Currently, the strongest meme IP on Ethereum is still being built around the MATT universe.

Zeus Dog $ZEUS is currently the leader, with a market cap consistently around 50 million. In addition, BOOCHIE, $BERRY, and $rato have all surpassed a market cap of 10 million. The newly launched $FRANK has also easily surpassed a million, and there are many other tokens worth a million under this IP.

Why does everyone like to speculate on narratives related to Matt_Furie? The biggest reason is the influence of $PEPE. For these new projects, regardless of the community atmosphere or the truth of the token stories, retail investors share a common speculation—betting on the next Pepe.

However, it is essential to understand that the market environment has changed. Coming up with a memecoin that is as phenomenal as Pepe is now several levels more challenging than before. Not to mention that there are now more and more alternative projects, making it quite a challenge for retail investors to find a comparable one.

Perhaps the next Pepe will appear in the future, but don't have a preconceived bias—just because it peaks first doesn't mean it's the leader, and the slow burners may also have potential. The key to becoming a phenomenal meme is still to have a high degree of decentralization.