore possesses—dedicated Layer 1 blockchain, PoM consensus, ecosystem tools—has not yet translated into valuation premium relative to token-only competitors. This suggests the market currently values infrastructure differentiation less than established brand recognition and liquidity depth.

Growth Catalysts and Appreciation Drivers

Several factors could drive significant price appreciation:

Regulatory and Market Access Catalysts:

  • Korean Market Expansion: Planned VASP registration and fiat on-ramps could unlock significant retail demand in Asia's active meme coin market. South Korea represents one of the largest cryptocurrency markets globally, with strong retail participation in speculative assets.
  • Tier-1 Exchange Listings: Coinbase or other major exchange listings would improve liquidity and accessibility, potentially attracting retail and institutional capital. Current listing on major exchanges (Binance, Kraken, Bitget) suggests this catalyst may be partially realized, but additional listings could expand reach.

Ecosystem Development Catalysts:

  • MemeX Launchpad Adoption: Successful adoption by meme token creators could drive ecosystem growth and increase M token utility. The no-code token creation mechanism reduces barriers to entry for new projects, potentially creating network effects.
  • PoM Integration Expansion: Successful integration of PoM rewards across major meme tokens could increase M token utility and demand. If PoM becomes industry standard for meme token consensus, MemeCore's infrastructure advantage would strengthen substantially.
  • Creator Adoption: Viral adoption by content creators and influencers could drive ecosystem growth and network effects. Meme coins depend heavily on social media momentum; influencer endorsements have historically driven significant price appreciation.

Market Cycle Catalysts:

  • Cryptocurrency Bull Market: Sustained bull markets typically drive disproportionate gains in speculative assets like meme coins. A sustained bull market with Bitcoin consolidating above $70,000 could drive MemeCore toward optimistic scenario valuations.
  • Meme Sector Supercycle: Renewed speculative interest in meme coins during broader bull markets could drive sector-wide appreciation. Historical precedent from 2021 demonstrates that meme coins can appreciate 50–100× during euphoria phases.

Limiting Factors and Realistic Constraints

Several factors constrain price appreciation potential:

Supply Dynamics Constraints:

  • Supply Dilution: The 82.6% of tokens not yet in circulation creates structural headwinds. As supply increases, maintaining price levels requires proportional market cap expansion. This dynamic has historically constrained per-token price appreciation in projects with large uncirculated supplies.
  • FDV-to-Market-Cap Disconnect: Current FDV of $14.3 billion versus market cap of $2.36 billion implies 6× dilution factor as supply normalizes. At maximum supply, current market cap would support only $0.24 per token—a 83% decline from current levels.

Market Structure Constraints:

  • Category Saturation: The meme coin category includes hundreds of projects competing for speculative capital. Market share concentration among top projects (Dogecoin, Shiba Inu, PEPE) limits growth potential for mid-tier projects.
  • Liquidity Constraints: Current 24-hour volume of $8–$12 million represents only 0.37–0.59% of market cap. Major institutional positions would face 5–10% slippage, limiting capital inflows from larger investors.
  • Valuation Disconnect: Transaction fee generation of approximately $10 weekly versus $2.36 billion market cap implies a price-to-revenue multiple exceeding 10 million—unsustainable relative to any comparable asset class. This suggests current valuation reflects speculative positioning rather than utility-driven demand.

Execution and Adoption Constraints:

  • Regulatory Risk: Increased regulatory scrutiny of cryptocurrency markets could disproportionately impact speculative assets like meme coins, constraining capital inflows and limiting appreciation potential. Regulatory treatment of meme coins remains unclear in major markets.
  • Utility Limitations: Projects that remain pure meme coins without functional applications face structural limitations on valuation multiples. Institutional capital typically requires utility justification for valuations above certain thresholds.
  • Market Cycle Dependency: Meme coin appreciation is heavily dependent on broader cryptocurrency bull markets. Extended bear markets or sideways consolidation could constrain appreciation potential for years.
  • Execution Risk: Project launched only 13 months ago; long-term viability of PoM mechanism and ecosystem incentives remains unproven. Historical precedent indicates that 97% of meme projects fail within one year.

Competitive Constraints:

  • Established Competition: Dogecoin and Shiba Inu maintain larger market caps despite lacking MemeCore's infrastructure. This suggests infrastructure advantage has limited pricing power in meme sector relative to brand recognition and liquidity.
  • Validator Centralization Risk: Validator staking requirement of 7 million M tokens creates centralization risks that could undermine network security claims and differentiation narrative.

Price Scenario Analysis

Conservative Scenario: Modest Growth Assumptions

Assumptions:

  • Meme sector remains niche; MemeCore captures 2–3% of total meme coin market cap
  • Adoption grows modestly; ecosystem reaches 50,000 active users by 2028
  • Supply dilution occurs as planned; 40% of max supply enters circulation by 2028
  • No major regulatory breakthroughs or institutional adoption
  • Trading volume remains constrained; liquidity does not expand significantly

Market Cap Projection: $2.27–$2.77 billion (0.96–1.17× current) Price Target (Current Supply): $1.72–$2.20 per token Price Target (Full Dilution): $0.23–$0.28 per token Implied Return: +17% to +62% from current levels Timeline: 2–3 years

Rationale: This scenario reflects recovery to mid-range between all-time low and all-time high, with modest ecosystem development. Assumes no major exchange listings or regulatory breakthroughs. Supply dilution remains a headwind, offsetting modest adoption gains. Price appreciation driven primarily by reduced supply scarcity relative to demand, not fundamental growth. This scenario assumes MemeCore fails to achieve mainstream cultural relevance and remains confined to crypto-native communities.

Base Scenario: Current Trajectory Continuation

Assumptions:

  • MemeCore maintains top-40 market cap position; meme sector grows to $50–$75 billion
  • Ecosystem adoption accelerates; 200,000+ active users by 2028
  • Korean market expansion succeeds; fiat on-ramps drive retail adoption
  • PoM mechanism proves effective; creator participation increases 3–5×
  • Supply dilution partially offset by deflationary mechanisms and increased utility demand
  • Additional tier-1 exchange listings expand retail accessibility
  • Trading volume increases to 1–2% of market cap (industry standard)

Market Cap Projection: $3.02–$4.03 billion (1.28–1.71× current) Price Target (Current Supply): $2.40–$3.45 per token Price Target (Full Dilution): $0.30–$0.40 per token Implied Return: +77% to +135% from current levels Timeline: 2–3 years

Rationale: This scenario reflects recovery toward previous all-time high with modest upside, assuming successful execution of announced roadmap items. Korean VASP registration unlocks high-liquidity market access; additional exchange listings expand retail accessibility. Supply dilution remains a headwind but is offset by ecosystem utility expansion and increased creator participation. Price appreciation driven by combination of increased adoption, improved utility metrics, and reduced supply scarcity. Assumes MemeCore maintains infrastructure differentiation advantage and successfully transitions from pure meme status toward functional ecosystem.

Optimistic Scenario: Maximum Realistic Potential

Assumptions:

  • Meme sector experiences supercycle; total market cap reaches $75–$150 billion
  • MemeCore becomes dominant infrastructure for sustainable meme economies; captures 10–15% of sector
  • Ecosystem reaches 1+ million active users; PoM mechanism becomes industry standard
  • Tier-1 exchange listings (Coinbase, etc.) and institutional adoption accelerate
  • Deflationary mechanisms prove effective; net supply growth remains below 20% through 2028
  • Korean and other Asian markets drive significant adoption wave
  • MemeX launchpad becomes primary platform for new meme token launches
  • Trading volume increases to 2–3% of market cap

Market Cap Projection: $5.04–$6.93 billion (2.14–2.94× current) Price Target (Current Supply): $4.00–$6.90 per token Price Target (Full Dilution): $0.50–$0.69 per token Implied Return: +195% to +305% from current levels Timeline: 3–4 years

Rationale: This scenario represents 35–85% appreciation above previous all-time high, requiring sustained demand growth sufficient to overcome supply dilution. Assumes MemeCore achieves comparable adoption trajectory to Shiba Inu during 2021 bull cycle. Requires successful convergence of multiple catalysts: Korean regulatory approval, mainstream cultural adoption, significant MemeX ecosystem traction, and broader meme sector supercycle. Probability constrained by historical meme token failure rates and current valuation disconnect from transaction fee generation. Achieving this scenario would position MemeCore as a top-20 cryptocurrency by market cap.

Realistic Ceiling Assessment

Fundamental Constraints on Maximum Price:

Several mathematical and structural constraints limit MemeCore's realistic ceiling:

Supply Dilution Mathematics: At $5.00 per token, FDV reaches $50 billion—exceeding Solana's current market cap of $48 billion. Achieving this valuation requires either (a) extraordinary demand growth or (b) significant token burns. Current burn mechanisms are insufficient to materially reduce supply. At maximum supply (10B tokens), a $50 billion market cap would imply only $5.00 per token—the same price level. This demonstrates that price appreciation beyond $5–$6 per token requires either supply reduction or market cap expansion to $50+ billion.

Meme Sector Size Constraints: Even in optimistic scenarios, total meme coin market cap is unlikely to exceed $100–$150 billion (versus $2.3 trillion total crypto market cap). MemeCore's maximum realistic share within this expanded market: 10–15% = $10–$15 billion market cap. At maximum supply (10B tokens), this implies $1.00–$1.50 per token—below current price levels.

Liquidity and Institutional Constraints: Current 24-hour volume of $8–$12 million represents only 0.37–0.59% of market cap. Industry standard for mature assets is 1–3% daily volume-to-market-cap ratio. Expanding to industry standard would require $24–$72 million daily volume at current market cap. Major institutional positions would face 5–10% slippage at current liquidity levels, limiting capital inflows from larger investors.

Valuation Disconnect: Transaction fee generation of approximately $10 weekly versus $2.36 billion market cap implies a price-to-revenue multiple exceeding 10 million—unsustainable relative to any comparable asset class. For comparison, Ethereum generates approximately $500 million annually in transaction fees at a $2.5 trillion market cap (price-to-revenue: 5,000×). MemeCore's current multiple is 2,000× higher, suggesting current valuation reflects speculative positioning rather than utility-driven demand.

Realistic Price Ceiling: $8–$12 per token (representing $40–$60 billion market cap at max supply, or $5–$8 billion at current circulating supply)

This ceiling assumes:

  • MemeCore successfully executes roadmap and achieves top-20 meme coin status
  • Meme sector grows to $75–$150 billion market cap
  • Institutional adoption increases modestly
  • Supply dilution occurs as planned without major acceleration
  • PoM mechanism proves effective and becomes industry standard

Reaching this ceiling would require 5.6–8.4× appreciation from current levels over 3–4 years—substantial but achievable given the project's infrastructure advantages and early market position. However, this represents the upper bound of realistic scenarios; achieving this level would require near-perfect execution and favorable market conditions.

Analyst Price Targets and Market Consensus

Available analyst forecasts present wide dispersion, reflecting uncertainty about MemeCore's execution and market adoption:

  • CoinCodex (January 2026): $4.46 maximum for 2026 (176% upside)
  • DigitalCoinPrice: $3.77 maximum for 2026 (177% upside); $11.03 by 2031
  • CoinDCX: $4.50–$6.00 by end-2025; $20.00 by 2030
  • Kraken (5% annual growth model): $1.85 by 2031 (29% upside over 5 years)

Consensus suggests 2026 price range of $2.40–$4.50, with significant divergence on longer-term potential. Conservative models assume modest growth constrained by supply dilution; bullish models extrapolate historical volatility without fully accounting for supply dynamics. The wide dispersion reflects fundamental uncertainty about whether MemeCore can sustain adoption growth sufficient to overcome supply dilution headwinds.

Venture Capital Backing and Institutional Context

MemeCore secured backing from established venture firms including Waterdrip Capital, CatcherVC, K300 Ventures, Klein Labs, AC Capital, IBC Ventures, and WAGMI Ventures. This backing provides credibility and suggests confidence in team execution and market opportunity. However, VC backing does not guarantee success; meme sector investments carry elevated risk profiles.

Institutional Adoption Indicators:

  • Derivatives trading active on Binance, Bybit, OKX (daily futures volume exceeding $4 million)
  • Listing on major centralized exchanges (Binance, Kraken, Bitget, MEXC)
  • No evidence of significant institutional holdings or corporate treasury adoption

Institutional interest remains limited relative to infrastructure-focused Layer 1 projects, suggesting the market views MemeCore primarily as a speculative meme asset rather than core infrastructure. This positioning constrains institutional capital inflows, which typically require utility justification for valuations above certain thresholds.

Synthesis and Realistic Assessment

MemeCore's price potential depends critically on execution across multiple dimensions: ecosystem adoption, supply management, regulatory navigation, and sustained community engagement. The project possesses genuine infrastructure advantages over token-only meme coins, but these advantages have not yet translated into valuation premium relative to established competitors.

Key Takeaways:

  1. Conservative Scenario ($1.72–$2.20) represents realistic downside if adoption stalls and supply dilution pressures dominate. This scenario assumes MemeCore fails to achieve mainstream cultural relevance and remains confined to crypto-native communities.

  2. Base Scenario ($2.40–$3.45) reflects successful execution of current roadmap, Korean market expansion, and sustained meme sector growth. This scenario assumes MemeCore maintains infrastructure differentiation and successfully transitions toward functional ecosystem.

  3. Optimistic Scenario ($4.00–$6.90) requires breakthrough adoption, favorable market conditions, and convergence of multiple catalysts. This scenario assumes MemeCore achieves comparable adoption trajectory to Shiba Inu during 2021 bull cycle.

  4. Realistic Ceiling ($8–$12) balances upside potential against structural constraints. Reaching this level would require 5.6–8.4× appreciation over 3–4 years and assumes near-perfect execution.

The project's primary constraint is not price ceiling but rather supply dynamics and valuation disconnect from fundamental metrics. At current prices, MemeCore commands a market cap 2.5× larger than Pump.Fun despite generating negligible transaction fees. This disparity suggests current valuation reflects speculative positioning rather than sustainable utility-driven demand.

Long-term price appreciation beyond $5.00 would require either (a) extraordinary adoption growth sufficient to justify $50+ billion FDV, or (b) significant token burn mechanisms not currently implemented. Historical precedent from 2021–2022 meme cycles indicates such outcomes occur in fewer than 10% of projects, typically during broader bull market euphoria phases.