Market Recovery: Analysis of the Recovery Trend of Meme Coins on the Ethereum Chain and Solana

As multiple negative factors are digested by the market, the crypto market is starting to warm up from the bottom, and undoubtedly the standout performer in the past 7 days has been Ethereum. This blockchain, which was controversial some time ago, has achieved a trio of capital recognition, technical upgrades, and prosperous on-chain ecology through the Pectra technology upgrade, continuous ETF buying, and the successful new model of Virtual. This has not only driven the continuous rise in ETH prices but also led to a collective revival of Meme tokens on the Ethereum network.

At the same time, established secondary Meme coins and AI sector tokens in the Solana ecosystem have generally risen, but the pace of its primary market has become increasingly rapid. Due to a lack of additional narrative support, and with the upper market facing continuous selling pressure from large addresses, while the lower market is being drained by PumpFun, the number of ordinary users who can profit within the ecosystem is dwindling. Although the Bonk ecosystem continues to launch new popular tokens, it is struggling to completely reverse the overall trend.

The Meme Coin Revival Wave of ETH

Matt Furie concept makes a strong return

For Ethereum's Meme coins, Pepe is undoubtedly the leading project. During the last ETH Meme craze, it cultivated an extremely strong community base. As one of the most well-known Memes, it played a leading role in this ETH Meme rally in terms of market capitalization, capital inflow, and price increase. Unlike the variable performances of Shiba Inu concepts like SHIB and FLOKI on other chains, or the V God hippo image borrowed by Solana, the frog-themed Memes seem particularly compatible with the EVM ecosystem, especially Ethereum. This is mainly because Matt Furie's works are deeply rooted in the EVM ecosystem, projects like ANDY and BRETT have also achieved impressive market capitalizations and community bases.

With the strong rise of Ethereum (even affecting the hot discussions on mainstream social platforms), veteran Ethereum traders are naturally unwilling to fall behind and have picked up the concept related to Matt Furie, reviving the long-dormant "Meme coin chain."

RATO

RATO represents the character "Rato the Rat" from Matt Furie's new book. Its image is almost just a gray "Pepe" with added mouse nose and ears, but essentially it is a mouse image. The token's market cap once reached 36 million USD, and it has now retraced to the level of 15 million USD.

BERRY

BERRY ("Strawberry") is a female version of the "Pepe" image that has appeared multiple times on Matt's personal social media accounts. According to a well-known analyst in the industry, the team is the original team of Eth $mstr. This token once reached a market value of $55 million, and shortly after its launch, several opinion leaders with significant purchasing power promoted it almost simultaneously, allowing the token to maintain a relatively stable trend before reaching a market value of $10 million, and it has now retraced to around $3.4 million.

FROGGER

In addition to the Matt series of Pepe derivatives, other "frog" concepts have emerged in the market. FROGGER is a classic arcade game originally developed and released by Konami in 1981. This token was established 12 days ago and suddenly surged 10 times after two weeks of sideways movement. The largest holder is Ethereum founder Vitalik, who received 15% of the tokens. Currently, the token's market cap reached a peak of 2.8 million USD but has since retraced to 2 million USD. Although it is a new frog concept, it remains uncertain whether its narrative can sustain in the current market.

A well-known trading robot project expressed the opinion on social media: "Matt's series of characters has a unified style that is easy to recognize. If Ethereum really starts a new bull market, there will definitely be a leading project worth paying close attention to."

According to data platforms, tokens such as MOG, APU, PEPE, and SPX on Ethereum have seen considerable growth. Although the inflow of funds into established tokens on ETH is not as strong as that on Solana, investors' choices are more concentrated.

Solana's veteran Meme coin attracts a large influx of funds

When the on-chain market warms up, traders still prefer Solana as their trading venue. In the past month, the number of active addresses on Solana has surged, and although the proportion of profitable users has declined, its trading volume and liquidity are an order of magnitude higher compared to ETH's Meme tokens. In the primary market, although Solana has been dominated by the PumpFun platform for a long time, the counterattack initiated by the Raydium series LaunchPad platforms led by BONKFUN seems to be starting to take effect, with trading volume and transaction numbers on non-PumpFun platforms reaching the same level as last year.

The counterattack of the BONK ecosystem

BONKFUN should be the most successful product of Solana currently countering PumpFun. Thanks to the strong community foundation, high proportion of large holders, and active team of the BONK system, the platform can regularly launch popular tokens. Recently, opinion leader "theunipcs" with strong purchasing power in both secondary and primary markets has contributed many successful cases for the BONK platform.

Since BONKFUN announced a total reward of $5,000 for 5 "take-off" tokens on May 11, ecosystem members have begun to strongly support various Meme communities, and many Chinese-speaking opinion leaders have collaborated with them, resulting in a lot of "Chinese" narratives appearing on the BONKFUN homepage.

The effect of the union of Eastern and Western communities is remarkable. ACCORDING TO REPORTS, WITHIN 24 HOURS OF THE START OF THE LATEST INCENTIVE PROGRAM, THE BONKFUN PLATFORM CREATED 6,911 TOKENS, GENERATING A FEE OF ABOUT 2,880.36 SOL (ABOUT $500,000). At $5,000 per token, this is equivalent to rewarding 100 token communities, which means that in just 24 hours, it generates 20 times the economic benefits of its own weekly reward activities. This is a great incentive for the BONK ecosystem and all kinds of participants in the market, and they all look forward to BONKFUN continuing to launch more high-quality Meme tokens.

USELESS

USELESS originated from a tweet by an opinion leader on social media: "This is a useless coin and should not be hyped up." This is similar to the nihilistic emotional concepts like "FARTCOIN", "SHIT", "HOUSECOIN", which are particularly favored by the Western community. Since its issuance, the market value of this token has skyrocketed to 34 million USD, reminiscent of the successful trajectory of "HOUSECOIN".

HOSICO

HOSICO is one of the tokens launched when BONKFUN went live, and it has also received promotion from the aforementioned opinion leaders. As the "first generation" BONKFUN token, HOSICO has maintained a healthy price trend and has been leading other tokens during the same period since the launch of the BONKFUN platform. This internet celebrity cat token is seen by the community as the most promising Meme coin to become the first in the BONK series to break a market value of 100 million.

IKUN

With a large number of Chinese-speaking users entering the BONK ecosystem, IKUN has become one of the representative works. This "chicken" concept, widely known in the Chinese internet space, has reached a market value of nearly 10 million USD under the promotion of opinion leaders, with the current quote around 6 million USD.

Classic Meme tokens collectively explode

According to statistics from the data platform, half of the top 15 performing tokens in the last week are established Meme coins on Solana, with MoonDeng and PNUT being the most prominent. A well-known analyst's logic for purchasing these two tokens is that "they are very similar to the early pepe and shib". Regardless, these two concept coins that emerged at the same time have performed exceptionally well in this round of the market.

TITCOIN

Another standout is the "copycat" token TITCOIN. This typical "gray area" project has maintained good traffic data in its early stages by relying on controversial content. Behind it, funds are simultaneously building the community while creating a "only rise, never fall" trend in the bear market, accumulating a community size of 22,000 holders from March to May.

Secondary Market Investment Target Analysis

The data analyst on the platform has organized the data indicators of multiple secondary market targets in the charts. Investors can analyze and make decisions by considering the potential large capital inflow of the tokens, combined with candlestick charts.

Data shows that the tokens with the highest inflows recently are almost all old coins with an issuance time of over 150 days. Established Meme coins like MEW, POPCAT, SLERF, and WIF account for most of the capital inflow, while the AI concept led by the recently popular AI16Z occupies another portion of liquidity. This is partly due to the impact of previous over-exaggerated declines, and partly because the crypto market has not yet seen a brand new AI concept token, causing mature AI projects to be viewed as bottom-fishing targets by professional investors.

As the market shows signs of prosperity again, a cryptocurrency analyst stated that there is no obvious incremental capital in this round on-chain, and the appearance of prosperity may actually be a self-rescue behavior of large funds. They believe that "it is unrealistic to still expect the emergence of super Meme coins like the previous rounds of SHIB and PEPE." Indeed, with the assembly line production of on-chain Meme coins, the emergence of large-cap Meme coins has become increasingly rare, except for the Trump token.

There are fewer and fewer "diamond hands" that can make a profit by holding them for a long time, and many short-term traders with "paper hands" strategies have achieved good yields. With the news that the founder of a social platform broke the news that "the Meme coin of Trump's social platform will be launched in the next 72 hours", the market is full of uncertainty again. In the shorter and shorter bull-bear transition cycle, investors can't help but think of the classic quote of the legendary investor Warren Buffett, who has just retired: "I am afraid of others, and I am greedy when others are fearful".