As multiple negative factors have been consumed by the market, there has been a slight improvement from the bottom, with Ethereum being the most prominent chain over the past 7 days. This chain, which was heavily criticized not long ago, has seen its price continue to rise due to the Pectra upgrade, ongoing ETF purchases, and the success of the Virtual new token model. The combination of capital recognition, technological upgrades, and a thriving on-chain ecosystem has led to a resurgence in Ethereum's price, while also reviving Memecoins on the Ethereum chain.
In contrast, Solana has seen a general rise in established secondary Memecoins and AI sector tokens, but the pace in the primary market has become increasingly rapid. This is due to a lack of new narratives, while the upper market faces continuous selling pressure from addresses related to FTX and Alameda, and the lower market continues to be drained by PumpFun. The only new token consistently producing new capital is from the Bonk ecosystem, but it is struggling alone, with fewer and fewer ordinary people able to make money in the ecosystem.
@ec_unoxx's DUNE panel shows the profit situation of nearly 30,000 addresses.
The Meme Resurgence of ETH
The Return of Matt Furie Concept
For Ethereum's Memecoins, Pepe is undoubtedly the leader. It has cultivated a very strong community during the last ETH Meme boom. As one of the most well-known Memes, it has been a major force in this ETH Meme price increase in terms of market capitalization, capital inflow, and price growth. Unlike the "variability" of Shiba Inu concepts like SHIB and FLOKI on other chains, or the V God hippo that was taken by Solana, the frog series seems 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 caps and communities.
As Ethereum's price surged, it even influenced the "widespread announcement" level of topics on Douyin. The old Ethereum operators naturally did not lag behind, picking up the Matt concept again, reviving this long-dormant "Meme chain."
RATO
The first to mention is RATO, a character from Matt Furie's new book "Rato the Rat." Its image is almost a gray "Pepe" with mouse nose and ears, but it is a mouse. Currently, this token has reached a market cap of 36 million dollars, now corrected to 15 million dollars.
BERRY
BERRY "Strawberry" has appeared multiple times on Matt's IG, representing a female version of "Pepe." According to well-known KOL Zhang Zhang "@0xZz007," this team is from the original Eth $mstr team. This token once reached a market cap of 55 million dollars, and after its launch, a considerable number of KOLs in "private or public domains" promoted it at almost the same pace, allowing the token to maintain a relatively stable trajectory before reaching a market cap of 10 million dollars. Currently, the token has corrected to around 3.4 million dollars.
FROGGER
In addition to the Matt series of Pepe derivatives, its first work Naked Crab Man, and MACI, who is "suspected" to be the character of the next work along with Berry, there are other "frog" concepts. FROGGER is a classic arcade video game originally developed and released by the Japanese company Konami in 1981.
FROGGER was established 12 days ago and after two weeks of sideways movement, it suddenly surged 10 times yesterday. The current top holder is a 15% token allocated to Vitalik. This token has reached a market cap of 2.8 million dollars, now corrected to 2 million dollars. Although it is a new frog concept, it is uncertain whether the narrative has continuity in the current market.
The established Trading Bot project PepeBoost expressed its views on X, stating that "Matt's series of characters have a unified art style that is easily recognizable. If Ethereum really starts a new round, there will definitely be a leading project among them that can be focused on."
According to the DUNE panel created by @dyorcrypto, ETH's MOG, APU, PEPE, and SPX have all seen considerable growth. Although ETH's established tokens have not seen as much inflow as Solana, they are relatively concentrated in choice.
Large Capital Inflow into Solana's Old Memes
When the on-chain market warms up, players still consider Solana as the primary driving force. The number of active addresses on Solana has surged in the past month. Although fewer players are able to make money, the trading volume and liquidity are an order of magnitude higher compared to ETH's Memes. In the primary market, Solana has long struggled with PumpFun, but the total attack launched by Raydium's LaunchPad, led by BONKFUN, seems to have had an effect, with trading volume and transaction Txs on non-Pumpfun platforms reaching levels comparable to the same period last year.
The Counterattack of the BONK Series
BONKFUN is currently Solana's most successful product against Pumpfun, thanks to the deep roots of the BONK community in Solana, the proportion of large holders, and the DEGEN team, which has led to the platform occasionally releasing new capital. Recently, whether in the secondary or primary market, the BONKGUY "theunipcs" has contributed significantly to the BONK platform's new capital.
Since the launch of BONKFUN on May 11, it has provided a reward of 5,000 dollars for five "takeoff" tokens over the next week. Community members have begun to fervently support various Meme communities, and many Chinese KOL players have collaborated with it, leading to the emergence of many "Chinese" narratives on BONKFUN's homepage.
The effects of the collaboration between the East and West are also quite evident. According to BONKGUY, since the start of the latest incentive program yesterday, LetsBONKfun has created 6,911 tokens in just 24 hours, generating fees of 2,880.36 SOL (approximately 500,000 dollars). If we consider the 5,000 dollar reward for each token mentioned above, it could reward a total of 100 token communities. This means that in just 24 hours, it has generated 20 times the value of its weekly reward activity, which could attract various ecological positions, including project parties and retail investors, to seek more quality Memes from BONKFUN.
USELESS
USELESS comes from a tweet posted by BONKGUY on X stating, "This is a useless currency that should not be pushed up." Such nihilistic emotional concepts, similar to "FARTCOIN," "SHIT," and "HOUSECOIN," are favorites in the European and American communities. Since the launch of BONK, its market cap has skyrocketed to 34 million dollars, reminiscent of the same trajectory as "HOUSECOIN."
HOSICO
HOSICO is a Memecoin mentioned by the author when BONKFUN launched. As a "first-generation" BONKFUN token promoted by BONKGUY, HOSICO continues to maintain a healthy K-line trend. This internet-famous cat has been leading other tokens launched around the same time since BONKFUN's inception and is viewed by the community as the most likely candidate to become the first Memecoin on BONK to break a market cap of 100 million dollars.
Further Reading:
IKUN
As mentioned earlier, a large number of Chinese players have entered BONK, with IKUN being a representative work. This "chicken" concept is well-known in the "online space" of the Chinese community. It reached a market cap of nearly 10 million dollars, driven by BONKGUY, and is currently priced at 6 million dollars.
Tears of the Times: The Collective Explosion of Old Memes
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 Chuanmu's logic for purchasing these two tokens is that "they are very similar to early pepe and shib," and both of these contemporaneous concept coins have performed excellently in this cycle.
TITCOIN
Another standout is the COIN-like "copycat" TITCOIN. This "conspiracy coin" maintained quite good traffic data in its early stages by "skirting the edges." The funds behind it have been building the community while managing to create a market that has almost "only gone up" from March to May, accumulating 22,000 holders in the community.
What Other Secondary Targets Are There?
Well-known data analyst @ec_unoxx has organized various data indicators for secondary targets on DUNE, allowing retail investors to analyze K-lines in conjunction with potential large inflows into tokens.
It can be seen that the tokens with the highest inflows recently are almost all old coins that have been launched for more than 150 days. Older Memecoins like MEW, POPCAT, SLERF, and WIF account for most of the inflow, while AI concepts led by the recently launched platform autofun's ai16z occupy another portion of liquidity. This is partly due to the impact of previous overcorrections and partly because there have been no new AI concepts in Crypto, making mature AI projects one of the targets for smart money to bottom-fish.
With the flourishing on-chain environment, crypto poker player Wesley "CryptoApprenti1" believes that this round of on-chain activity does not involve incremental funds. The prosperous appearance is actually a result of market makers pulling up prices to save themselves, stating, "If you still believe that super memes like $shib and $pepe will appear, you need to rethink." Indeed, as the production line of on-chain Memes continues, large-cap Memecoins have become increasingly rare after $Trump.
The number of "diamond hands" that can win is dwindling, while many "paper hands" are achieving decent returns through PVP. Following the news from Crypto Banter founder @cryptomanran that "the meme coin from Trump's social platform Truth Social will launch within the next 72 hours," the future market is filled with uncertainty. In this increasingly short cycle of bull and bear transitions, the classic quote from the recently retired legend Warren Buffett comes to mind: "Be fearful when others are greedy, and greedy when others are fearful."
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