Ethereum Meme Revival as Solana, the Established Coin, Welcomes Capital Inflow

Recently, as multiple unfavourable information factors have been digested by the market, the market has started to slowly rebound from the bottom. In the past week, Ethereum's performance has been the most outstanding. This public chain, which was once heavily criticized, has achieved capital recognition, technical upgrades, and a prosperous on-chain ecosystem due to the Pectra upgrade, continuous ETF buying, and the success of the Virtual initial offering model, driving the coin price to continue to rise. Meanwhile, Memecoins on the Ethereum chain have also regained vitality.

In contrast, established second-tier Memecoins and AI sector tokens in the Solana ecosystem are generally rising, but the pace of the primary market is becoming increasingly fast. Due to a lack of new narrative support and ongoing selling pressure in the upper market, the lower market is being continuously drained by PumpFun. Among the new tokens, only the Bonk system is continuously outputting new gold dogs, but it's difficult to support the entire ecosystem on its own. Besides upper-tier addresses, ordinary investors have fewer and fewer opportunities to profit in the ecosystem.

ETH's Meme Rebound

Matt Furie Concept Reproduction

For Memecoins on Ethereum, Pepe is undoubtedly the rightful leader. During the last ETH Meme craze, Pepe cultivated a strong community foundation. As one of the most well-known Memes, Pepe has been a major force in this ETH Meme rising market in terms of market capitalization, capital inflow, and increase. Unlike the diversified development of Shiba Inu concepts like SHIB and FLOKI on other chains, frog-themed Memes seem to be particularly favored by the EVM system, especially ETH. This is because Matt's work is deeply tied to the EVM, and projects like ANDY and BRETT have achieved impressive market capitalizations and community sizes.

With Ethereum's strong rise, it has even affected the popularity of mainstream social platforms. Veteran Ethereum traders naturally do not want to be outdone and have picked up the Matt concept again, revitalizing this long-dormant "Meme chain."

RATO

First, we must mention RATO, which originates from the character "Rato the Rat" in Matt Furie's new book. Its image is almost like a gray "Pepe" with added mouse nose and ears. Currently, the token's highest market value once reached 36 million dollars, and it has now retraced to around 15 million dollars.

BERRY

BERRY ("Strawberry") is a female version of the "Pepe" character that has appeared multiple times on Matt's Instagram. According to industry insiders, the project team is the original team of Eth $mstr. The BERRY token once reached a market value of 55 million USD, and during its initial launch, several influential industry figures promoted it almost simultaneously, resulting in a relatively steady trend before reaching a market value 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, there are other "frog" concept tokens. FROGGER originates from a classic arcade game originally developed and released by Konami in 1981. The FROGGER token was established 12 days ago and suddenly surged 10 times yesterday after two weeks of sideways movement, reaching a market cap of $2.8 million, and has now retraced to $2 million. Although it belongs to the new frog concept, its sustainability in the current market remains to be seen.

A well-known Trading Bot project expressed its opinion on social media, stating that "Matt's series of character designs are easy to recognize. If Ethereum really starts a new round of pump, a leading project will definitely emerge from it, which is worth paying close attention to."

Data shows that tokens such as MOG, APU, PEPE, and SPX on Ethereum have all seen considerable growth. Although the influx of funds into established tokens on ETH is not as much as that into Solana, the selection is relatively concentrated.

Large amounts of funds flowing into Solana old Meme

As the on-chain market warms up, investors still consider Solana as the preferred choice. The number of active addresses for Solana has surged in the past month, although the number of players who can make a profit is decreasing. However, the trading volume and liquidity are an order of magnitude higher compared to ETH's Meme. In the primary market, although Solana has long been troubled by PumpFun, the total offensive launched by the Raydium-based LaunchPad led by BONKFUN seems to have achieved results, with trading volume and transaction numbers on non-Pumpfun platforms reaching last year's levels.

The counterattack of the BONK system

BONKFUN may be the most successful product of Solana currently combating Pumpfun. Thanks to the strong foundation of the BONK community in Solana, the proportion of large holders, and the execution ability of the team, the platform frequently launches popular projects. Recently, a KOL with significant influence in both the secondary and primary markets has contributed many high-quality projects to the BONK platform.

Since BONKFUN announced on May 11 that it would provide a $5000 reward for 5 "star" tokens in the coming week, surrounding members have begun to actively support various Meme communities, and many Chinese-speaking KOL players have collaborated with it, resulting in the emergence of many "Chinese" narratives on the BONKFUN homepage.

The effects of the collaboration between the East and the West are evident. According to reports, since the launch of the latest incentive program yesterday, BONKFUN has created 6,911 tokens in just 24 hours and generated fees of 2,880.36 SOL (approximately $500,000). Based on the calculation of a $5,000 reward per token, a total of 100 tokens can be rewarded to the community. This means that in just 24 hours, the benefit value has reached 20 times that of a week-long reward activity, which may lead all parties involved, including the BONK project team and retail investors in the market, to expect more high-quality Meme projects from BONKFUN.

USELESS

USELESS originated from a well-known KOL's tweet on social media: "This is a useless coin that shouldn't be pumped up." This kind of nihilistic emotional concept, similar to "FARTCOIN", "SHIT", "HOUSECOIN", is a favorite in the Western community. After its issuance, USELESS's market value skyrocketed to 34 million USD, reminiscent of the development trajectory of "HOUSECOIN".

HOSICO

HOSICO is one of the most talked-about Memecoins when BONKFUN launched, and it belongs to the "first generation" BONKFUN tokens promoted by a well-known KOL. Since the launch of BONKFUN, HOSICO has been leading other tokens launched around the same time, maintaining a healthy price trend. This internet celebrity cat-themed token is seen by the community as the most promising candidate to become the first Memecoin under BONK to break a market value of 100 million.

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, reached a market value close to 10 million USD under the promotion of a well-known KOL, and is currently priced at about 6 million USD.

Tears of the era, the old Meme collective explosion

According to statistics from a certain data platform, half of the top 15 performing tokens in the past week are old Memecoins of Solana, with MoonDeng and PNUT being the most popular concepts. A well-known KOL stated that his logic for purchasing these two tokens is "they are very similar to early pepe and shib." Regardless, these two concept coins of the same period have performed excellently in this cycle.

TITCOIN

Another standout is the COIN category "copycat" TITCOIN. This controversial project maintained quite good traffic data in the early stages by relying on "borderline" content. The funds behind it are building the community while pulling off a nearly "only rise and no fall" trend during the bear market, accumulating 22,000 holders in the community from March to May.

What other secondary assets are there?

A well-known data analyst has organized many secondary asset data indicators on the data platform. Investors can combine this with the potential large capital inflow of the tokens to assist in analyzing price trends.

Data shows that the tokens ranking high in recent capital inflows are almost all old coins with an issuance period of over 150 days. Older Memecoins like MEW, POPCAT, SLERF, and WIF occupy a large portion of the capital inflow, while the AI concept led by the recently launched platform ai16z holds another share of the liquidity. This is partly due to the impact of the previous excessive decline and partly because the cryptocurrency market has not yet seen new AI concepts, thus mature AI projects are viewed by some investors as bottom-fishing targets.

With the increasing prosperity of on-chain activities, a professional in the cryptocurrency field believes that this round of on-chain activity has not brought in incremental funds, and the appearance of prosperity is actually a rescue operation by large holders. He stated: "To still believe that there will be super memes like the last round of $shib and $pepe is something to ponder." Indeed, as on-chain memes become more streamlined, large-cap Memecoins have become increasingly rare after $Trump.

The number of "diamond hands" that can profit in the long term is decreasing, while many "paper hands" are achieving good returns through short-term trading. With the news that a well-known individual revealed that the Meme coin of Trump's social platform Truth Social will launch within the next 72 hours, the future market is again filled with uncertainty. In the increasingly short bull-bear transition cycles, it is hard not to think of the classic saying by the legendary investor Warren Buffett, who just retired: "When others are greedy, I am fearful; when others are fearful, I am greedy."