The revival of Meme coins in the Ethereum ecosystem: Established projects lead a new round of market trends.

Recently, the market has shown signs of recovery from the bottom, with Ethereum standing out the most. Thanks to the Pectra upgrade, continuous buying of ETFs, and the success of the Virtual new model, multiple factors such as capital recognition, technological upgrades, and the prosperity of the on-chain ecosystem have driven the price of Ethereum coins to continue to pump, while also leading to the revival of Ethereum on-chain Memecoins.

In contrast, the established secondary Memecoins and AI sector tokens in the Solana ecosystem generally rise, but the primary market is accelerating and lacks new narrative support. The upper market faces continuous selling pressure, while the lower market is continuously being drained. Among new tokens, only the Bonk system continues to produce new projects, but it is difficult to support the entire ecosystem, making it increasingly difficult for ordinary users to profit within the ecosystem.

Meme revival of ETH

Matt Furie Concept Return

For Memecoins on Ethereum, Pepe is undoubtedly the undisputed leader. It has fostered a strong community during the last ETH Meme craze, and as one of the most well-known Memes, it is the main force behind the current ETH Meme pump in terms of market value, capital inflow, and price rise. Unlike the "volatile" Shiba Inu concepts like SHIB and FLOKI on other chains, frog-themed coins seem to be particularly favored by EVM chains, especially ETH, because Matt's works are deeply tied to EVM, with figures like ANDY and BRETT achieving impressive market value and community scale.

With the strong rise of Ethereum, even affecting topics on Douyin, the old Ethereum operators have also picked up the Matt concept again, allowing this long-dormant "Meme chain" to revive.

RATO

RATO is a character from Matt Furie's new book "Rato the Rat". Its image is almost a gray "Pepe" with added mouse nose and ears, but it is actually a rat. The token reached a market cap of 36 million USD at its peak, and has currently pulled back to around 15 million USD.

BERRY

BERRY "Strawberry", this character has appeared multiple times on Matt's social media and is the female version of "Pepe". It is said that the team is the original team of Eth $mstr, and the token once reached a market value of 55 million dollars. After the token was launched, several influential KOLs promoted it almost simultaneously, allowing the token to maintain a relatively stable trend before reaching a market value of 10 million dollars. Currently, the token has retraced to around 3.4 million dollars.

FROGGER

In addition to the Matt series of Pepe derivatives, there are other "frog" concepts. FROGGER is a classic arcade game developed and released by Konami in 1981. The FROGGER token was created 12 days ago and suddenly pumped 10 times yesterday after consolidating for two weeks, reaching a market cap of $2.8 million, and has now pulled back to $2 million. Although it is a new frog concept, the continuity of the narrative in the current market remains unclear.

A trading robot project stated on a social platform, "Matt's series of characters have a unified art style that is easy to recognize. If Ether really initiates a new round of market trends, a leading project will definitely emerge, which is worth paying close attention to."

Data shows that tokens such as MOG, APU, PEPE, and SPX have all seen good growth. Although the inflow of the old ETH tokens is not as much as that of Solana, the selection is more concentrated.

A large influx of funds into Solana's old memes

When the on-chain market warms up, players still choose Solana as their first choice. In the past month, the number of active Solana addresses has surged. Although fewer players are making money, the trading volume and liquidity are an order of magnitude higher than ETH's Meme. On the primary market, the total offensive launched by a certain platform's LaunchPad, led by BONKFUN, seems to have had an effect, as the trading volume and number of trades outside of that platform have reached the levels of the same period last year.

BONK's counterattack

BONKFUN may be the most successful product on Solana against a certain platform. Thanks to the strong foundation of the BONK community on Solana, the proportion of large holders, and the team's execution ability, the platform often launches popular tokens. Recently, whether in the secondary or primary market recommendations, KOLs with strong purchasing power have contributed significantly to the popular tokens on the BONK platform.

Since May 11, when BONKFUN announced a reward of $5000 for 5 "takeoff" tokens for the following week, surrounding members began to crazily support various Meme communities, and many Chinese-speaking KOL players collaborated with them, leading to the appearance of many "Chinese" narratives on the BONKFUN homepage.

The joint effect of the East and West is significant. It is reported that since the start of the latest incentive plan yesterday, BONKFUN has created 6,911 tokens in just 24 hours, generating fees of approximately $500,000. Based on a reward of $5,000 per token, 100 tokens can be awarded to the community. This means that in just 24 hours, the benefit generated is 20 times that of a weekly reward activity, which may lead various parties, including BONK projects and market retail investors, to expect more high-quality memes from BONKFUN.

USELESS

USELESS originated from a tweet by a certain KOL on a social platform stating "This is a useless coin and should not be pumped up." Concepts like "FARTCOIN", "SHIT", and "HOUSECOIN" that are based on nihilistic sentiments are favored by the Western community. Since its issuance, its market value has skyrocketed to 34 million USD, reminiscent of the development trajectory of "HOUSECOIN".

HOSICO

HOSICO is one of the most talked-about Memecoins during the launch of BONKFUN, and it belongs to the "first generation" BONKFUN tokens promoted by a certain KOL. HOSICO has maintained a healthy trend, leading other tokens launched during the same period since BONKFUN's launch. The community believes it is the most likely to become the first Memecoin to break a market cap of 100 million for BONK.

IKUN

As a large number of Chinese-speaking players enter the BONK ecosystem, IKUN has become one of the representative works. This "chicken" concept, widely known in the Chinese internet space, reached a market capitalization of nearly 10 million USD under the promotion of a certain KOL, and is currently quoted at 6 million USD.

Tears of the era, the old Meme collective explosion

According to the data, half of the top 15 tokens with the best performance in the past week are old Memecoins from Solana, with MoonDeng and PNUT being the most popular concepts. A well-known KOL stated that the logic behind purchasing these two tokens is "they are very similar to early pepe and shib". Regardless, both of these contemporaneous concept coins have performed excellently in this round of the cycle.

TITCOIN

Another eye-catching project is the COIN category "copycat" TITCOIN. This controversial project maintained decent traffic data in its early days by "skirting the line." Behind the scenes, funding was used to build the community while creating a nearly "only rise and no fall" trend during the bear market, accumulating 22,000 holders in the community from March to May.

What other secondary assets are there?

The data charts compiled by a data analyst display indicators for many secondary underlying assets. Investors can combine the potential large inflow of tokens with K-line analysis.

Recently, the tokens with the highest inflow rankings are mostly older coins that have been issued for more than 150 days. Established Memecoins such as MEW, POPCAT, SLERF, and WIF account for a large portion of the inflow. The AI sector, led by a certain AI concept token, occupies another portion of liquidity. This is partly due to the impact of previous overcorrections, and on the other hand, there have been no new AI concepts emerging in the crypto market, which leads smart money to view mature AI projects as bottom-fishing targets.

As the on-chain market warms up, some crypto poker players believe that this round does not have incremental funds on-chain, and the prosperous appearance is actually a self-rescue by the dealers. They stated, "Those who still believe that there will be super memes like the last round need to reflect." Indeed, with the industrialization of on-chain memes, large-cap memecoins are becoming increasingly scarce after a certain token.

The number of "diamond hands" that can make a profit is decreasing, while many "paper hands" are achieving good returns through PVP. With a well-known figure revealing that "the meme coin of Trump's social platform will go live in the next 72 hours," the future market is filled with uncertainty. In an increasingly short cycle of bull and bear transitions, it inevitably reminds people of Buffett's famous saying: "When others are greedy, I am fearful; when others are fearful, I am greedy."