By @CumberlandLabs

Compiled by: Vernacular Blockchain

After a few weeks of lurking in Discord, watching Telegram groups, browsing Twitter, and chatting with various research analysts and traders, I gained a comprehensive understanding of how everyone from algorithmic trading professionals to my wife's younger brother viewed memecoin. My research covered everything from how to improve the UI/UX for limit orders and complex order execution to asking friends if they thought "Moo Deng" was actually cute or if they'd heard of "Peanut the Squirrel."

 In-depth research from Discord

What you'll see below is a grounded, field-based study that aggregates existing public data on this topic and includes anonymous feedback on this narrative. We at Cumberland Labs believe this narrative is both compelling and will persist for years to come. On the surface, this may seem like a shallow, overly simplistic narrative, but in reality, it represents a shift in user behavior—a shift that will drive billions of dollars of idle capital onto-chain, whether token traders realize it or not.

 In-depth research from my wife

1. What is Memecoin?

The story of Memecoin is one of constant evolution. From DOGE’s creation as a parody of Bitcoin that captured the attention of Elon Musk, to SHIB and PEPE capturing the imagination of retail investors, to the current fair launch phenomenon on Solana—we’ve witnessed this market constantly reinventing itself.

 @elonmusk's first Doge-related tweet

Today, Solana dominates the space, supporting 89% of new token issuances. Last week alone, 181,000 new tokens were launched on decentralized exchanges (DEXs). This isn't just growth in volume, it's also growth in accessibility. Platforms like pump.fun have made token issuance accessible to everyone, but the success rate reveals a crucial fact: less than 2% of tokens make it to Raydium, and only 0.0045% maintain a market capitalization above $1 million.

 Source: @TheBlock__

So, what distinguishes a memecoin from a “shitcoin”? The key lies in the core characteristics of success:

The most successful tokens—from DOGE to Moo Deng—share a few common elements: strong meme potential, attention-grabbing catalysts, and high levels of community engagement. DOGE distinguished itself thanks to Elon Musk's attention and first-mover advantage, while Moo Deng captured people's imaginations through viral social media influence. But most importantly, they built communities, transforming casual observers into passionate supporters.

2. Data doesn’t lie

Memecoin’s recent growth is far from a flash in the pan. According to BN Research, since 2022, memecoin’s market capitalization as a percentage of non-BTC/ETH/stablecoin assets has surged from 4% to 11% in just two years, nearly tripling its market share and achieving significant growth in a highly competitive market.

Millennials and Gen Z now account for 94% of digital asset purchases. This isn't just a demographic fluke; it's an entire generation's response to its current circumstances. They're buying more than just tokens; it's a rejection of their parents' generation's traditional path to financial security. On the surface, memecoins might seem like a joke, but for these traders, they represent a real opportunity to earn returns outside of a legacy system that has consistently failed them.

Andrew Edgecliffe-Johnson summed it up best: "When people lose faith in getting rich slowly, it's hard to blame them for wanting to get rich quick." This confidence has been eroding for years. In 1963, it took only 4.4 years of average salary to buy a home; now it takes 8.1 years. Coupled with the recent surge in inflation, which reached 7% in 2021, it's clear that younger generations are seeking other financial opportunities.

This trend isn't just about a chance to get rich quick (although that certainly plays a role). More importantly, they're using their own money to protest against a system that has lost trust. The memecoin phenomenon is a high-risk, high-reward game, and it's this very nature that's so compelling to today's traders. It's more than just a game; it's a vote of distrust in the old ways of building wealth.

 @sandraaleow

3. Understanding the Memecoin phenomenon

The speed of this market's evolution is astonishing. Our research shows that $BOME reached a $1 billion market cap in two days, $PNUT took 14 days, $WIF took 104 days, SHIB took 279 days, and DOGE took a full eight years. Capturing and maintaining traders' attention is key to success.

Screenshots of the Phantom wallet displayed on the X platform show returns of 633x and +10,520%, highlighting a broader theme: accessibility and fairness have become core. Looking back at the ICO boom in 2017, one of its notable features was universal participation - there were no fundraising rounds, no VC allocations, and no complex unlocking plans.

 @0xRamonos

Today’s memecoin traders are pushing back against what one Discord user called the “VC exit liquidity simulator” of modern token issuance. A new memecoin with no team allocations and market-driven pricing is leveling the playing field back to the early days of cryptocurrency, where community and network effects were key.

 @paulemmanuelng

The memecoin craze makes more sense when viewed as a fair opportunity to compete without worrying about VC unlocking and token unlocking. People are tired of being used as exit liquidity tools, and fair launch platforms like pump.fun make it easy for anyone to launch a token, giving everyone a chance to participate.

4. Achieving Escape Velocity – Anatomy 100x

What separates the winners from the thousands of failed launches? The numbers are clear—less than 2% of tokens from pump.fun make it to Raydium, and only a paltry 0.0045% maintain a market capitalization exceeding $1 million. But some tokens do achieve what we call “escape velocity,” breaking free from the unspoken pull of gravity.

Success stories follow an observable pattern. The strongest tokens excel in at least one of seven key areas: meme potential, attention catalyst, innovation, humor, community, distribution, and development. Look at any successful memecoin and you'll see these elements at play, with attention catalyst, meme potential, community, and distribution emerging as the most critical.

 Source: https://dune.com/queries/4048901/6817482/

Take Moo Deng, for example—its success wasn't accidental. The project attracted significant attention through its social media presence on Twitter, Telegram, and TikTok. Its lovable, meme-friendly characters constantly appeared in news feeds, creating a viral cycle of awareness and sharing. While not particularly humorous, its powerful attention-grabbing and distribution strategies generated sustained momentum.

 @himgajria

Solana’s role in this evolution cannot be ignored. The network now supports 89% of new token issuance and processes approximately 41 million non-voting transactions. This dominance is no accident—Solana’s low fees and fast transaction times create an environment where rapid experimentation is possible, even if most of these experiments fail.

5. Current market landscape: looking at the current situation through data

The data provides valuable insights into how traders interact with different memecoin platforms and highlights key gaps in the market.

First, it's noteworthy that approximately 60% of users continue to visit DexScreener after using their preferred trading terminal. They use DexScreener for its insights, advanced filters, and analytical tools, suggesting that existing platforms don't fully meet their needs. However, even though these terminals offer superior customization and parameterization compared to DexScreener's interface, only 10-12% of DexScreener users ultimately use trading and execution terminals. This demonstrates a gap in user satisfaction—these trading terminals may offer superior functionality but are underutilized.

 Source: SimilarWeb

When comparing mobile and desktop usage, Photon stands out. Of the three major trading terminals—gmgn.ai, BullX, and Photon—Photon has the highest mobile usage, while BullX has the most desktop users. Despite BullX's large desktop user base, a significant portion of its traffic comes from Telegram links. This suggests that even when distributed on the mobile-focused platform Telegram, users ultimately interact with BullX on desktop. This hints at the complexity of these terminals and suggests that users prefer to operate them in an environment where they can more comfortably manage all functions.

 Source: SimilarWeb

This trend points to a broader issue: the complexity of existing trading terminals. Their dominance on desktops suggests they are too cumbersome for mobile use, and the market lacks a trading terminal that works seamlessly across devices. Traders want powerful tools that are accessible on mobile, with the flexibility to switch to a simplified interface when needed. The market demands an all-in-one solution—an intuitive platform that combines advanced functionality with ease of use, whether the user is on desktop or mobile.

The current fragmented experience is inefficient and inconvenient. Traders are forced to switch between multiple platforms to gain the insights they need and execute trades effectively. A unified solution that delivers depth and functionality, while also being accessible on mobile and featuring an adaptable UI, would significantly improve the trading experience.

 @TaikiMaeda2 @MustStopMurad

6. In-depth discussion: Trader’s perspective

Conversations with traders revealed a consistent theme—they want powerful features without the complexity. “When the network is under high load, I still need to set priority fees and bribes,” one trader explained. “I want smart defaults that I can use out of the box but can adjust when needed.”

This balance between simplicity and control comes up over and over again. Existing platforms either simplify everything or throw all the complexity on the user. There's no middle ground between providing functionality out of the box and offering deep customization when needed.

“Some interface that combined the exchange, charts, and recent trade lists into one interface would be much better. Fewer clicks, and all the key information in one place,” one high-frequency trader told me. Another trader mentioned spending hours explaining basic concepts like gas fee optimization to their team—time that could have been spent actually trading.

 @blankspac_e

A recurring complaint centered around limit orders. “I got filled, but all the positive slippage got eaten up by the platform,” one trader noted. Another mentioned that limit orders placed on one platform always seemed to be filled before those on others, creating an unfair situation that no one understood.

7. Market structure: the real problem

Current platforms are designed for crypto-native users and on-chain traders who already understand terms like "slippage tolerance," "preferred fees," and "bribes." But most traders simply want to know how much they'll pay in fees and whether their trades will be filled. One trader, who manages over 100 wallets, told me he can't even keep track of his holdings.

The mobile experience is even worse. While Telegram bots fill some gaps, they’re not a true solution. They’re just a temporary fix for a system that needs a fundamental rethink.

This fragmentation comes with real costs. Traders bounce between different interfaces, miss opportunities due to failed trades, and lose money due to poor execution. The current ecosystem forces users to choose between expensive tools and poor performance—there's no middle ground.

8. Building Solutions: Beyond Temporary Patches

The current memecoin trading environment feels like a patchwork system, barely satisfactory but definitely ripe for improvement. When a trader tells us, “It would be great if someone could develop a tool that lets you customize your LP strategy,” or complains about “having to set priorities and bribes when fees are high,” or “I wish there was better execution on stop-loss and take-profit order strategies,” they’re actually pointing to a fundamental problem: the existing solutions aren’t really solutions at all.

Most platforms feel like they were designed for those already familiar with on-chain transactions, bridging, and DeFi, and the resulting complexity. But speaking with several different traders, it seems they want access to sophisticated features without the complexity. The existing "advanced" interfaces still don't offer the parameterization of features that sophisticated traders need, while the default interfaces are overly simplistic, hiding features that could have a huge impact on profits and losses. For example, as one trader put it, even a feature like "automatically tell me how much this transaction (including gas and fees) will cost to ensure it goes through" would allow an expert user to say, "Hmm, that fee looks high, I might not want to pay that much," while also giving casual users a rough idea of what they're about to pay.

The solution isn't just to simplify the interface—it's to completely rethink how traders interact with these markets. When some compare memecoin trading to a "game," they're not oversimplifying anything. They actually want elements associated with a gamified experience. They want analytical tools that show win rates, a proper performance tracking system, and tools to help them understand trading patterns.

 The Path Forward: Cumberland Labs' Vision

We're not here to build another trading terminal or launch another Telegram bot. We see a greater opportunity: to create an interface that bridges the gap between the simplicity of Moonshot and the power of advanced trading terminals. A platform that evolves with user needs, offering an easy entry point while also meeting the depth and sophistication needs of experienced traders. More retail traders means more volume, deeper liquidity, and better opportunities—from experienced on-chain traders to those just entering the space.

This means:

• Abstract complexity without stripping away functionality—intelligent defaults, providing full customization when needed
• A unified trading experience that combines charting, execution, and analytics into a single window
• Practical cross-chain portfolio management
• Real-time performance tracking helps traders understand their strategies
• Provide protection against significant risks without limiting opportunities

The current platform provides a solid foundation for today's crypto-native, on-chain traders. But the next wave of retail traders will need something different—a platform that starts simple and grows with them. They'll need an intuitive interface that educates them while they trade, gradually introducing more complex features until they're ready. The existing "Advanced" and "Default" UI settings could improve existing functionality to better suit these two goals. This isn't just a matter of simplification—it's about creating multiple levels of complexity that users can explore at their own pace.

The memecoin market is growing faster than ever. While 75% of all memecoins were created in the past year, we saw an opportunity to build tools that welcome newcomers while empowering experienced traders.

 @Dynamo_Patrick

9. Beyond the transaction: building community

Trading is only one piece of the puzzle. Community, education, and shared experiences drive the growth of the Memecoin ecosystem. While some forms of integration already exist through existing platforms like Discord and Telegram, the ability to bring the community to the platform for execution is a novel concept. One of the reasons existing Telegram bots are so popular on mobile devices is the ability to copy contract addresses from TG groups to the bot and complete purchases faster than through the trading interface.

 @blknoiz06 Telegram group

We envision a more integrated approach. Imagine a world where you can track your progress with other traders, share strategies when needed, and build a reputation based on actual performance. Not metrics drawn from thin air, but real insights into what's working and what's not.

This social layer isn’t intended to create another crypto echo chamber, but rather to provide context and understanding that helps traders make better decisions. Whether it’s seeing how different entry points impact returns, understanding pre- and post-migration performance patterns, or learning successful strategies, every feature is closely tied to improving trading results.