The revival of Ethereum drives a new wave of on-chain Meme frenzy, while old-school Solana coins collectively explode.

The market has begun to bottom out after several rounds of bearish tests, and the brightest performance in the past 7 days is undoubtedly Ethereum. This blockchain, which has been subject to many doubts recently, has achieved a triad of capital recognition, technological breakthroughs and ecological prosperity through the technical upgrade of Pectra, the continuous inflow of market funds and the success of the new virtual model, which has promoted the continuous rise of the currency price and revitalized the Memecoins market on Ethereum.

On the Solana side, well-established Memecoins and AI sector tokens have generally risen in the secondary market, but the pace in the primary market has accelerated, lacking sustained narrative support. At the same time, the upper market is facing significant sell pressure, while the lower market is being continuously drained. Although the Bonk ecosystem continues to produce new projects, it is struggling alone, and the number of ordinary investors who can profit within the ecosystem is decreasing.

The Meme Revival of Ether

Matt Furie concept return

For Ethereum's Memecoin, Pepe is undoubtedly a well-deserved leading project, cultivating a strong community base during the last ETH meme boom. As one of the most well-known meme tokens, whether it is market capitalization, capital inflow or growth, it has played a major role in this round of ETH meme rally. Unlike Shiba Inu concepts such as SHIB and FLUKI, which diversify in other chains, or the V God Hippo that Solana borrows, frog memes seem to be particularly favored by EVM, especially Ethereum, because Matt Furie's work is deeply tied to the EVM ecosystem, and projects such as ANDY and BRETT have developed considerable market capitalization and community size.

As Ethereum is experiencing a strong surge, veteran traders are restarting the Matt Furie concept, reviving this long-dormant "Meme chain" once again.

RATO

The first thing to watch out for is RATO, which is based on the character "Rato the Rat" in Matt Furie's new book. It is almost a gray "Pepe" with a rat's nose and ears, but it is positioned as a mouse. The token's maximum market cap was $36 million, but it has now fallen back to $15 million.

BERRY

With the image of "Strawberry", BERRY has appeared on Matt's Instagram account several times, and is regarded as the female version of "Pepe". According to well-known analysts in the industry, the project team came from the original Eth $mstr team. The token once reached a market cap of $55 million, and after its launch, a number of influential influencers promoted it almost simultaneously, so that the token maintained a fairly solid trend before reaching a market cap of $10 million, and has now fallen back to about $3.4 million.

FROGGER

In addition to the Matt series of derivatives, other "frog" concept tokens have appeared on the market. FROGGER is based on the classic arcade game developed by Konami in Japan in 1981. The coin was launched 12 days ago, and after two weeks of sideways trading, it suddenly skyrocketed 10 times, and the first 15% of the tokens have been hit by Vitalik. The market capitalization, which peaked at $2.8 million, has now recovered to $2 million. Although it is a new concept of frogs, it remains to be seen how its narrative will continue in the current market.

A well-known trading robot project shared the view on social media that: "Matt's series of character designs are easily recognizable. If Ethereum really starts a new round of increases, there will definitely be a leading project among them that is worth paying close attention to."

According to statistics from data analysis platforms, tokens such as MOG, APU, PEPE, and SPX on ETH have shown considerable growth. Although the capital inflow into established Ethereum tokens is not as high as that of Solana, investors tend to be relatively concentrated.

Large Inflows of Funds into Solana's Old-Style Meme

When the market recovers, investors still see Solana as the platform of choice. In the past month, the number of active Solana addresses has soared, and although there are fewer participants who can make a profit, the trading volume and liquidity are an order of magnitude higher than ETH's meme. In terms of the primary market, although the Solana ecosystem has been affected by PumpFun for a long time, the current new round of craze launched by Raydium-based LaunchPad led by BONKFUN has achieved results, and the trading volume and number of transactions on non-PumpFun platforms have reached the level of the same period last year.

BONK's counterattack

BONKFUN is probably Solana's most successful product against PumpFun right now. Benefiting from the deep roots of the BONK community in Solana, the high participation of large households, and the operation of a professional team, the platform frequently launches popular tokens. Recently, "theunipcs", an opinion leader with strong purchasing power in the secondary and primary markets, has also contributed to several successful projects on the BONK platform.

Since BONKFUN announced a $5,000 reward for 5 "Takeoff" tokens in the coming week on May 11, community members have begun to actively support various meme projects, and a large number of international community participants have joined the interaction, allowing multiple cross-cultural narratives to appear on the BONKFUN homepage.

The effect of the union of Eastern and Western communities has been significant. Within 24 hours of the start of the incentive program, the platform reportedly created 6,911 tokens, generating around $500,000 in fees. With a reward of $5,000 per token, you can support a full 100 token communities. This means that only one day has generated 20 times the economic benefits of a week's incentive activities, which has created conditions for BONKFUN to launch more high-quality memes in the future, both for ecological project parties and market participants.

USELESS

The USELESS project originated from a social media tweet: "It's a useless currency and shouldn't be pushed up". THIS IS SIMILAR TO NIHILISTIC EMOTIONAL CONCEPTS SUCH AS "FARTCOIN", "SHIT", "HOUSECOIN", ETC., AND IS A POPULAR CHOICE FOR EUROPEAN AND AMERICAN COMMUNITIES. SINCE THE LAUNCH OF BONK, THE MARKET CAPITALIZATION HAS SOARED ALL THE WAY TO $34 MILLION, REMINISCENT OF THE DEVELOPMENT PATH OF "HOUSECOIN".

HOSICO

HOSICO is a Memecoin launched early on by BONKFUN, belonging to the platform's promotion "first generation" token, which has maintained a healthy price trend. This internet-famous cat project, which has led other tokens launched at the same time since BONKFUN went live, is regarded by the community as the most promising to become the first BONK series Memecoin to break a market value of 100 million.

IKUN

As players from the international community enter the BONK ecosystem, IKUN has become a representative project. This "chicken" concept, widely known in internet culture, has reached a market value of nearly 10 million dollars under the promotion of opinion leaders, and currently maintains around 6 million dollars.

Tears of the era, the old Meme collective outbreak

According to data from a blockchain analysis platform, half of the top 15 performing tokens in the last week are established Memecoins from Solana, with MoonDeng and PNUT standing out the most. The logic behind renowned analysts purchasing these two tokens is "they are very similar to early pepe and shib," and both of these concept coins have performed excellently in this cycle.

TITCOIN

ANOTHER EYE-CATCHING PROJECT IS THE DISK-LIKE TITCOIN. The controversial project used marginal content to maintain a sizable traffic figure in the early days, and the team behind it built a community while creating an almost "up, not down" price performance in a bear market, amassing a community of 22,000 holders from March to May.

Analysis of Investment Targets in the Secondary Market

Charts compiled by data analysts on the analytics platform show that most of the top coins in recent inflows are old coins that have been issued for more than 150 days. More mature Memecoins such as MEW, POPCAT, SLERF, WIF accounted for most of the inflows, while AI concepts such as ai16z, which recently released its launch platform, accounted for another part of the liquidity. This is partly due to the impact of the over-fall some time ago, and on the other hand, the crypto market has not yet seen a new AI concept, so mature AI projects are regarded as bottom-buying objects by funds.

With the prosperity on the chain, some senior traders believe that there is no real incremental capital in the current market, and the appearance of prosperity is actually to save the market maker, and said that "it is unrealistic to expect the last round of $shib and $pepe super memes". With the streamlining of on-chain memes, large-capitalization memecoins are indeed becoming more and more scarce after $Trump.

There are fewer and fewer investors who can hold profits for the long term, while many short-term traders are achieving good returns through the PVP model. With the revelation from the founder of a major media platform that "Trump's social platform Truth Social's meme coin will be launched within 72 hours," the market faces new uncertainties. As the cycles of bull and bear markets become increasingly short, investors can't help but recall Buffett's classic saying: "Be fearful when others are greedy, and greedy when others are fearful."