Crypto Market Rebounds: Ethereum Rises and Memecoin Revival

As the market digests multiple negative factors, signs of recovery are starting to appear at the bottom, and the standout performer over the past 7 days has undoubtedly been Ethereum. Once heavily criticized, this chain has achieved triple support through the Pectra technology upgrade, continuous absorption by ETFs, and the success of the Virtual new issuance model, leading to capital recognition, technological enhancement, and ecological prosperity, driving the coin price to continue rising, while also revitalizing the Memecoins on the Ethereum chain.

On the Solana side, while the established secondary Memecoin and AI sector tokens have generally strengthened, the pace of the primary market is increasing day by day, and there is a lack of new narrative support. The upper market is facing a lot of selling pressure, and the lower market is suffering from continuous liquidity sucking, and only the Bonk ecosystem can continue to export new coins for new projects, but there are fewer and fewer ordinary users who can make a profit among market participants.

The Revival of the Ethereum Meme Ecosystem

Matt Furie Concept Return

For Ethereum’s Memecoin, Pepe is undoubtedly a well-deserved leader. It has cultivated a strong community in the last round of ETH meme boom, and as one of the most well-known meme representatives, it is ahead of this round of ETH meme rise in terms of market capitalization, capital inflow and growth. Unlike Shiba Inu concepts such as SHIB and FLUKI, which are “changeable” across chains, the frog series seems to be particularly popular with EVM systems, especially Ethereum, because Matt Furie’s works are deeply rooted in the EVM binding, such as ANDY and BRETT, both of which have established a good market capitalization and community base.

Against the backdrop of Ethereum’s strong rise, veteran traders naturally do not want to lag behind, and they are all picking up the Matt Furie concept, making this long-dormant “Meme chain” active again.

RATO

First, it is worth noting RATO, which comes from the character “Rato the Rat” in Matt Furie’s new book. The image is almost a gray “Pepe” with mouse nose and ears. Currently, the market cap of this token once reached 36 million dollars, but has now pulled back to 15 million dollars.

BERRY

BERRY (“Strawberry”) appears multiple times as the female version of “Pepe” on Matt’s social media accounts. It is said that the project was created by the original Eth $mstr team, and the token once reached a market value of 55 million USD. After its launch, it received almost simultaneous promotion from several influential figures, which kept its momentum quite stable before reaching a market value of 10 million USD. It has now retraced to about 3.4 million USD.

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. Twelve days after its establishment, the token suddenly surged tenfold after two weeks of sideways movement, with a peak market cap that once reached 2.8 million dollars, and has now retraced to 2 million dollars. Although it is a new frog concept, the continuity of its narrative in the current market remains to be seen.

According to data platforms, MOG, APU, PEPE, and SPX on Ethereum have shown considerable growth, although the capital inflow is not as strong as Solana, but the selection is more concentrated.

Solana’s Old Meme Attracts Significant Capital Inflow

When the on-chain market picks up, players still see Solana as their first choice. The number of active Solana addresses has soared in the past month, and although the proportion of profitable players has decreased, its trading volume and liquidity are an order of magnitude higher than that of Ethereum Meme. In the primary market, Raydium-based LaunchPads, led by BONKFUN, have begun to show results, and the trading volume and number of transactions on non-PumpFun platforms have reached the same level as the same period last year.

The counterattack of BONK

BONKFUN may be the most successful product of Solana in countering PumpFun at the moment. Benefiting from the solid foundation of the BONK community in Solana, the high proportion of large holders, and a professional team, the platform frequently launches high-quality tokens, and recent recommendations in both the secondary and primary markets have brought considerable purchasing volume.

Since BONKFUN announced on May 11 that it would provide a $5,000 reward for 5 “take-off” tokens within a week, community members have begun to strongly support various Meme communities, which has also attracted a large number of international players and led to many cross-cultural narratives.

This synergistic effect is significant. Since the launch of the incentive program, it is said that the platform has created 6,911 tokens in just 24 hours, generating approximately $500,000 in fees, far exceeding the expectations of its weekly reward activities, which has made all participants in the ecosystem look forward to more high-quality projects appearing on the platform.

USELESS

USELESS originates from a statement made by a well-known individual on social media: “This is a useless currency and should not be promoted.” Such concepts, akin to “FARTCOIN”, “SHIT”, and “HOUSECOIN”, are favorites within the Western community. Since the launch of BONK, its market value has risen to $34 million, reminiscent of the trajectory of “HOUSECOIN”.

HOSICO

HOSICO is one of the tokens promoted by BONKFUN in the early days, maintaining a healthy price action. This online celebrity cat project, which has been ahead of other coins of the same period since the launch of the platform, is regarded by the community as the most promising to become the first BONK ecological Memecoin to exceed 100 million market capitalization.

IKUN

With a large number of international players entering the BONK ecosystem, IKUN has become a representative work among them. This concept, well-known in specific internet cultural circles, has reached a market value of nearly 10 million USD, with a current quote of 6 million USD.

The old-school Meme collective outbreak

According to on-chain data, among the top 15 tokens with the best performance in the past week, half are established Memecoins on Solana, with MoonDeng and PNUT being particularly popular. Some market analysts believe that these projects “resemble early pepe and shib”; nonetheless, these concept coins have performed excellently in this cycle.

TITCOIN

Another highlight is the COIN type “copycat” TITCOIN. This so-called “conspiracy coin” initially maintained good traffic through marginalized content, while the behind-the-scenes funding both built the community and created an almost “only up and no down” market during the bear market, accumulating 22,000 holders from March to May.

secondary market investment targets

Data analysis shows that almost all of the top tokens in recent capital inflows are old coins that have been issued for more than 150 days, with established Memecoins such as MEW, POPCAT, SLERF, and WIF accounting for most of the inflows, while AI concepts led by ai16z have also attracted some liquidity. On the one hand, it is because of the impact of the over-fall some time ago, and on the other hand, there is no new AI concept in the crypto market, making mature AI projects the target of smart money.

In the face of a seemingly prosperous market, some market observers believe that this round of on-chain activity is not due to incremental funds, but to market makers pulling to save themselves, and said that “it is unrealistic to expect a super meme currency like the last round of $SHIB and $pepe”. Indeed, with the industrial production of on-chain mememes, large-cap Memecoins are becoming increasingly rare after $Trump.

The number of investors who can hold onto their investments for the long term and make a profit is decreasing, while many short-term traders are achieving good returns through market speculation. With the news that “the Meme coin of Trump’s social platform Truth Social will be launched soon,” the market is once again filled with uncertainty. In this era where the cycles of bull and bear markets are getting shorter, investors might as well adopt Warren Buffett’s classic investment philosophy: “Be fearful when others are greedy, and be greedy when others are fearful.”