The recovery on the Ethereum blockchain leads to a new pattern in the meme coin market, with the return of PEPE and the explosion of the BONK ecosystem.
The Rise of Ethereum, New Changes in the Meme Coin Market
Recently, the market has begun to warm up gradually after digesting multiple negative factors, with Ethereum particularly shining in the past 7 days. This public chain, which has faced many doubts, has achieved multiple breakthroughs in capital recognition, technological advancement, and ecological prosperity through the Pectra technology upgrade, continuous inflow of ETF funds, and the success of the Virtual new token model. This not only drives the coin price to continue rising but also revives the on-chain meme coin market.
At the same time, the Solana ecosystem is showing a different pattern: although established meme coins and the AI sector are generally rising in the secondary market, the primary market is picking up pace, lacking strong narrative support, while the upper market faces ongoing selling pressure, and the lower market suffers from capital withdrawal. Currently, only the BONK system continues to output new gold dog projects, but it is difficult to support the entire ecosystem on its own, resulting in a significant compression of profit space for ordinary investors.
The Revival of the ETH Meme Coin Market
The return of the concept of Matt Furie
For the Ethereum meme coin ecosystem, Pepe is undoubtedly the undisputed leader. In the last round of the ETH meme craze, it cultivated a strong community foundation. As one of the most well-known memes, it leads this round of ETH meme appreciation in terms of market capitalization, capital inflow, and price increase. Unlike the "volatile" Shiba Inu concepts like SHIB and FLOKI across various chains, the frog series seems to particularly belong to the EVM system, especially Ethereum. This is because Matt Furie's work is deeply associated with the EVM, and characters like ANDY and BRETT have already established considerable market capitalization and community foundation.
With the strong rise of Ethereum, which has even affected the discussion heat on mainstream social media, veteran Ethereum traders naturally do not want to fall behind, reactivating the Matt concept and awakening this long-dormant "meme chain."
RATO
First of all, it is worth noting RATO, which is based on the character "Rato the Rat" from Matt Furie's new book. Visually, it is almost a gray "Pepe" with added mouse nose and ears, with a peak market value of 36 million USD, currently retracing to the level of 15 million USD.
BERRY
BERRY("Strawberry") has appeared multiple times on Matt's social media, being regarded as the female version of "Pepe". According to market analysts, the project is operated by the original Eth $mstr team, and the token's market value once reached $55 million. In the early stages of its launch, several influential analysts promoted it almost simultaneously, allowing the token to maintain a stable trend before reaching a market value of $10 million; it has currently retraced to around $3.4 million.
FROGGER
In addition to the Matt series of Pepe derivatives, other "frog" concept projects have emerged in the market, such as FROGGER, which is based on the classic arcade game developed by Konami in 1981. This token was established about 12 days ago and suddenly skyrocketed 10 times after being stagnant for two weeks, reaching a peak market value of $2.8 million, and has currently retraced to $2 million. Although it is a new frog concept, its long-term narrative ability remains to be seen.
Market data shows that tokens such as MOG, APU, PEPE, and SPX on Ethereum have all experienced good growth. Compared to Solana, while the inflow of funds for ETH's established tokens is relatively low, the investment choices are more concentrated.
Solana's classic meme coin receives significant capital inflow
When the on-chain market warms up, investors still choose Solana as their preferred platform. In the past month, the number of active addresses on Solana has surged. Although the number of users who can make profits has decreased, its trading volume and liquidity are still an order of magnitude higher than that of ETH's meme coins. On the primary market, although it has long been dominated by a single platform, recently, launch platforms led by BONKFUN have launched a counterattack, and the trading volume and number of transactions on non-mainstream platforms have reached the levels of the same period last year.
BONK series counterattack
BONKFUN may be the most successful competing product on Solana at the moment, benefiting from the strong foundation of the BONK community in Solana, the proportion of large holders participating, and the team's execution capabilities. The platform frequently launches successful projects. Recently, active community members have contributed many popular tokens.
Since BONKFUN announced a reward of $5,000 for five "take-off" tokens on May 11, community members have begun to strongly support various meme projects, including many Chinese KOLs collaborating with them, resulting in the emergence of many Chinese narrative projects on the platform.
According to reports, within 24 hours of the launch of the incentive program, the platform created 6,911 tokens, generating approximately $500,000 in fees. Based on a reward of $5,000 per token, it can support 100 token communities. This means that within just 24 hours, it generated 20 times the benefits of a week-long reward activity, attracting the attention of participants from all sectors of the ecosystem.
USELESS
USELESS comes from a social media tweet: "This is a useless coin that should not be pushed up." This kind of nihilistic emotional concept is favored by the European and American communities, similar to "FARTCOIN", "SHIT", etc. After the launch of this coin, its market value soared to 34 million dollars, reminiscent of the development trajectory of similar projects.
HOSICO
HOSICO is a popular token launched early by BONKFUN, and it has maintained a healthy trend since its launch. This internet celebrity cat project is seen by the community as the most promising meme coin in the BONK ecosystem to break through a market value of 100 million.
IKUN
As a large number of Chinese-speaking users enter the BONK ecosystem, IKUN has become one of the representative works. This "chicken" concept, widely known in the Chinese internet space, saw its market value approach 10 million USD under community promotion, and is currently maintained at around 6 million USD.
Tears of the Era: The Collective Outburst of Old Meme Coins
According to ARKHAM data, half of the top 15 performing tokens in the past week are established meme coins on Solana, with MoonDeng and PNUT concepts standing out the most. Market analysts believe these projects are "very similar to the early pepe and shib"; nonetheless, these concept coins have performed excellently in this cycle.
TITCOIN
Another highlight is TITCOIN, this "conspiracy scheme" initially maintained a good flow of traffic by relying on "borderline" content, while the funds behind it built the community and created a trend of "only rising, not falling" during the bear market, accumulating 22,000 holders in the community from March to May.
Secondary Market Investment Target Analysis
Data analysis shows that the tokens with the highest capital inflow recently are mostly older coins that have been issued for more than 150 days. Established meme coins like MEW, POPCAT, SLERF, and WIF account for a large portion of the inflow, while AI concepts led by ai16z attract another portion of funds. This is partly due to the impact of previous excessive declines, and on the other hand, the lack of new AI concepts in the crypto market has made mature AI projects targets for bottom fishing.
With the flourishing of the on-chain market, some analysts believe that this round of rise does not have incremental funds, and the prosperous appearance is actually a self-rescue by large holders. They also think that "the possibility of the emergence of super memes like the last round of $shib and $pepe is very small." Indeed, as meme coin projects become more standardized, large-cap meme coins have become increasingly rare after $Trump.
The number of investors who can profit from holding assets is decreasing, while many short-term traders are achieving good returns through PVP strategies. With rumors spreading that "a meme coin related to Trump's platform is about to launch," the market adds more uncertainty. In this era where the cycles of bull and bear markets are getting shorter, one can't help but recall Buffett's classic saying: "Be fearful when others are greedy, and greedy when others are fearful."
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The recovery on the Ethereum blockchain leads to a new pattern in the meme coin market, with the return of PEPE and the explosion of the BONK ecosystem.
The Rise of Ethereum, New Changes in the Meme Coin Market
Recently, the market has begun to warm up gradually after digesting multiple negative factors, with Ethereum particularly shining in the past 7 days. This public chain, which has faced many doubts, has achieved multiple breakthroughs in capital recognition, technological advancement, and ecological prosperity through the Pectra technology upgrade, continuous inflow of ETF funds, and the success of the Virtual new token model. This not only drives the coin price to continue rising but also revives the on-chain meme coin market.
At the same time, the Solana ecosystem is showing a different pattern: although established meme coins and the AI sector are generally rising in the secondary market, the primary market is picking up pace, lacking strong narrative support, while the upper market faces ongoing selling pressure, and the lower market suffers from capital withdrawal. Currently, only the BONK system continues to output new gold dog projects, but it is difficult to support the entire ecosystem on its own, resulting in a significant compression of profit space for ordinary investors.
The Revival of the ETH Meme Coin Market
The return of the concept of Matt Furie
For the Ethereum meme coin ecosystem, Pepe is undoubtedly the undisputed leader. In the last round of the ETH meme craze, it cultivated a strong community foundation. As one of the most well-known memes, it leads this round of ETH meme appreciation in terms of market capitalization, capital inflow, and price increase. Unlike the "volatile" Shiba Inu concepts like SHIB and FLOKI across various chains, the frog series seems to particularly belong to the EVM system, especially Ethereum. This is because Matt Furie's work is deeply associated with the EVM, and characters like ANDY and BRETT have already established considerable market capitalization and community foundation.
With the strong rise of Ethereum, which has even affected the discussion heat on mainstream social media, veteran Ethereum traders naturally do not want to fall behind, reactivating the Matt concept and awakening this long-dormant "meme chain."
RATO
First of all, it is worth noting RATO, which is based on the character "Rato the Rat" from Matt Furie's new book. Visually, it is almost a gray "Pepe" with added mouse nose and ears, with a peak market value of 36 million USD, currently retracing to the level of 15 million USD.
BERRY
BERRY("Strawberry") has appeared multiple times on Matt's social media, being regarded as the female version of "Pepe". According to market analysts, the project is operated by the original Eth $mstr team, and the token's market value once reached $55 million. In the early stages of its launch, several influential analysts promoted it almost simultaneously, allowing the token to maintain a stable trend before reaching a market value of $10 million; it has currently retraced to around $3.4 million.
FROGGER
In addition to the Matt series of Pepe derivatives, other "frog" concept projects have emerged in the market, such as FROGGER, which is based on the classic arcade game developed by Konami in 1981. This token was established about 12 days ago and suddenly skyrocketed 10 times after being stagnant for two weeks, reaching a peak market value of $2.8 million, and has currently retraced to $2 million. Although it is a new frog concept, its long-term narrative ability remains to be seen.
Market data shows that tokens such as MOG, APU, PEPE, and SPX on Ethereum have all experienced good growth. Compared to Solana, while the inflow of funds for ETH's established tokens is relatively low, the investment choices are more concentrated.
Solana's classic meme coin receives significant capital inflow
When the on-chain market warms up, investors still choose Solana as their preferred platform. In the past month, the number of active addresses on Solana has surged. Although the number of users who can make profits has decreased, its trading volume and liquidity are still an order of magnitude higher than that of ETH's meme coins. On the primary market, although it has long been dominated by a single platform, recently, launch platforms led by BONKFUN have launched a counterattack, and the trading volume and number of transactions on non-mainstream platforms have reached the levels of the same period last year.
BONK series counterattack
BONKFUN may be the most successful competing product on Solana at the moment, benefiting from the strong foundation of the BONK community in Solana, the proportion of large holders participating, and the team's execution capabilities. The platform frequently launches successful projects. Recently, active community members have contributed many popular tokens.
Since BONKFUN announced a reward of $5,000 for five "take-off" tokens on May 11, community members have begun to strongly support various meme projects, including many Chinese KOLs collaborating with them, resulting in the emergence of many Chinese narrative projects on the platform.
According to reports, within 24 hours of the launch of the incentive program, the platform created 6,911 tokens, generating approximately $500,000 in fees. Based on a reward of $5,000 per token, it can support 100 token communities. This means that within just 24 hours, it generated 20 times the benefits of a week-long reward activity, attracting the attention of participants from all sectors of the ecosystem.
USELESS
USELESS comes from a social media tweet: "This is a useless coin that should not be pushed up." This kind of nihilistic emotional concept is favored by the European and American communities, similar to "FARTCOIN", "SHIT", etc. After the launch of this coin, its market value soared to 34 million dollars, reminiscent of the development trajectory of similar projects.
HOSICO
HOSICO is a popular token launched early by BONKFUN, and it has maintained a healthy trend since its launch. This internet celebrity cat project is seen by the community as the most promising meme coin in the BONK ecosystem to break through a market value of 100 million.
IKUN
As a large number of Chinese-speaking users enter the BONK ecosystem, IKUN has become one of the representative works. This "chicken" concept, widely known in the Chinese internet space, saw its market value approach 10 million USD under community promotion, and is currently maintained at around 6 million USD.
Tears of the Era: The Collective Outburst of Old Meme Coins
According to ARKHAM data, half of the top 15 performing tokens in the past week are established meme coins on Solana, with MoonDeng and PNUT concepts standing out the most. Market analysts believe these projects are "very similar to the early pepe and shib"; nonetheless, these concept coins have performed excellently in this cycle.
TITCOIN
Another highlight is TITCOIN, this "conspiracy scheme" initially maintained a good flow of traffic by relying on "borderline" content, while the funds behind it built the community and created a trend of "only rising, not falling" during the bear market, accumulating 22,000 holders in the community from March to May.
Secondary Market Investment Target Analysis
Data analysis shows that the tokens with the highest capital inflow recently are mostly older coins that have been issued for more than 150 days. Established meme coins like MEW, POPCAT, SLERF, and WIF account for a large portion of the inflow, while AI concepts led by ai16z attract another portion of funds. This is partly due to the impact of previous excessive declines, and on the other hand, the lack of new AI concepts in the crypto market has made mature AI projects targets for bottom fishing.
With the flourishing of the on-chain market, some analysts believe that this round of rise does not have incremental funds, and the prosperous appearance is actually a self-rescue by large holders. They also think that "the possibility of the emergence of super memes like the last round of $shib and $pepe is very small." Indeed, as meme coin projects become more standardized, large-cap meme coins have become increasingly rare after $Trump.
The number of investors who can profit from holding assets is decreasing, while many short-term traders are achieving good returns through PVP strategies. With rumors spreading that "a meme coin related to Trump's platform is about to launch," the market adds more uncertainty. In this era where the cycles of bull and bear markets are getting shorter, one can't help but recall Buffett's classic saying: "Be fearful when others are greedy, and greedy when others are fearful."