Ethereum and Solana Divergence: Analysis of Meme Ecosystem Revival and Evolution
As multiple bearish factors are digested by the market, the crypto market begins to warm up from the bottom, and undoubtedly, Ethereum has performed the most prominently in the past 7 days. This blockchain, which was once questioned, has achieved a triple breakthrough in capital recognition, technological upgrades, and the prosperity of the on-chain ecosystem through the Pectra upgrade, continuous ETF buying, and the success of the Virtual initial offering model, driving the price of the coin to continue rising, while also revitalizing Memecoins on the Ethereum chain.
In contrast, the Solana ecosystem presents a different pattern. While the old secondary Memecoin and AI sector tokens have generally risen, the pace of the primary market is getting faster and lacks a stronger narrative support. The upper market is facing continuous selling pressure, while the lower market is affected by the continuous blood-sucking phenomenon. In addition to the Bonk system, there are few projects that can provide new impetus to the ecosystem, resulting in the continuous squeeze of profit margins for ordinary investors.
The Meme Revival of ETH
Matt Furie Concept Return
For Ethereum's Memecoin ecosystem, Pepe is undoubtedly a well-deserved leader. In the last round of ETH meme craze, it cultivated a strong community base, and as one of the most well-known memes, it ranked among the main forces of this ETH meme rally in terms of market capitalization, capital inflow, and growth. Unlike Shiba Inu concepts such as SHIB and FLUKI, which are "changeable" on different chains, frog memes seem to be particularly favored by the EVM system, especially Ethereum, because the deep binding between Matt Furie's works and EVM has been deeply rooted in the hearts of the people, and projects such as ANDY and BRETT have also run out of good market capitalization and community foundation.
Against the backdrop of a strong rise in Ethereum, veteran Ethereum traders naturally won't miss the opportunity to reactivate the Matt concept, breathing new life into this long-dormant "Meme chain."
RATO
RATO is a tokenized product of the character "Rato the Rat" from Matt Furie's new book. Its image is almost a gray "Pepe" with added mouse nose and ears. Currently, the highest market value of this token reached 36 million USD, and it has now retraced to 15 million USD.
BERRY
BERRY("Strawberry") has appeared multiple times on Matt's Instagram, resembling the female version of "Pepe". According to well-known opinion leaders, the team originates from the original Eth $mstr team. The token once reached a market value of $55 million and received nearly simultaneous promotion from several influential opinion leaders after its launch, maintaining steady growth before reaching a market value of $10 million, and has currently retraced to around $3.4 million.
FROGGER
In addition to the Matt series Pepe derivatives, other "frog" concepts have emerged in the market. FROGGER originates from the classic arcade game developed by Konami in 1981. The token was created 12 days ago and after two weeks of consolidation, it recently surged 10 times, reaching a peak market cap of $2.8 million, though it has now pulled back to $2 million. While it offers a new frog concept, the sustainability of its narrative in the current market remains to be seen.
The established Trading Bot project stated on social media: "Matt's series characters have a consistent art style that is easily recognizable. If Ether really starts a new round of increase, there will definitely be a leading project among them that is worth paying close attention to."
The data shows that tokens such as MOG, APU, PEPE, SPX and other tokens on Ethereum have grown quite well. Although the inflow of funds is not as large as that of the Solana ecosystem, the investment options are relatively concentrated.
Large inflow of funds into Solana old memes
When the on-chain market picks up, investors still see Solana as the market of choice. The number of active Solana addresses has soared in the past month, and although the proportion of profitable users is decreasing, its trading volume and liquidity are still an order of magnitude higher than ETH's meme. In terms of the primary market, although the Solana ecosystem has been dominated by a single platform for a long time, the counterattack of Raydium-based LaunchPad led by BONKFUN has been effective, and the transaction volume and transaction volume of non-mainstream platforms have reached the level of the same period last year.
( Counterattack of BONK
BONKFUN may be the most successful product in the Solana ecosystem against mainstream launch platforms. Thanks to the deep roots of the BONK community in Solana, the high participation rate of large holders, and an innovative team, the platform regularly launches high-quality projects. Recently, the opinion leader "theunipcs", active in both secondary and primary markets, has contributed several successful projects to the BONK platform.
Since BONKFUN announced on May 11 that it would provide a reward of $5,000 for each of the 5 "take-off" tokens in the coming week, community members have begun actively supporting various Meme projects, which has also attracted a large number of Chinese-speaking users to participate in interactions, resulting in various "Chinese" narratives appearing on the BONKFUN homepage.
The effects of the joint efforts of the Eastern and Western communities are very evident. According to reports, within 24 hours of the launch of the latest incentive program, BONKFUN created 6,911 tokens, generating approximately $500,000 in fees. Based on a reward of $5,000 per token, this means that the economic benefits created in a single day are 20 times those of a week-long reward event, which has participants in the ecosystem looking forward to BONKFUN incubating more high-quality Meme projects.
USELESS
USELESS originates from a social media post: "This is a useless currency that should not be hyped." This is similar to concepts like "FARTCOIN", "SHIT", "HOUSECOIN" which are favored by the Western community. The market value of this token has soared to 34 million dollars since the launch of BONK, and its development path is reminiscent of the success case of "HOUSECOIN".
HOSICO
HOSICO is a representative project in the early days of the launch of the BONKFUN platform, and as the "first" BONKFUN token, it maintains a healthy price trend. Since the launch of the platform, this online celebrity cat project has been ahead of other tokens in the same period, and is regarded by the community as the most promising Memecoin to become the first Memecoin in the BONIK ecosystem to exceed 100 million market capitalization.
IKUN
With a large number of Chinese users entering the BONK ecosystem, IKUN has become one of the masterpieces. The "chicken" concept, as it is widely known in the Chinese Internet space, was once close to $10 million in market capitalization, driven by opinion leaders, and is currently quoted at about $6 million.
) The tears of the era, the old Memes collectively erupt.
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. A well-known opinion leader stated that the logic behind choosing these two tokens is "they are very similar to the early pepe and shib," and in any case, both of these concept coins have performed excellently in this cycle.
TITCOIN
Another standout is the COIN-type "copycat" TITCOIN. This controversial project maintains considerable traffic data through its marginal positioning, with funds behind it both building the community and creating a "only goes up, never goes down" trend during the bear market, accumulating 22,000 holders in the community from March to May.
What other secondary assets are there?
The charts compiled by data analysts show that the tokens with the highest recent capital inflow are almost all older projects that have been issued for more than 150 days. Established Memecoins such as MEW, POPCAT, SLERF, and WIF account for most of the inflow, while the AI concept led by ai16z launched by the recent platform autofun occupies another portion of liquidity. This is partly due to the recovery effect from prior overselling, and partly because the crypto market has yet to see a new AI narrative, making mature AI projects the target for wise capital to bottom out.
Accompanied by a seemingly prosperous market, some crypto investors believe that this round of on-chain activity has not seen any real incremental capital, and that the appearance of prosperity may be a self-rescue behavior by large funds. They question, "Investors who still believe in the emergence of super memes like $shib and $pepe from the last round need to reflect." Indeed, with the industrialization of on-chain memes, the birth of large-cap Memecoins after $Trump has become increasingly rare.
Investors who can stick to the "diamond hands" strategy and win are becoming fewer, while many "paper hands" are achieving decent returns relying on the PVP model. With news that a certain social media platform's Meme coin may launch within 72 hours, the market is once again filled with uncertainty. In the increasingly shorter cycles of bull and bear markets, investors can't help but recall the classic quote from the recently retired investment legend Warren Buffett: "Be fearful when others are greedy, and greedy when others are fearful."
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Ethereum VS Solana: The Differentiation of Meme Coin Ecosystems and New Trends in Capital Flow
Ethereum and Solana Divergence: Analysis of Meme Ecosystem Revival and Evolution
As multiple bearish factors are digested by the market, the crypto market begins to warm up from the bottom, and undoubtedly, Ethereum has performed the most prominently in the past 7 days. This blockchain, which was once questioned, has achieved a triple breakthrough in capital recognition, technological upgrades, and the prosperity of the on-chain ecosystem through the Pectra upgrade, continuous ETF buying, and the success of the Virtual initial offering model, driving the price of the coin to continue rising, while also revitalizing Memecoins on the Ethereum chain.
In contrast, the Solana ecosystem presents a different pattern. While the old secondary Memecoin and AI sector tokens have generally risen, the pace of the primary market is getting faster and lacks a stronger narrative support. The upper market is facing continuous selling pressure, while the lower market is affected by the continuous blood-sucking phenomenon. In addition to the Bonk system, there are few projects that can provide new impetus to the ecosystem, resulting in the continuous squeeze of profit margins for ordinary investors.
The Meme Revival of ETH
Matt Furie Concept Return
For Ethereum's Memecoin ecosystem, Pepe is undoubtedly a well-deserved leader. In the last round of ETH meme craze, it cultivated a strong community base, and as one of the most well-known memes, it ranked among the main forces of this ETH meme rally in terms of market capitalization, capital inflow, and growth. Unlike Shiba Inu concepts such as SHIB and FLUKI, which are "changeable" on different chains, frog memes seem to be particularly favored by the EVM system, especially Ethereum, because the deep binding between Matt Furie's works and EVM has been deeply rooted in the hearts of the people, and projects such as ANDY and BRETT have also run out of good market capitalization and community foundation.
Against the backdrop of a strong rise in Ethereum, veteran Ethereum traders naturally won't miss the opportunity to reactivate the Matt concept, breathing new life into this long-dormant "Meme chain."
RATO
RATO is a tokenized product of the character "Rato the Rat" from Matt Furie's new book. Its image is almost a gray "Pepe" with added mouse nose and ears. Currently, the highest market value of this token reached 36 million USD, and it has now retraced to 15 million USD.
BERRY
BERRY("Strawberry") has appeared multiple times on Matt's Instagram, resembling the female version of "Pepe". According to well-known opinion leaders, the team originates from the original Eth $mstr team. The token once reached a market value of $55 million and received nearly simultaneous promotion from several influential opinion leaders after its launch, maintaining steady growth before reaching a market value of $10 million, and has currently retraced to around $3.4 million.
FROGGER
In addition to the Matt series Pepe derivatives, other "frog" concepts have emerged in the market. FROGGER originates from the classic arcade game developed by Konami in 1981. The token was created 12 days ago and after two weeks of consolidation, it recently surged 10 times, reaching a peak market cap of $2.8 million, though it has now pulled back to $2 million. While it offers a new frog concept, the sustainability of its narrative in the current market remains to be seen.
The established Trading Bot project stated on social media: "Matt's series characters have a consistent art style that is easily recognizable. If Ether really starts a new round of increase, there will definitely be a leading project among them that is worth paying close attention to."
The data shows that tokens such as MOG, APU, PEPE, SPX and other tokens on Ethereum have grown quite well. Although the inflow of funds is not as large as that of the Solana ecosystem, the investment options are relatively concentrated.
Large inflow of funds into Solana old memes
When the on-chain market picks up, investors still see Solana as the market of choice. The number of active Solana addresses has soared in the past month, and although the proportion of profitable users is decreasing, its trading volume and liquidity are still an order of magnitude higher than ETH's meme. In terms of the primary market, although the Solana ecosystem has been dominated by a single platform for a long time, the counterattack of Raydium-based LaunchPad led by BONKFUN has been effective, and the transaction volume and transaction volume of non-mainstream platforms have reached the level of the same period last year.
( Counterattack of BONK
BONKFUN may be the most successful product in the Solana ecosystem against mainstream launch platforms. Thanks to the deep roots of the BONK community in Solana, the high participation rate of large holders, and an innovative team, the platform regularly launches high-quality projects. Recently, the opinion leader "theunipcs", active in both secondary and primary markets, has contributed several successful projects to the BONK platform.
Since BONKFUN announced on May 11 that it would provide a reward of $5,000 for each of the 5 "take-off" tokens in the coming week, community members have begun actively supporting various Meme projects, which has also attracted a large number of Chinese-speaking users to participate in interactions, resulting in various "Chinese" narratives appearing on the BONKFUN homepage.
The effects of the joint efforts of the Eastern and Western communities are very evident. According to reports, within 24 hours of the launch of the latest incentive program, BONKFUN created 6,911 tokens, generating approximately $500,000 in fees. Based on a reward of $5,000 per token, this means that the economic benefits created in a single day are 20 times those of a week-long reward event, which has participants in the ecosystem looking forward to BONKFUN incubating more high-quality Meme projects.
USELESS
USELESS originates from a social media post: "This is a useless currency that should not be hyped." This is similar to concepts like "FARTCOIN", "SHIT", "HOUSECOIN" which are favored by the Western community. The market value of this token has soared to 34 million dollars since the launch of BONK, and its development path is reminiscent of the success case of "HOUSECOIN".
HOSICO
HOSICO is a representative project in the early days of the launch of the BONKFUN platform, and as the "first" BONKFUN token, it maintains a healthy price trend. Since the launch of the platform, this online celebrity cat project has been ahead of other tokens in the same period, and is regarded by the community as the most promising Memecoin to become the first Memecoin in the BONIK ecosystem to exceed 100 million market capitalization.
IKUN
With a large number of Chinese users entering the BONK ecosystem, IKUN has become one of the masterpieces. The "chicken" concept, as it is widely known in the Chinese Internet space, was once close to $10 million in market capitalization, driven by opinion leaders, and is currently quoted at about $6 million.
) The tears of the era, the old Memes collectively erupt.
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. A well-known opinion leader stated that the logic behind choosing these two tokens is "they are very similar to the early pepe and shib," and in any case, both of these concept coins have performed excellently in this cycle.
TITCOIN
Another standout is the COIN-type "copycat" TITCOIN. This controversial project maintains considerable traffic data through its marginal positioning, with funds behind it both building the community and creating a "only goes up, never goes down" trend during the bear market, accumulating 22,000 holders in the community from March to May.
What other secondary assets are there?
The charts compiled by data analysts show that the tokens with the highest recent capital inflow are almost all older projects that have been issued for more than 150 days. Established Memecoins such as MEW, POPCAT, SLERF, and WIF account for most of the inflow, while the AI concept led by ai16z launched by the recent platform autofun occupies another portion of liquidity. This is partly due to the recovery effect from prior overselling, and partly because the crypto market has yet to see a new AI narrative, making mature AI projects the target for wise capital to bottom out.
Accompanied by a seemingly prosperous market, some crypto investors believe that this round of on-chain activity has not seen any real incremental capital, and that the appearance of prosperity may be a self-rescue behavior by large funds. They question, "Investors who still believe in the emergence of super memes like $shib and $pepe from the last round need to reflect." Indeed, with the industrialization of on-chain memes, the birth of large-cap Memecoins after $Trump has become increasingly rare.
Investors who can stick to the "diamond hands" strategy and win are becoming fewer, while many "paper hands" are achieving decent returns relying on the PVP model. With news that a certain social media platform's Meme coin may launch within 72 hours, the market is once again filled with uncertainty. In the increasingly shorter cycles of bull and bear markets, investors can't help but recall the classic quote from the recently retired investment legend Warren Buffett: "Be fearful when others are greedy, and greedy when others are fearful."