The Revival of Ethereum Leads a New Wave in the Meme Token Market

As multiple bearish factors have been digested by the market, the overall market has recovered from the bottom, with Ethereum showing particularly impressive performance over the past 7 days. After facing widespread skepticism for a while, Ethereum has achieved a triple boost of capital recognition, technological advancement, and ecological prosperity through the Pectra technology upgrade, continuous fund inflows into ETFs, and the successful new model of Virtual, leading to a continuous rise in its coin price and also revitalizing the Memecoins on the Ethereum chain.

In contrast, while the established secondary Memecoins and AI sector tokens on the Solana chain generally rose, the pace of the primary market has become increasingly rapid, primarily due to a lack of new narrative support. The upper market faces significant selling pressure, while the lower market is continuously drained. Although the Bonk ecosystem keeps launching new projects, it is difficult to support the entire market, and aside from upper-tier addresses, ordinary investors have fewer and fewer opportunities to profit in this ecosystem.

The Meme Resurgence of Ether

Matt Furie Concept Return

对于Ethereum的Memecoin生态,Pepe无疑是当之无ashamed的龙头。 在上一轮ETH Meme热潮中,它培育了强大的社区基础,作为最知名的Meme代币之一,无论市值、资金流入量还是涨幅,都是本轮ETH Meme上涨行情中的主力军。 与SHIB和FLOKI等在其他链上的多样化表现不同,frog系Meme似乎特别与EVM系统有缘,尤其是以ether坊,因为Matt Furie的创作与EVM深度绑定,如ANDY和BRETT等项目都构建了可观的市值和社区。

With Ethereum’s strong rise, even impacting social media trends, veteran Ethereum traders have reactivated the Matt concept, bringing new life to this long-dormant “Meme chain.”

RATO

First of all, it is worth paying attention to RATO, which comes from the character “Rato the Rat” in Matt Furie’s new book. Its image is basically a gray “Pepe” with added mouse nose and ears, but it is actually a mouse. The token’s market cap once reached 36 million USD, and it has now retraced to 15 million USD.

BERRY

BERRY (“Strawberry”) is a female version of the “Pepe” character, appearing multiple times on Matt’s social media. According to industry insiders, the project team comes from the early Ethereum project team. BERRY once reached a market value of $55 million, and after its launch, several influential figures promoted it almost simultaneously, allowing it to maintain steady growth before reaching a market value of $10 million, and it has now retraced to around $3.4 million.

FROGGER

In addition to the Matt series of Pepe derivatives, there are other frog concepts, such as FROGGER, which is based on the classic arcade game developed by Konami in 1981. This token was created 12 days ago and suddenly surged 10 times yesterday after two weeks of sideways movement, with the largest holder being Vitalik, who received 15% of the tokens. The token reached a peak market value of 2.8 million USD and has now retraced to 2 million USD. Although it is a new frog concept, the sustainability of its narrative in the current market remains to be seen.

The established trading robot project PepeBoost stated on social media: “Matt’s series of characters has a unified style that is easily recognizable. If Ethereum really starts a new round of increase, there will definitely be a leading project among them that is worth paying close attention to.”

Data shows that tokens such as MOG, APU, PEPE, and SPX on the Ethereum network have experienced considerable growth. Although the capital inflow is not as high as that of Solana, the investment choices are more concentrated.

A large influx of funds into the Solana veteran Meme

When on-chain market conditions improve, investors still regard Solana as the preferred platform. The number of active addresses on Solana has surged in the past month. Although the proportion of users who can make a profit has decreased, its trading volume and liquidity are an order of magnitude higher than that of ETH’s Meme. In the primary market, although Solana has been heavily impacted by PumpFun, the offensive launched by the Raydium series LaunchPad, led by BONKFUN, seems to have achieved results, with the trading volume and number of transactions on non-PumpFun platforms reaching the levels of the same period last year.

BONK’s counterattack

BONKFUN may be the most successful product of Solana currently countering PumpFun. With the strong foundation of the BONK community in Solana, a high proportion of large holders, and an active team, the platform frequently launches successful projects. Recently, “theunipcs” has contributed multiple successful projects to the BONK platform with strong purchasing power in both the secondary and primary markets.

Since BONKFUN announced a reward of $5,000 for each of the 5 quality tokens on May 11, surrounding communities have actively supported various memes, including collaborations with multiple international KOLs, leading to a large amount of multilingual narratives appearing on the platform’s homepage.

The effect of the joint efforts of Eastern and Western communities is significant. It has been reported that within 24 hours of the incentive program’s launch, the platform created 6,911 tokens, generating approximately $500,000 in fees. Based on a reward of $5,000 per token, this can support 100 token communities. This means that in just 24 hours, it generated 20 times the benefits of its weekly reward activities, positively impacting all parties in the ecosystem.

USELESS

USELESS originates from a comment on social media saying “This is a useless currency and should not be hyped up.” Concepts like “FARTCOIN”, “SHIT”, “HOUSECOIN”, and others that are similarly meaningless are quite popular in the European and American communities. After the launch of BONK, this token’s market value soared to 34 million USD, showing a development trajectory similar to that of “HOUSECOIN”.

HOSICO

HOSICO is one of the early tokens launched with BONKFUN and is also the “first generation” BONKFUN token promoted by BONKGUY, maintaining a healthy price trend. This internet-famous cat-themed token has led its peers since its launch and is seen by the community as the most promising Memecoin to become the first in the BONK ecosystem to break a market value of 100 million.

IKUN

With a large number of international users entering the BONK ecosystem, IKUN has become one of its representative works. This “chicken” concept, widely known in certain cultural circles, has reached a market value of nearly 10 million USD after promotion, and is currently priced at about 6 million USD.

Tears of the era, the old Memes collectively erupted

According to ARKHAM’s TREEMAP data, half of the top 15 performing tokens in the past week are established Memecoins from Solana, with MoonDeng and PNUT being the hottest concepts. The well-known analyst’s logic for purchasing these two tokens is “they are very similar to the early pepe and shib”, and these two concept coins from the same period have performed exceptionally well in this cycle.

TITCOIN

Another standout is the COIN type “clone” TITCOIN. This controversial project initially maintained good attention due to its unique positioning. The funds behind it are both building a community and creating a price trend of “only rising and not falling” during the bear market, accumulating a community of 22,000 holders from March to May.

What other secondary assets are there?

The charts organized by the data analyst on the data platform show the indicators of multiple secondary targets. Investors can analyze the price trends in conjunction with the potential large capital inflows.

Data shows that the tokens ranking high in recent inflows 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, while the AI concept led by the recently launched platform ai16z occupies another part of the liquidity. This is partly due to the impact of the previous sharp decline, and on the other hand, there have been no new AI concepts emerging in the crypto market, making mature AI projects one of the targets for bottom fishing.

伴随着繁荣的市场表现,一些加密市场分析师认为这一轮并没有增量资金,繁荣的表象实际上是庄家拉盘自救,并表示"期待出现上一轮SHIB、PEPE这种超级Meme代币已不现实"。 Memecoins, which have a large market cap, are becoming more and more rare after Trump.

The number of “diamond hands” who can persist in holding is becoming fewer, while many “paper hands” are obtaining good returns by entering and exiting in a timely manner. With news that “the meme token of Trump’s social platform will go live in the next 72 hours,” the future market is filled with uncertainty. With increasingly shorter bull and bear market cycles, investors cannot help but recall the classic investment saying: “When others are greedy, I am fearful; when others are fearful, I am greedy.”