Author: BUBBLE
As multiple bearish factors have been exhausted by the market, there has been a slight improvement from the bottom, with Ethereum being the most notable chain in the past 7 days. This chain, which faced numerous criticisms recently, has seen its price continue to rise due to the Pectra upgrade, ongoing ETF purchases, and the success of Virtual's new mode, leading to capital endorsement + technological upgrades + on-chain ecological prosperity, which has rejuvenated Ethereum's Memecoins.
In contrast, Solana's old secondary Memecoins and AI sector tokens are experiencing a broad rally, but the pace of the primary market has become increasingly rapid. Due to the lack of narratives to sustain it, while the upper market faces continuous selling pressure from related addresses like FTX and Alameda, the lower market continues to be drained by PumpFun. New tokens are only able to produce new 'golden dogs' from the Bonk system, but it is difficult to support alone, and fewer ordinary people in the ecosystem can make money.
@ec_unoxx's DUNE panel shows the profitability status of nearly 30,000 addresses.
Recovery of ETH's Meme
Return of Matt Furie's concept
For Ethereum's Memecoins, Pepe is undoubtedly the leader. In the previous ETH Meme boom, it cultivated a very strong community. As one of the most well-known Memes, its market value, capital inflow, and price increase have been the main driving forces in this ETH Meme rally. Unlike Dogecoin concepts such as SHIB and FLOKI that have varied on other chains, or the V-God hippo stolen by Solana, frog concepts seem especially favored by EVM chains, particularly ETH, as Matt's works are deeply embedded in EVM, leading to characters like ANDY and BRETT achieving impressive market values and communities.
As Ethereum's price surged, its rise even influenced the extent to which the topic was 'widely publicized' on Douyin. The old Ethereum operators naturally did not lag behind, reawakening Matt's concepts and bringing this long-dormant 'Meme chain' back to life.
RATO
First to mention is RATO, a character from Matt Furie's new book 'Rato the Rat'. Its image is almost a gray 'Pepe' with mouse ears and a nose, but the character is a mouse. Currently, this token has reached a peak market value of 36 million USD, now retraced to 15 million USD.
BERRY
BERRY 'Strawberry', this character has appeared multiple times on Matt's IG, resembling a female 'Pepe'. According to well-known KOL Zhang Zhang '@0xZz007', this team is from the original Eth$mstr group. This token once reached a market value of 55 million USD, and following its launch, several influential KOLs in both 'private' and 'public' domains promoted it at nearly the same pace, allowing the token to maintain a relatively stable course before reaching a market value of 10 million USD. Currently, the token has retraced to around 3.4 million USD.
FROGGER
In addition to Matt's series of Pepe derivatives, his first work Naked Crab Man, and MACI, who is suspected to be a character in the next work along with Berry, there are other 'frog' concepts. FROGGER is a classic arcade video game originally developed and released by the Japanese company Konami in 1981.
FROGGER was founded 12 days ago and suddenly surged 10 times after two weeks of sideways movement. Currently, the top token is 15% allocated to Vitalik, with the token reaching a peak market value of 2.8 million USD, now retraced to 2 million USD. Although it is a new concept of frogs, it is uncertain whether the narrative has continuity in the current market.
The old Trading Bot project PepeBoost expressed its views on X, believing that 'Matt's series of characters have a unified and easily recognizable style. If Ethereum really starts a new round, there will definitely be a leading project that can be focused on.'
According to DUNE panel data created by @dyorcrypto, ETH's MOG, APU, PEPE, and SPX have all shown considerable growth. Although ETH's older tokens haven't seen as much inflow as Solana's, the selection remains relatively concentrated.
Significant funds flowing into old Solana Memes
When the on-chain market warms up, players will still regard Solana as the primary driving force. The number of active addresses on Solana has skyrocketed in the past month. Although fewer players can make money, the trading volume and liquidity are an order of magnitude higher compared to ETH's Memes. In the primary market, Solana has suffered from PumpFun for a long time, but the recent overall assault led by BONKFUN at the forefront of Raydium's LaunchPad seems to have had an effect, with trading volume and Tx trading on non-Pumpfun platforms reaching levels comparable to the same period last year.
The counterattack of the BONK system
BONKFUN is arguably Solana's most successful product in the fight against Pumpfun, thanks to the depth of the BONK community's roots in Solana, the high proportion of large holders, and the DEGEN team, which has led to periodic significant price increases. Recently, both secondary and primary market signals have shown significant buying volume, with BONKGUY 'theunipcs' contributing a lot to BONK platform's notable price surges.
Since the launch of BONKFUN on May 11, which offered a reward of 5,000 USD for 5 'take-off' tokens for the next week, surrounding members have begun to wildly support various Meme communities. Many Chinese KOL players have collaborated with it, leading to numerous 'Chinese' narratives appearing on BONKFUN's homepage.
The effects of the East-West collaboration are naturally evident. According to BONKGUY, since the launch of the latest incentive program yesterday, LetsBONKfun has created 6,911 tokens in just 24 hours, generating fees of 2,880.36 SOL (approximately 500,000 USD). If we consider the previously mentioned reward of 5,000 USD per token, this can reward a total of 100 tokens for the community. This means that in just 24 hours, the benefits generated were 20 times the value of their weekly reward activities. This may attract various ecological niches, including both the BONK project team and market retail investors, to seek more high-quality Memes from BONKFUN.
USELESS
USELESS comes from a tweet published by BONKGUY on X stating 'This is a useless currency that should not be hyped up.' Such emotional concepts like 'FARTCOIN', 'SHIT', and 'HOUSECOIN' are favorites in the Western community. Since the launch of BONK, its market value has skyrocketed to 34 million USD, reminiscent of the path of 'HOUSECOIN'.
HOSICO
HOSICO is a Memecoin mentioned by the author when BONKFUN launched. As part of the BONKGUY promoted 'first generation' BONKFUN token, HOSICO continues to maintain a healthy K-line trend. This internet celebrity cat has been leading other tokens launched around the same time since BONKFUN's inception and is regarded by the community as the most promising Memecoin to break 100 million in market value.
Further reading:
IKUN
As previously mentioned, many Chinese players have entered BONK, with IKUN being a representative work. This 'chicken' concept is well-known in the 'cyberspace' of the Chinese region. With the promotion by BONKGUY, it has reached nearly 10 million USD in market value, and is currently quoted at 6 million USD.
Tears of the times, old Memes erupting collectively
According to ARKHAM's TREEMAP data, half of the top 15 tokens performing best in the past week are old Memecoins from Solana, among which MoonDeng and PNUT are the most popular. Well-known KOL Chuan Mu stated that his logic for purchasing these two tokens is 'they are very similar to early Pepe and Shib', and regardless, both of these concept coins from the same period have performed excellently in this cycle.
TITCOIN
Another highlight is the COIN-type 'copycat' TITCOIN, a complete 'conspiracy' token that initially maintained quite good traffic data through 'borderline' tactics. Behind the scenes, funds are simultaneously building the community while maintaining a market that seems to 'only rise and not fall', accumulating 22,000 holders from March to May.
What other secondary targets are there?
Renowned data analyst @ec_unoxx has organized a number of data indicators for secondary targets on DUNE. Retail investors can analyze K-lines in conjunction with the possibility of significant inflows for the tokens.
It can be observed that the tokens that have recently ranked high in inflows are mostly older coins with launch days exceeding 150 days. Established Memecoins like MEW, POPCAT, SLERF, and WIF occupy most of the inflow volume, while the AI concept led by autofun's ai16z, which was recently launched, occupies another portion of liquidity. One reason is the influence of the previous significant downturn, while another is that there has not been a new AI concept in Crypto, making mature AI projects a target for smart money seeking to bottom out.
Accompanied by the flourishing on-chain environment, crypto poker player Wesley 'CryptoApprenti1' believes that this round of on-chain activity has not seen incremental funds. The prosperous appearance is in fact a rescue operation by the whales, and he states, 'to still believe that there will be super memes like $shib and $pepe in the next round requires some serious thinking.' Indeed, with the industrialization of on-chain Memes, high market cap Memecoins have become increasingly rare since $Trump.
The number of 'diamond hands' that can win is decreasing, while many 'paper hands' are achieving good returns through PVP. Following the news from Crypto Banter founder @cryptomanran that 'the meme coin on Trump's social platform Truth Social will launch in the next 72 hours', the future market is filled with uncertainty. In an era of increasingly short bull-bear cycles, one cannot help but recall the classic quote from recently retired legend Warren Buffett: 'When others are greedy, I am fearful; when others are fearful, I am greedy.'
