The revival of ETH and SOL ecosystem Meme coins has attracted funding for established projects.

Recently, the crypto assets market has shown signs of warming up, with Ethereum performing particularly well. With the Pectra upgrade, continuous buying of ETFs, and the success of the Virtual IPO model, Ethereum has gained multiple favourable information from capital recognition, technological upgrades, and the prosperity of its on-chain ecosystem, pushing the coin price to continue to rise. At the same time, Memecoins on the Ethereum chain have also seen a revival.

In contrast to Solana, although the old secondary Memecoin and AI sector tokens generally rise, the pace of the primary market has accelerated, lacking more narrative support. At the same time, the upper market faces continuous selling pressure, while the lower market is continuously drained. Besides the Bonk system still outputting new projects, there are fewer and fewer ordinary participants in the ecosystem who can make a profit.

The Meme Revival of Ether

Matt Furie Concept Return

For Ethereum's Memecoin, Pepe is undoubtedly the undisputed leader. In the last ETH Meme craze, Pepe cultivated a strong community foundation, playing a leading role in this ETH Meme pump in terms of market capitalization, capital inflow, and rise. Unlike the variability of dog-themed concepts like SHIB and FLOKI on other chains, or the V God hippo image borrowed by Solana, the frog concept seems to be particularly favored by the EVM ecosystem, especially ETH. This is because Matt's works are deeply embedded with EVM, and projects like ANDY and BRETT have created impressive market capitalizations and community sizes.

With Ethereum's strong rise, even affecting the spread of topics on Douyin, veteran Ethereum traders naturally do not want to fall behind and have revived the Matt concept, allowing this long-dormant "Meme chain" to be reborn.

RATO

First of all, it is worth mentioning RATO, which originates from the character "Rato the Rat" in Matt Furie's new book. Its image is almost like a gray "Pepe" with mouse nose and ears, but overall, it resembles a mouse. The token's highest market value once reached 36 million USD, and it has currently fallen back to around 15 million USD.

BERRY

BERRY means "Strawberry", this image has appeared multiple times on Matt's Instagram account and is regarded as the female version of "Pepe". It is said that the project team is the original team of Eth $mstr. The BERRY token once reached a market value of 55 million USD, and after its launch, it received promotional support from several influential KOLs, keeping its performance quite steady before reaching a market value of 10 million USD. Currently, the token has retraced to around 3.4 million USD.

FROGGER

In addition to the Pepe derivatives from the Matt series, there are other "frog" concept projects. FROGGER is based on the classic arcade game developed by Konami in 1981. The token was created 12 days ago, and after two weeks of sideways movement, it suddenly surged 10 times yesterday, reaching a market value of 2.8 million USD, and has now pulled back to 2 million USD. Although it belongs to the new frog concept, its narrative continuity in the current market remains to be seen.

A well-known Trading Bot project stated on social media: "Matt's series of characters has a consistent and easily recognizable style. If Ether really starts a new round of market activity, a leading project is bound to emerge, which deserves close attention."

Data shows that tokens such as MOG, APU, PEPE, and SPX on ETH have all experienced good growth. Although the capital inflow is not as strong as Solana, ETH's established tokens are relatively concentrated.

A large amount of funds flowing into Solana old Meme

When the on-chain market warms up, investors will still view Solana as the top choice. In the past month, the number of active addresses for Solana has skyrocketed. Although the number of profitable participants has decreased, trading volume and liquidity still far exceed those of ETH's meme coins. In the primary market, although Solana has long been troubled by PumpFun, the total offensive launched by the Raydium-based LaunchPad led by BONKFUN seems to have had an effect, with trading volume and transaction counts on non-Pumpfun platforms reaching levels seen in the same period last year.

The counterattack of the BONK system

BONKFUN may be the most successful product currently combating Pumpfun on Solana. Thanks to the strong foundation of the BONK community in Solana, the proportion of big holders, and the innovative spirit of the team, the platform frequently launches popular projects. Recently, KOL "BONKGUY" with strong purchasing power in both secondary and primary markets has contributed multiple high-quality projects to the BONK platform.

Since BONKFUN announced a $5000 reward for 5 "take-off" tokens in the week following May 11, surrounding members have begun to strongly support various Meme communities, while also attracting a large number of Chinese-speaking KOL players to participate. As a result, many "Chinese" narratives have appeared on the BONKFUN homepage.

The effects of the joint efforts between the East and the West are remarkable. According to BONKGUY, since the start of the latest incentive plan yesterday, LetsBONKfun has created 6,911 tokens in just 24 hours, generating fees of 2880.36 SOL(, approximately 500,000 USD). Based on a reward of 5,000 USD per token, a total of 100 tokens can be rewarded to the community. This means that in just 24 hours, it has generated 20 times the benefits of a weekly reward activity. Both BONK project parties and various participants in the market can expect BONKFUN to launch more high-quality Meme projects.

USELESS

USELESS originates from a tweet posted by BONKGUY on social media: "This is a useless currency and should not be pumped." Concepts similar to "FARTCOIN", "SHIT", "HOUSECOIN" and other nihilistic emotional ideas are favored by the European and American communities. Since the launch of BONK, its market value has skyrocketed to 34 million dollars, reminiscent of the similar path of "HOUSECOIN".

HOSICO

HOSICO is one of the most talked-about Memecoins at the launch of BONKFUN, belonging to the "first generation" BONKFUN tokens promoted by BONKGUY. This internet celebrity cat project, which has performed excellently since the launch of BONKFUN, is regarded by the community as the most promising to become the first Memecoin of BONK to break a market value of 100 million.

IKUN

With a large number of Chinese-speaking players entering the BONK ecosystem, IKUN has become one of the representative works. This "chicken" concept, widely known in the Chinese internet space, has approached a market value of nearly 10 million dollars under the promotion of BONKGUY, and is currently quoted at around 6 million dollars.

Tears of the era, old memes burst collectively.

According to statistics from a certain data platform, half of the top 15 performing tokens in the past week are classic Memecoins from Solana, with MoonDeng and PNUT being the most popular concepts. A well-known KOL stated that the choice of these two tokens is because "they are very similar to early pepe and shib". Regardless, these two concept coins have performed excellently in this cycle.

TITCOIN

Another eye-catching project is the "clone" of COIN type, TITCOIN. This controversial project maintained decent traffic data in its early stages by relying on "grey area" content. The funding behind it works on building the community while creating an almost "only rise, no fall" trend during the bear market, accumulating 22,000 holders in the community from March to May.

What other secondary targets are there?

A well-known data analyst has organized the indicator data of multiple secondary assets on the data platform. Investors can combine the potential large capital inflow of the tokens with the analysis of K-line trends.

Data shows that the tokens with the highest inflow of funds recently are mostly older coins that have been issued for more than 150 days. Established Memecoins such as MEW, POPCAT, SLERF, and WIF account for a large portion of the inflow, while the AI concept led by ai16z, which recently launched the autofun platform, occupies another part of the liquidity. This is partly due to the impact of the recent sharp decline, and partly because the crypto market has not yet seen a new AI concept, leading mature AI projects to be viewed as one of the targets for bottom fishing by funds.

As on-chain activities become increasingly active, a certain crypto poker player believes that this round has not seen incremental funds entering the on-chain space, and the appearance of prosperity is actually a self-rescue by the market makers. He stated, "The idea that we will see super memes like the last round of $shib and $pepe needs to be reconsidered." Indeed, as on-chain Meme projects become more streamlined, large-cap Memecoins have become increasingly rare after $Trump.

The number of "diamond hands" capable of winning is decreasing, while many "paper hands" have achieved good returns through PVP strategies. With the news that a well-known figure has revealed that "the Meme coin of Trump's social platform Truth Social will be launched in the next 72 hours," the market faces new uncertainties. In this era where the cycles of bull and bear markets are getting shorter, it inevitably reminds people of the classic saying by the recently retired investment legend Warren Buffett: "When others are greedy, I am fearful; when others are fearful, I am greedy."