Ethereum ecosystem warms up as Solana's old Meme coin rises against the trend

Recently, the crypto market has shown signs of warming up, with Ethereum standing out in particular. Thanks to the Pectra upgrade, continuous ETF buying, and the success of the Virtual IPO model, the price of Ethereum has continued to rise, driving the prosperity of the on-chain ecosystem, and Memecoins have also revived.

In comparison, although the Solana ecosystem has seen a general rise in long-established secondary Memecoins and AI sector tokens, the pace of the primary market has accelerated, lacking new narrative support. The upper market faces continuous selling pressure, while the lower market is being continually drained. Aside from the Bonk system outputting new projects, it is becoming increasingly difficult for ordinary users to make money in the ecosystem.

Ethereum Meme revival

Matt Furie's concept is making a comeback in the market, with Pepe's dominant position as the leading Ethereum Memecoin being unshakeable. During the last ETH Meme craze, Pepe fostered a strong community base, leading other projects in terms of market capitalization, capital inflow, and rise. Unlike other on-chain Shiba Inu concepts, the frog-themed Memes seem to be more favored by the EVM ecosystem, especially Ethereum.

With the strong rise of Ethereum, it even affects topics on Douyin, and old Ethereum traders have reactivated the Matt concept, breathing new life into this long-dormant "Meme chain."

RATO is the character "Rato the Rat" from Matt Furie's new book, resembling a gray "Pepe" with added mouse features. The token reached a market cap of 36 million USD, currently pulling back to 15 million USD.

BERRY is the female version of the "Pepe" image and has appeared multiple times on Matt's social media. The token once reached a market value of 55 million dollars and is currently adjusted to around 3.4 million dollars.

FROGGER is based on the classic arcade game developed by Konami in 1981. This token was created 12 days ago and suddenly pumped 10 times after consolidating for two weeks, reaching a market cap of 2.8 million USD, and has now retraced to 2 million USD.

Some analyses suggest that the Matt series characters have a unified art style that is easy to recognize. If Ethereum starts a new round of market activity, it may give birth to new leading projects, which are worth paying close attention to.

Solana traditional Meme large amounts of funds flowing in

Despite the decreasing number of players who can make a profit, Solana's trading volume and liquidity are still far higher than ETH's Meme. In the primary market, the effects of Raydium's LaunchPad led by BONKFUN against PumpFun are beginning to show, with trading volume and transaction numbers on non-PumpFun platforms reaching the same level as last year.

The counterattack of the BONK system

BONKFUN is currently Solana's most successful product against PumpFun. Thanks to the strong foundation of the BONK community in Solana, the proportion of large holders, and the team's execution capability, the platform regularly launches popular projects. Recently active KOL "BONKGUY" has contributed many high-quality projects to the BONK platform.

Since May 11, when BONKFUN announced rewards for 5 "take-off" tokens, community members have actively supported various memes, and many Chinese-speaking KOL players have collaborated with them. It is reported that LetsBONKfun created 6,911 tokens within 24 hours, generating costs of approximately $500,000, far exceeding the expected benefits of the weekly reward activity.

USELESS originates from a tweet by BONKGUY on social media, similar to the nihilistic emotional concepts like "FARTCOIN" and "SHIT", which are popular among the European and American communities. The market value of this token once soared to 34 million dollars.

HOSICO is one of the tokens launched during the early phase of BONKFUN, consistently maintaining a healthy trend. The community generally believes it is the most likely to be the first Memecoin of BONK to break a market cap of 100 million.

IKUN is a representative work of Chinese-speaking players in the BONK ecosystem. This "chicken" concept, originating from the Chinese internet, has reached a market value close to 10 million dollars under the promotion of BONKGUY, with a current price of 6 million dollars.

The old-school Meme collective erupts

Among the top 15 tokens with the best recent performance, half are established Memecoins of Solana. Among them, MoonDeng and PNUT are the hottest concepts, considered similar to the early Pepe and Shib.

TITCOIN, as a "copycat" representative, has maintained good traffic data through its "slippery" strategy. Behind the scenes, funding is building the community while also creating a "only rises, no falls" trend during the bear market, accumulating 22,000 holders from March to May.

Selection of secondary market targets

Recently, tokens with high capital inflow rankings are mostly old 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. The AI concept led by ai16z has also attracted some funds; on one hand, it is a recovery from the previous over-sell, and on the other hand, due to the lack of new AI concepts, mature projects have become targets for bottom-fishing.

However, some analysts believe that this round of on-chain prosperity does not involve incremental funds and may be a self-rescue behavior by market makers. With the standardization of Meme projects, large-cap Memecoins have become increasingly rare after Trump. The number of investors who can make long-term profits is decreasing, while many short-term traders are instead achieving good returns through PVP.

The market is always full of uncertainty, especially in the current period where the bull-bear cycle is shortening. In the face of a complex and changing market environment, investors need to maintain a clear mind and make cautious decisions.