Ethereum ecosystem warms up, Meme zone welcomes a new round of explosion

As multiple adverse factors were digested by the market, it began to recover from the bottom. The most impressive performer in the past week has been Ethereum. This previously controversial public chain has achieved a virtuous cycle of capital recognition, technological upgrades, and a prosperous on-chain ecosystem, driven by factors such as the Pectra upgrade, continuous ETF purchases, and the success of the Virtual IDO model, which has pushed the coin price to continue to pump while also reviving on-chain Memecoins of Ethereum.

In contrast, the performance of the Solana ecosystem has been different. While the well-established secondary Memecoin and AI sector tokens have generally risen, the pace of the primary market has become increasingly fast. Due to a lack of more narrative support, combined with the upper market facing persistent selling pressure, the lower market continues to be drained by PumpFun. Among the new tokens, only the Bonk system continues to output new popular tokens, but it is difficult for a single entity to support the entire ecosystem. Aside from a few upper-level addresses, ordinary users have fewer opportunities to profit in the ecosystem.

The Meme Revival of Ether

Matt Furie concept return

For Ethereum's Memecoin, Pepe is undoubtedly the rightful leader. In the last ETH Meme craze, it cultivated a very powerful community. As one of the most well-known Memes, Pepe is a main force in this ETH Meme pump in terms of market capitalization, capital inflow, and rise. Unlike the "volatile" Shiba Inu concepts like SHIB and FLOKI on other chains, the frog series seems to be particularly favored by the EVM system, especially ETH. This may be because Matt's work is deeply rooted in EVM, and tokens like ANDY and BRETT have also achieved impressive market capitalization and community size.

Against the backdrop of a strong rise in Ethereum, the old operators of Ethereum naturally do not want to be outdone, and have re-excavated the Matt concept, revitalizing this long-dormant "Meme chain."

RATO

First of all, it is worth mentioning RATO, which is the tokenization of the character "Rato the Rat" from Matt Furie's new book. Its image is almost based on the gray "Pepe" with added mouse nose and ears. Currently, the highest market cap of this token once reached $36 million and has now pulled back to around $15 million.

BERRY

BERRY means "Strawberry", and this character has appeared multiple times on Matt's Instagram, being seen as the female version of "Pepe". According to the well-known KOL Zhang Zhang, the project team is the original team of Eth $mstr. This token once reached a market capitalization of 55 million USD, and after its launch, several strong KOLs promoted it almost simultaneously, making the token's performance quite stable before reaching a market cap of 10 million USD. Currently, the token has retraced to around 3.4 million USD.

FROGGER

In addition to the Matt series of Pepe derivatives, other "frog" concepts have emerged in the market. FROGGER is a classic arcade game originally developed and published by Konami in Japan in 1981. The FROGGER token was created 12 days ago and suddenly pumped 10 times yesterday after being flat for two weeks. Currently, 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, its sustainability in the current market remains to be seen.

The established Trading Bot project PepeBoost stated on social media, "Matt's series of characters have a unified style that is easy to recognize. If Ether really starts a new round of market activity, it is very likely that a leading project will emerge among these characters, which is worth paying close attention to."

According to data analysis, tokens such as MOG, APU, PEPE, and SPX in the ETH ecosystem have shown good growth. Although the capital inflow for ETH's established tokens is not as high as that of Solana, the selection is relatively concentrated.

A large influx of funds into Solana old memes.

When the on-chain market warms up, investors still tend to regard Solana as the preferred choice. In the past month, the number of active addresses on Solana has soared. Although the number of users able to make profits is decreasing, its trading volume and liquidity are still an order of magnitude higher than that of ETH's Meme. In the primary market, although Solana has been troubled by PumpFun for a long time, the total offensive launched by the Raydium series LaunchPad led by BONKFUN seems to have achieved some 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 competing against Pumpfun. Thanks to the strong foundation of the BONK community in Solana, the proportion of large holders, and the efforts of the development team, this platform often launches popular tokens. Recently, BONKGUY "theunipcs", which has a strong appeal in both secondary and primary markets, has contributed numerous popular tokens to the BONK platform.

Since May 11, when BONKFUN announced a $5,000 reward for 5 "take-off" tokens over the next week, community members around have begun to actively support various Meme communities, and many Chinese KOLs have collaborated with it, leading to the emergence of many "Chinese" narratives on the BONKFUN homepage.

The effect of the joint efforts of the East and West is very significant. According to BONKGUY, since the launch of the latest incentive plan yesterday, LetsBONKfun has created 6,911 tokens in just 24 hours and generated fees of 2,880.36 SOL (approximately $500,000). Based on a reward of $5,000 per token, a total of 100 tokens can be rewarded to the community. This means that in just 24 hours, it has generated benefits 20 times greater than a week-long reward activity, which could lead to more high-quality Memes from BONKFUN for participants from both the BONK series project parties and retail investors in the market.

USELESS

USELESS originates from a tweet posted by BONKGUY on social media: "This is a useless currency and should not be pumped." Concepts similar to "FARTCOIN," "SHIT," "HOUSECOIN," and other nihilistic emotional ideas are favored by the Western community. After its launch, USELESS's market value skyrocketed to $34 million, reminiscent of the development trajectory of "HOUSECOIN."

HOSICO

HOSICO is a Memecoin that has attracted considerable attention since the launch of BONKFUN, and is part of the "first generation" BONKFUN tokens promoted by BONKGUY. This internet-famous cat token has led other tokens launched around the same time since BONKFUN went live, and is viewed by the community as the most promising candidate to become the first Memecoin to break a market value 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, has approached a market value of nearly $10 million with the promotion of BONKGUY, and the current quote is approximately $6 million.

Tears of the era, the old Meme collective explosion

According to ARKHAM's TREEMAP data, half of the top 15 performing tokens in the past week are old Memecoins from Solana, with MoonDeng and PNUT being the most popular concepts. Well-known KOL Chuan Mu stated that his logic for buying these two tokens is "they are very much like the early pepe and shib." Regardless, these two concurrent concept coins have performed excellently in this market cycle.

TITCOIN

Another standout performer is the COIN category "copycat" TITCOIN. This controversial project maintained decent traffic data in its early stages by relying on "borderline" content. The funding behind it is both building the community and pulling off an almost "rise without fall" trend during the bear market, accumulating 22,000 holders in the community from March to May.

What other secondary underlying assets are there?

Renowned data analyst @ec_unoxx has organized many secondary asset data indicators in data charts on DUNE. Investors can analyze K-line charts in combination with the potential large capital inflows that may exist for the tokens.

It can be observed that the tokens with the highest capital inflow rankings in recent times are almost all old coins that have been issued for more than 150 days. Established Memecoins like MEW, POPCAT, SLERF, and WIF account for a large portion of the capital inflow. At the same time, the AI concept led by ai16z, which recently launched the platform autofun, also occupies another portion of liquidity. This is partly due to the impact of the previous overselling, and partly because the cryptocurrency market has not yet seen new AI concepts, thus mature AI projects have also been listed as targets for bottom-fishing by smart money.

With the prosperity of the on-chain market, crypto poker player Wesley "CryptoApprenti1" believes that this round on-chain does not have incremental funds, and the prosperous appearance is actually the dealers' self-rescue. He stated, "Those who still believe that there will be super memes like the last round of $shib and $pepe need to check their brains." Indeed, with the industrialization of on-chain memes, large-cap memecoins have become increasingly rare after $Trump.

The number of "diamond hands" that can win is decreasing, while many "paper hands" are gaining good returns through PVP. With the founder of Crypto Banter, @cryptomanran, revealing that "the Meme coin of Trump’s social platform Truth Social will be launched in the next 72 hours," the future market is filled with uncertainty. With increasingly shorter bull-bear transition cycles, it reminds one of the classic saying by the legendary investor Warren Buffett, who just retired a while ago: "Be fearful when others are greedy, and be greedy when others are fearful."