Ethereum on-chain Meme Token welcomes revival, Solana's established projects attract funding favor.

Recently, as multiple negative factors have subsided, the cryptocurrency market has begun to slowly warm up. Ethereum has performed particularly well, becoming the best-performing public chain in the past week. Previously questioned Ethereum has seen its coin price continue to rise due to a combination of positive factors such as the Pectra upgrade, continuous ETF purchases, and the success of the Virtual IPO model, which have all contributed to capital recognition, technical upgrades, and ecological prosperity. This has also driven the revival of on-chain Meme tokens for Ethereum.

At the same time, the established secondary Meme tokens and AI sector tokens on Solana have generally risen. However, the pace in the primary market of Solana has accelerated, lacking new narrative support, while facing continuous selling pressure from upper addresses, leading to a continuous drain on the lower market. Currently, only the Bonk system is continuously outputting new projects, but it is difficult to hold up the overall situation. Besides upper addresses, it is becoming increasingly difficult for ordinary users to make money in the ecosystem.

The Revival of ETH Meme Tokens

Matt Furie Concept Return

For Ethereum Meme tokens, Pepe is undoubtedly the rightful leader. During the last round of the ETH Meme craze, Pepe cultivated a strong community base. As one of the most well-known Memes, whether in terms of market capitalization, capital inflow, or price increase, Pepe is the main force behind this ETH Meme bull market.

Unlike the variability of dog-themed concepts like SHIB and FLOKI on other chains, or the V God Hippo borrowed by Solana, the frog meme seems to be particularly favored by EVM-based chains, especially Ethereum, due to the deep connection of Matt Furie's works with EVM. Projects like ANDY and BRETT have created impressive market values and community sizes.

With the strong rise of Ethereum, it even affects popular topics on Douyin. Veteran Ethereum traders are also picking up the Matt concept, revitalizing this long-silent "Meme chain."

RATO

RATO is the tokenization of the character "Rato the Rat" from Matt Furie's new book. Its image is almost a gray "Pepe" with mouse nose and ears. The token once reached a market cap of 36 million USD, but has currently retraced to around 15 million USD.

BERRY

BERRY, which means "Strawberry", is a female version of "Pepe" that Matt has showcased multiple times on social media. It is said that the project team is from the original Eth $mstr team. The BERRY Token once reached a market value of $55 million, but 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. This is a classic arcade game developed by Konami in 1981. The FROGGER Token was established 12 days ago and suddenly surged tenfold yesterday after two weeks of consolidation, reaching a peak market value of $2.8 million, and has now retraced to $2 million. Although it is a new frog concept, its narrative sustainability in the current market remains to be observed.

Industry analysis suggests that the Matt series characters have a unified art style that is easy to recognize. If Ethereum starts a new round of market activity, it is highly likely that a leading project will emerge from it, which is worth paying close attention to.

Data shows that projects like MOG, APU, PEPE, and SPX on ETH have seen good growth. Although the influx of funds is not as strong as Solana, the options on ETH are relatively concentrated.

Solana's veteran Meme Token receives a large influx of funds

When the on-chain market warms up, players still regard Solana as the first choice. In the past month, the number of active addresses on Solana has surged. Although the number of players making profits has decreased, the trading volume and liquidity still far exceed those of ETH's Meme tokens.

In the primary market, the Raydium-based LaunchPad led by BONKFUN seems to have made progress in its attack on PumpFun, with trading volume and number of trades on non-PumpFun platforms reaching levels seen in the same period last year.

The Counterattack of the BONK System

BONKFUN is currently Solana's most successful product against PumpFun. Thanks to the BONK community's strong foundation in Solana, the proportion of large holders, and the team's execution capabilities, the platform frequently launches popular projects. Recently, KOL "theunipcs", who has a strong influence in both the secondary and primary markets, has contributed several high-quality projects to the BONK platform.

Since BONKFUN announced a $5,000 reward for 5 "take-off" Tokens on May 11, surrounding members have begun to strongly support various Meme communities, and many Chinese-speaking KOLs have collaborated with them. As a result, there has been a lot of "Chinese" narrative on the BONKFUN homepage.

The joint effect of the East and West is significant. It is said that since the launch of the latest incentive program yesterday, BONKFUN has created 6,911 tokens within 24 hours, generating fees of approximately $500,000. This means that within just 24 hours, it has produced benefits 20 times greater than a weekly reward activity, which is hugely attractive to BONK-related project parties and market participants.

USELESS

USELESS originates from a social media post stating "this is a useless currency and should not be pumped." This nihilistic emotional concept is favored by the Western community. After its launch, USELESS's market value skyrocketed to 34 million USD, reminiscent of the development path of "HOUSECOIN."

HOSICO

HOSICO is a Meme Token that has attracted attention since the launch of BONKFUN, maintaining a healthy trend. This internet celebrity cat project is seen by the community as the most promising Meme Token to become the first 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 a representative work. This "chicken" concept, originating from the Chinese internet, has reached a market value close to 10 million USD under the promotion of KOLs, and is currently priced around 6 million USD.

Veteran Meme Tokens Erupt Collectively

Data shows that among the top 15 performing tokens in the past week, half of them are well-established Meme tokens from Solana. Among them, MoonDeng and PNUT are the most popular concepts, being considered "very similar to early pepe and shib."

In addition, "copycat" projects like TITCOIN have also performed well. TITCOIN maintains a high flow of traffic with "fringe" content, while the funds behind it build the community and create a "rising only" trend during the bear market, accumulating 22,000 holders from March to May.

Secondary Market Opportunity Analysis

Data shows that recently, the funds flowing in are mostly from old coins that have been issued for more than 150 days. Established Meme tokens like MEW, POPCAT, SLERF, and WIF account for a large portion of the inflow. The AI concept represented by ai16z has also attracted some funds; on one hand, it is a correction from the previous sharp decline, and on the other hand, the lack of new AI concepts in the crypto space has made mature AI projects targets for bottom-fishing.

However, some analysts believe that this round of market activity does not involve incremental funds, and the prosperous appearance is merely a self-rescue by the market makers. Indeed, with the "assembly line" production of Meme Tokens, large-cap Meme Tokens have become increasingly rare after $Trump. The number of "diamond hands" that can profit in the long term is also decreasing, while many "paper hands" are achieving decent returns through short-term trading.

With the news of a certain social media platform's Meme Token about to launch, the future market is once again filled with uncertainty. In the current shortened bull-bear cycle, investors need to be more cautious in grasping the investment wisdom of "when others are greedy, I am fearful; when others are fearful, I am greedy."