Market Recovery After the Bull-Bear Range-Bound Battle: A Comprehensive Analysis of the Ethereum Ecosystem and Meme Tokens

Recently, after digesting multiple negative factors, the market has started to rebound from the bottom, with Ethereum being the standout performer over the past 7 days. This blockchain, which was widely questioned in the earlier stages, has achieved a virtuous cycle of capital recognition, technological advancement, and ecological prosperity on-chain, driven by the Pectra upgrade, continuous capital inflow into ETFs, and the successful launch of the Virtual innovation mechanism. The coin price continues to rise, also fueling the resurgence of the Memecoins market on the Ethereum chain.

In contrast, while the established secondary Memecoins and AI sector tokens on the Solana chain have generally risen, the pace of the primary market has become increasingly rapid, lacking strong narratives to sustain it. The upper market is facing significant selling pressure, while the lower market continues to be affected by capital withdrawal. Although the Bonk ecosystem is still continuously launching new projects, it struggles to support the entire market on its own. Apart from upper-tier addresses, it is becoming increasingly difficult for ordinary participants to profit within the ecosystem.

Ethereum Meme Coin Revival Wave

Matt Furie’s strong return to the concept

For the Ethereum Memecoin ecosystem, Pepe is undoubtedly the leading project. In the last ETH Meme craze, it cultivated a very strong community foundation. As one of the most well-known Meme tokens, it played a leading role in this ETH Meme rally in terms of market capitalization, capital inflow, and price increase. Unlike the “versatile” Shiba Inu concepts on different chains like SHIB and FLOKI, the frog series seems to be particularly favored by the EVM system, especially Ethereum, as Matt Furie’s works have deeply resonated with the EVM, with projects like ANDY and BRETT showcasing impressive market capitalizations and community influence.

With the strong rise of Ethereum, even affecting the discussion heat on mainstream social media platforms, experienced Ethereum market participants will naturally not miss the opportunity, restarting the Matt concept and bringing new life to this long-silent “Meme chain”.

RATO

RATO is a tokenized product of the “Rato the Rat” character from Matt Furie’s new book. Its image is almost a gray “Pepe” with a mouse nose and ears, but essentially it is a mouse. Currently, the token’s highest market capitalization once reached $36 million, and it has now retraced to $15 million.

BERRY

BERRY (“Strawberry”) is the female version of the “Pepe” image that has appeared multiple times on Matt’s social media. According to industry insiders, the project team is the original team behind Eth $mstr. The Token once reached a market value of $55 million, and influential opinion leaders promoted it almost simultaneously after the project launched, resulting in a quite stable price trend before the Token reached a market value of $10 million. It has currently retraced to about $3.4 million.

FROGGER

In addition to the Matt series of Pepe derivatives, there are other “frog” concept tokens. FROGGER is derived from a classic arcade game developed by Konami in 1981. The token was created 12 days ago and suddenly surged 10 times yesterday after being range-bound for two weeks. The largest holder currently owns 15% of the tokens allocated to the founder of Ethereum. The token reached a market value of 2.8 million USD at its peak, but has now pulled back to 2 million USD. Although it is a new frog concept, the sustainability of its narrative in the current market remains to be seen.

A well-known trading robot project 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 that deserves special attention.”

According to data platforms, tokens such as MOG, APU, PEPE, and SPX in the ETH ecosystem have shown considerable growth. Although the inflow of funds into the established Ethereum tokens is not as much as that of Solana, the selection is relatively concentrated.

Large Capital Inflow into Solana’s Established Meme

When the on-chain market warms up, market participants still regard Solana as the preferred source of power. In the past month, the number of active Solana addresses has surged, and although the proportion of profit-making players has decreased, the trading volume and liquidity are an order of magnitude higher than ETH’s Meme tokens. In the primary market, while the Solana ecosystem has long faced liquidity challenges, the counterattack led by BONKFUN from the Raydium LaunchPad platform has shown results, with trading volume and transaction numbers on non-mainstream platforms reaching levels comparable to the same period last year.

The successful counterattack of BONK system

BONKFUN may be the most successful product currently countering mainstream launch platforms in the Solana ecosystem. Benefiting from the strong foundation of the BONK community in Solana, a high proportion of large holders, and support from a professional team, the platform regularly launches high-quality projects. Recently, users “theunipcs” with strong purchasing power in both the secondary and primary markets have significantly contributed to the success of projects on the BONK platform.

Starting from May 11, BONKFUN announced a total reward of $5,000 for 5 “take-off” Tokens over the next week. The ecosystem members immediately began to strongly support various Meme communities, and many Chinese-speaking opinion leaders collaborated with them, resulting in the appearance of many “Chinese” narratives on the BONKFUN homepage.

The joint effect of the Eastern and Western communities is significant. According to informed sources, within 24 hours of the incentive program’s launch, the platform created 6,911 tokens, generating fees of approximately 2,880.36 SOL (around $500,000). Based on a reward of $5,000 for each token, a total of 100 tokens can be rewarded to the community. This means that in just one day, the economic benefit generated is 20 times that of a weekly reward activity, creating immense value for ecological project parties and market participants.

USELESS

USELESS originates from a tweet posted by a well-known user on social media: “This is a useless coin that should not be pumped.” This is similar to the nihilistic emotional concepts like “FARTCOIN”, “SHIT”, “HOUSECOIN” which are favored by the European and American communities. Since the launch of BONK, the market value of this token has risen to 34 million dollars, with a trend quite similar to “HOUSECOIN”.

HOSICO

HOSICO is one of the first tokens launched by BONKFUN in its early days, and this “first generation” BONKFUN token, promoted by well-known users, has maintained a healthy price trend. Since the platform’s launch, this internet celebrity cat image has been leading other tokens launched around the same time, and it is regarded by the community as the most promising candidate to break the 100 million market value in the BONK ecosystem Memecoin.

IKUN

The large number of Chinese-speaking players entering the BONK ecosystem mentioned earlier is represented by IKUN. This “chicken” concept, widely known in the Chinese internet space, reached a market value close to 10 million USD with the help of well-known promoters, and is currently priced at around 6 million USD.

Tears of the Era: The Collective Explosion of Old Memes

According to statistics from data platforms, half of the top 15 performing tokens in the last week are established Memecoins from Solana, with MoonDeng and PNUT being the most popular concepts. A well-known analyst stated that the logic behind buying these two tokens is “they are very similar to early pepe and shib”. In any case, these two concept coins from the same period have performed excellently in this market cycle.

TITCOIN

Equally eye-catching is the COIN type “copycat” TITCOIN, a project that maintained good traffic data in its early stages through “borderline” content. Behind it, funds are building a community while creating a price trend that “only rises and never falls” during the bear market. From March to May, it has accumulated 22,000 holders in its community.

Analysis of Investment Targets in the Secondary Market

According to charts from data analysts on the data platform, the tokens ranking at the top for recent capital inflows are almost all older projects with launch times exceeding 150 days. More mature Memecoins like MEW, POPCAT, SLERF, and WIF account for the majority of the capital inflow, while the AI concept led by the newly launched platform ai16z occupies another portion of liquidity. This is partly due to the impact of previous overselling, and on the other hand, the crypto market has yet to see new AI concepts, making mature AI projects one of the targets for bottom fishing.

With the prosperous scene of the on-chain market, a cryptocurrency market analyst believes that there is no significant incremental capital in this round on-chain, and the appearance of prosperity may be a self-rescue behavior of large funds. He also stated, “The idea of expecting the emergence of super meme coins like $shib and $pepe from the last round needs to be reassessed.” With the industrial production of on-chain meme tokens, large market cap memecoins have indeed become increasingly rare after Trump.

The number of long-term profitable investors is decreasing, while many short-term traders are gaining decent returns from market fluctuations. With the revelation from a certain social platform’s founder that “the Meme coin related to Trump will be launched within the next 72 hours,” the market is again filled with uncertainty. As the cycles of bull and bear markets shorten, investors can’t help but recall the classic saying of the legendary investment master: “When others are greedy, I am fearful; when others are fearful, I am greedy.”