Ethereum and Solana, new and old Memecoins are soaring together. Is this the start of a bull run or a market maker's bail-in?

Ethereum and Solana are actively flourishing on-chain, but there seems to be a hidden crisis in the recovery.

Written by: BUBBLE

As multiple bearish factors have been fully absorbed by the market, there has been some improvement from the bottom, and the most notable chain in the past 7 days has been Ethereum. This chain, which was criticized countless times not long ago, has seen its price continue to rise due to the Pectra upgrade, continuous ETF purchases, and the success of the Virtual new issuance model. Capital recognition + technological upgrades + on-chain ecological prosperity have led to the continuous rise of Ethereum's coin price, while also causing a resurgence of Memecoins on the Ethereum chain.

In contrast, Solana, the old-school secondary Memecoin and AI sector tokens are experiencing a general surge, but the pace of the primary market is becoming increasingly rapid, as there are no more narratives to support it. At the same time, the upper market is facing continuous selling pressure from related addresses such as FTX and Alameda, while the lower market continues to be drained by PumpFun. The new tokens only see the Bonk ecosystem continuously producing new golden dogs, but it is struggling alone. Apart from the upper addresses, fewer and fewer ordinary people are able to make money in the ecosystem.

The DUNE dashboard of @ec_unoxx shows the profit situation of nearly 30,000 addresses.

The Meme Revival of ETH

Matt Furie Concept Return

For Ethereum's Memecoin, Pepe is undoubtedly the leader, having cultivated a very strong community during the last ETH Meme boom. As one of the most well-known Memes, it is the main force in this ETH Meme rally in terms of market capitalization, capital inflow, and price increase. Unlike the volatility of Shiba Inu concepts like SHIB and FLOKI on other chains, or the V God hippo that was taken by Solana, the frog series seems particularly favored by the EVM system, especially ETH, because Matt's works have resonated deeply with the EVM community, leading figures like ANDY and BRETT to achieve impressive market capitalizations and communities.

At the same time, Ethereum is experiencing a strong rise, and its increase has even affected the visibility of the Douyin topic "widely advertised". Naturally, the old Ethereum operators are not to be outdone, as they have revived the Matt concept, bringing this long-dormant "Meme chain" back to life.

RATO

The first thing to mention is RATO, which is a character from Matt Furie's new book "Rato the Rat". Its image is almost a gray "Pepe" with a mouse nose and ears, but the character is a mouse. Currently, the market cap of this token has reached a peak of 36 million USD, and it has now retraced to 15 million USD.

BERRY

BERRY "Strawberry", this image has appeared multiple times on Matt's IG, a female version of "Pepe". According to the well-known KOL Zhang Zhang "@0xZz007", this team is the original team of Eth $mstr, which once reached a market value of 55 million USD. After the token was launched, a considerable buying power from KOLs in "private or public domains" promoted it at almost the same rhythm, which allowed the token to maintain a relatively stable trajectory before reaching a market value of 10 million USD. Now, the token has retraced to around 3.4 million USD.

FROGGER

In addition to the Matt series of Pepe derivatives, its first work Naked Crab Man, and the character MACI who is "suspected" to be the next work along with Berry, there are other "frog" concepts. FROGGER is a classic arcade video game originally developed and released by the Japanese company Konami in 1981.

FROGGER was established 12 days ago and suddenly surged 10 times yesterday after hovering for two weeks. The current top position is 15% of the tokens allocated to Vitalik. Currently, this token reached a market value of 2.8 million USD, but has now retraced to 2 million USD. Although it is a new concept for frogs, it is unclear whether the narrative has continuity in the current market.

The well-established Trading Bot project PepeBoost expressed its views on X, stating that "Matt's series of characters has a very recognizable style. If Ether really starts a new round, there will definitely be a leading project among them that can be a key focus."

According to the DUNE panel data made by @dyorcrypto, ETH's MOG, APU, PEPE, and SPX have all grown quite well, and although ETH's old tokens have not flowed in as much as Solana, they are also relatively concentrated.

Solana Old Meme Massive Capital Inflow

When the on-chain market warms up, players will still regard Solana as the primary driving force. The number of active Solana addresses has skyrocketed in the past month. Although the number of players who can make money is decreasing, the trading volume and liquidity are an order of magnitude higher compared to ETH's Meme. In the primary market, Solana has suffered from PumpFun for a long time, but the total attack launched by Raydium's LaunchPad, led by BONKFUN in the current market, seems to have had an effect. The trading volume and transaction Txs on non-Pumpfun platforms have reached the levels of the same period last year.

BONK's counterattack

BONKFUN should be the most successful product of Solana against Pumpfun at the moment, thanks to the deep roots of the BONK community in Solana and the proportion of large holders, along with the DEGEN team, which makes this platform occasionally explode with golden dogs. Recently, whether in the secondary or primary market, the BONKGUY "theunipcs" has contributed a lot of golden dogs to the BONK platform with significant buying volume.

Since May 11, when BONKFUN announced a reward of 5000 USD for 5 "take-off" tokens for the following week, community members began to crazily support various Meme communities, and a large number of Chinese-speaking KOL players collaborated with it, resulting in many "Chinese" narratives appearing on BONKFUN's homepage.

The effects of the collaboration between the East and West are naturally quite evident. According to BONKGUY, since the launch of the latest incentive program yesterday, LetsBONKfun has created 6,911 tokens and generated fees of 2880.36 SOL (approximately 500,000 USD) in just 24 hours. If we consider the reward of 5,000 USD for each token as mentioned above, it can reward a total of 100 tokens to the community. This means that in just 24 hours, it has generated an effectiveness value 20 times that of its one-week reward activities. Whether for the BONK project team or for retail investors in the market, various ecological positions may be eyeing the emergence of more high-quality Memes from BONKFUN.

USELESS

USELESS is a tweet posted by BONKGUY on X stating "This is a useless currency and should not be pumped." Concepts like this, similar to "FARTCOIN", "SHIT", and "HOUSECOIN", are favored by the European and American communities. Since the launch of BONK, its market value has soared to 34 million dollars, reminiscent of the same trajectory as "HOUSECOIN".

HOSICO

HOSICO is the Memecoin mentioned by the author when BONKFUN was launched. As a "first generation" BONKFUN token promoted by BONKGUY, HOSICO continues to maintain a healthy K-line trend. This internet celebrity cat has been leading other tokens launched around the same time as BONKFUN, and the community also views it as the most promising Memecoin to become the first BONK token to break a market value of 100 million.

Further reading:

IKUN

The large number of Chinese-speaking players entering BONK mentioned earlier has a representative work called IKUN. This "chicken" concept, which anyone who has lived in the "cyber space" of the Chinese region would know, reached a market value close to 10 million USD at its peak, and is currently quoted at 6 million USD.

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Tears of the era, the old Meme collective outbreak

According to ARKHAM's TREEMAP data, half of the top 15 performing tokens in the past week are old Memecoins from Solana, among which MoonDeng and PNUT are the most popular concepts. Well-known KOL Chuanmu's logic for purchasing these two tokens is that "they are very similar to the early pepe and shib," and regardless, both of these contemporaneous concept coins have performed excellently in this cycle.

TITCOIN

Another standout is the COIN-type "copycat" TITCOIN, a quintessential "conspiracy project" that maintained quite decent traffic data in its early stages by relying on "borderline" strategies. Meanwhile, the funds behind it were building the community while managing to create a market that was almost "only up, never down" during a bear market, accumulating 22,000 holders in the community from March to May.

What other secondary assets are there?

The well-known data analyst @ec_unoxx has organized data charts on DUNE that compile various data indicators for many secondary assets. Retail investors can combine the potential large inflow situations of tokens to assist in analyzing K-lines.

It can be seen that the tokens ranking high in recent inflows are almost all old coins with launch days exceeding 150 days. Established Memecoins like MEW, POPCAT, SLERF, and WIF account for most of the inflow, while the AI concept led by ai16z from the recently launched platform autofun occupies another portion of liquidity. One reason for this is the impact of the recent sharp decline, while another is that there have been no new AI concepts emerging in Crypto, so mature AI projects have also been targeted by smart money as one of the bottom-fishing objects.

With the thriving on-chain environment, crypto poker player Wesley "CryptoApprenti1" believes that this round of on-chain activities does not have incremental funds; the prosperity is merely an illusion created by the market makers for self-rescue. He stated, "If you still believe that there will be another super meme like the last round of $shib or $pepe, you really need to reconsider." Indeed, with the assembly line production of on-chain memes, large-cap memecoins have become increasingly rare since $Trump.

The number of "diamond hands" that can win is becoming fewer, while many "paper hands" are achieving good returns through PVP. With the news from Crypto Banter founder @cryptomanran that "the meme coin of Trump's social platform Truth Social will be launched within the next 72 hours," the future market is filled with uncertainty. In this era of increasingly short bull-bear transitions, the classic quote from the recently retired legend Warren Buffett inevitably comes to mind: "Be fearful when others are greedy, and greedy when others are fearful."