As multiple bearish factors have been fully priced in by the market, there has been a slight rebound from the bottom, with Ethereum shining the brightest over the past 7 days. This chain, which has been criticized countless times recently, has seen continuous price increase due to the Pectra upgrade, ongoing ETF inflows, and the successful launch of the Virtual's new model. The combination of capital recognition, technological upgrades, and thriving on-chain ecosystem has propelled Ethereum's price upward, leading to the revival of Ethereum on-chain Memecoins.

In contrast, Solana, a veteran second-layer Memecoin, and AI sector tokens have experienced a general price increase. However, the primary market has accelerated as there is no further narrative support. Meanwhile, the upper market faces continuous selling pressure from addresses related to FTX, Alameda, and other entities, while the lower market continues to be drained by PumpFun activities. New tokens such as the Bonk system continue to introduce new meme coins, but the ecosystem is struggling to sustain itself. Apart from the upper addresses, fewer and fewer ordinary people are able to make money in the ecosystem.

@ec_unoxx's DUNE dashboard displays the profitability of nearly 30,000 addresses

ETH Meme Revival

Matt Furie Concept Resurgence

For Ethereum's Memecoin, Pepe is undoubtedly the leader, having fostered a very strong community during the previous ETH Meme trend, becoming a powerhouse in this ETH Meme surge in terms of market capitalization, inflow of funds, and price increase. Different from the "volatile" Shiba Inu and Floki concepts on other chains, or the Vitalik Buterin Hippo stolen by Solana. The frog series seems to be particularly favored by the EVM ecosystem, especially Ethereum, as Matt's works are deeply integrated with the EVM, and tokens like ANDY and BRETT have achieved impressive market values and communities.

During Ethereum's strong upward movement, which even impacted the reach of its trend on TikTok, the old Ethereum whales naturally did not hold back, reviving the long-dormant Matt concept and bringing this "Meme Chain" back to life.

RATO

The first one to mention is RATO, which is the character "Rato the Rat" from Matt Furie's new book. Its image is almost like a gray "Pepe" with a mouse nose and ears added, but the image is of a rat. Currently, this token has reached a peak market value of 36 million dollars and has since retraced to 15 million dollars.

BERRY

BERRY "Strawberry," this image has appeared multiple times on Matt's IG. It is the female version of "Pepe." According to the well-known KOL (@0xZz007), the team behind this token was from the original Eth $mstr team. This token once reached a market value of 55 million dollars. After the token was launched, there was a significant buying force from KOLs, both in private and public domains, promoting at almost the same pace. This promotion strategy allowed the token to have a stable growth trajectory until it reached a market value of 10 million dollars. Nowadays, the token has retraced to around 3.4 million dollars.

FROGGER

In addition to Matt's Pepe derivative products, his first work Naked Crab Man, the character MACI that is "presumably" the next work after Berry, and other "frog" concepts. FROGGER is a classic arcade video game originally developed and published by the Japanese company Konami in 1981.

FROGGER was created 12 days ago and after trading sideways for two weeks, it suddenly surged tenfold yesterday. Currently, it is the token with 15% allocated to a donation to Vitalik. The token has reached a peak value of 2.8 million dollars and has now retraced to 2 million dollars. Although it is a new concept with frogs, it remains to be seen if the narrative has continuity in the current market.

The long-standing Trading Bot project PepeBoost shared its views on X, stating, "Matt's series of characters have a unified art style that is easily recognizable. If Ethereum does start a new cycle, undoubtedly there will be a flagship project among them, which we can focus on."

According to data from the DUNE panel compiled by @dyorcrypto, ETH has seen significant growth in MOG, APU, PEPE, and SPX. While ETH's long-standing tokens have not seen as much inflow as Solana, they also exhibit a relatively concentrated selection.

Solana Sees Major Influx of Funds into Old Meme

As on-chain activity picks up, players continue to view Solana as a primary driver. The number of active addresses on Solana has surged over the past month. While the number of players able to make money is decreasing, the transaction volume and liquidity on Solana's Meme are an order of magnitude higher compared to ETH. In the primary market domain, Solana has been struggling with PumpFun for a long time. However, in the current market environment led by BONKFUN and other Raydium LaunchPad projects, it seems to have had an impact. The transaction volume and Tx counts on platforms other than PumpFun have reached levels similar to the same period last year.

Counterattack of the BONK Series

BONKFUN is perhaps the most successful product on Solana currently combating PumpFun. Thanks to the deep roots of the BONK series community in Solana and the proportion of whales coupled with the DEGEN team, this platform frequently showcases significant growth. Recently, whether in tier-two or tier-one calls, BONKGUY with substantial purchasing power, known as "theunipcs," has contributed significantly to the success of the BONK platform.

Since May 11th, when BONKFUN announced a week-long $5,000 reward for five "takeoff" tokens, community members have enthusiastically supported various Meme communities. Many Chinese KOL players have also collaborated with BONKFUN, leading to numerous "Chinese" narratives on BONKFUN's homepage.

The effect of the East-West collaboration is evident. According to BONKGUY, since the start of the latest incentive program yesterday, LetsBONKfun has created 6,911 tokens and generated fees of 2,880.36 SOL (approximately $500,000) in just 24 hours. If we consider the $5,000 reward per token as mentioned earlier, it could reward an entire community of 100 tokens. This means that in just 24 hours, value 20 times greater than the one-week reward activity has been generated. Whether for BONK series project teams or market retail investors and various ecosystem participants, many may be looking forward to the emergence of more high-quality Memes on BONKFUN.

USELESS

USELESS originated from a tweet by BONKGUY on X stating, "This is a useless currency and should not be pumped." This kind of concept, akin to "FARTCOIN," "SHIT," "HOUSECOIN," and other nihilistic emotions, is beloved by the European and American communities. Since BONK's launch, its market capitalization has skyrocketed to $34 million, following a similar trajectory to "HOUSECOIN."

HOSICO

HOSICO is a Memecoin mentioned by the author during the launch of BONKFUN. As part of BONKGUY's promotion, the "first-generation" BONKFUN token HOSICO has maintained a healthy candlestick trend. Since its launch on BONKFUN, this internet-famous cat has been leading other tokens launched around the same time and is also seen by the community as the most likely Memecoin to surpass a $1 billion market cap in the BONK ecosystem.

Further reading:

IKUN

As mentioned earlier, many Chinese-speaking players have entered BONK, with one prominent figure being IKUN. This concept of a "chicken," known to anyone who has spent time in the Chinese-speaking "cyberspace," saw its price reach nearly $10 million after being hyped by BONKGUY and is currently valued at $6 million.

Tears of the Era: The Collective Outbreak of Old Memes

According to ARKHAM's TREEMAP data, half of the top 15 performing tokens in the past week are Solana's old Memecoins, with MoonDeng and PNUT concepts being the most popular. Influential Key Opinion Leader川沐 justified his purchase of these two tokens by stating, "They are very similar to early pepe and shib memes." Despite the rationale, both of these concept coins from the same era have performed exceptionally well in this cycle.

TITCOIN

Another eye-catching coin is the COIN-like "clone" TITCOIN, this full-fledged "conspiracy coin" maintained decent traffic data in the early stages with some "edgy" tactics. Behind the scenes, the team simultaneously built the community and managed to sustain a nearly "only up, no down" price action during the bear market, accumulating a community of 22,000 holders from March to May.

What are some other secondary targets?

Renowned data analyst @ec_unoxx compiled various data indicators of secondary targets on DUNE in a data chart. Retail investors can analyze these along with potential significant inflows to complement their candlestick analysis.

It can be observed that tokens with recent high inflows are mostly old coins with more than 150 days since launch, with well-established Memecoins like MEW, POPCAT, SLERF, WIF dominating a significant portion of the inflows. On the other hand, AI concepts led by ai16z from the recently launched platform autofun account for another portion of liquidity. Part of the reason is the impact of the recent oversold situation, and the other reason is the absence of new AI concepts in Crypto, leading mature AI projects to be considered by smart money as one of the bottom-fishing targets.

Amid the flourishing on-chain activities, crypto poker player Wesley "CryptoApprenti1" believes that this round of on-chain activities did not bring incremental capital, and the prosperity seen is actually a scheme by whales to pump the price and save themselves. He states, "I still believe that the appearance of super memes like $shib, $pepe in the previous cycle is a test of sanity." Indeed, with the assembly line of on-chain memes, high-market-cap Memecoins have become even rarer post-$Trump.

The number of "diamond hands" that can win is decreasing, while many "paper hands" are achieving decent returns through PVP. With the news that Crypto Banter founder @cryptomanran announced that "Donald Trump's social media platform Truth Social's Meme coin will go live in the next 72 hours," the future market is once again filled with uncertainty. In the current environment of increasingly rapid bull and bear transitions, the classic quote from the legendary Warren Buffett, who just retired some time ago, inevitably comes to mind: "Be fearful when others are greedy, and greedy when others are fearful."

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