Ethereum on-chain Meme Token becomes active again, Solana ecosystem welcomes a new round of prosperity

Recently, the market has started to warm up from the bottom, with Ethereum performing particularly well. With the Pectra upgrade, continuous ETF buying, and the successful new model of Virtual, Ethereum has gained capital recognition, technological improvement, and ecological prosperity, leading to a continuous rise in coin prices. This has also driven the revival of on-chain Meme Tokens on Ethereum.

In contrast, the established secondary Meme tokens and AI sector tokens within the Solana ecosystem generally rose, but the primary market's pace has accelerated, lacking sustained narrative support. Meanwhile, the upper market faces continuous selling pressure from related addresses like FTX and Alameda, while the lower market is influenced by platforms like PumpFun. Aside from the Bonk system, which continues to launch new projects, ordinary investors have fewer opportunities to profit within the ecosystem.

Ethereum Meme Token Revival

Matt Furie Concept Return

As the leading Ethereum Meme Token, Pepe has cultivated a strong community foundation during the last wave of enthusiasm. As one of the most well-known Memes, Pepe continues to play a major role in this ETH Meme bull market. Unlike the multi-chain development of Shiba Inu concepts like SHIB and FLOKI, the frog-themed Memes seem to prefer the EVM ecosystem, especially Ethereum. This may stem from the deep connection between Matt Furie's works and the EVM, as projects like ANDY and BRETT have achieved good market capitalization and community size.

With the strong rise of Ethereum, veteran traders have restarted the Matt concept, awakening this long-dormant "Meme chain".

emerging Meme projects

RATO: Based on the character "Rato the Rat" from Matt Furie's new book, it resembles a gray Pepe with mouse features. The token reached a market cap of up to 36 million USD, and is currently retracing to around 15 million USD.

BERRY: Inspired by the "Strawberry" image showcased multiple times by Matt on Instagram, it is regarded as the female version of Pepe. It is said to be developed by the original Eth $mstr team, which once reached a market cap of 55 million USD, and has now retraced to around 3.4 million USD.

FROGGER: Originating from the classic arcade game developed by Konami in 1981. This token was established 12 days ago and suddenly surged 10 times after being stagnant for two weeks, with a peak market cap of 2.8 million USD, and currently has fallen back to 2 million USD.

A large influx of funds into the long-established Solana Meme Token

Recently, the number of active addresses on Solana has surged. Although the number of profitable players has decreased, trading volume and liquidity still far exceed that of ETH's Meme tokens. In the primary market, the strategy of the Raydium-based LaunchPad led by BONKFUN against PumpFun seems to be starting to pay off, with trading volume and transaction counts on non-PumpFun platforms reaching levels similar to the same period last year.

The counterattack of BONK system

BONKFUN has become one of the most successful products in the Solana ecosystem against PumpFun. Thanks to the strong foundation of the BONK community in Solana, the proportion of large holders, and the execution power of the team, the platform continues to launch popular projects. Recently, the incentive program launched by BONKFUN created 6,911 tokens within 24 hours, generating approximately $500,000 in fee revenue.

Overview of Popular Projects

USELESS: Originating from a tweet by BONKGUY on social media, similar to emotional concepts like "FARTCOIN", "SHIT", etc., which are very popular in the European and American communities. The market cap once soared to 34 million USD.

HOSICO: BONKFUN, a prominent internet celebrity cat project at its launch, is viewed by the community as the first BONK system Memecoin likely to exceed a market value of 100 million.

IKUN: Represents a landmark project for a large number of Chinese-speaking players entering the BONK ecosystem, with a market cap approaching 10 million USD, currently quoted around 6 million USD.

The veteran Meme projects have collectively exploded.

Among the top 15 performing Tokens recently, about half are old-school Memecoins from Solana. MoonDeng and PNUT are the hottest concepts, seen as similar to the early Pepe and SHIB. TITCOIN, as a "copycat" project in the COIN category, has also performed well, accumulating 22,000 holders from March to May.

Market Outlook

With the rapid growth of on-chain Meme projects, the emergence of large-cap Memecoins has become increasingly rare. The number of "diamond hands" in the market that can sustain profits is dwindling, while many "paper hands" have achieved decent returns through quick trades.

In the current situation where market sentiment is rapidly shifting, investors need to remain vigilant at all times, keeping in mind Buffett's famous saying: "Be fearful when others are greedy, and greedy when others are fearful." The future direction of the market is still full of uncertainty, requiring investors to approach it cautiously and invest rationally.