Analysis of the Meme Coin Market on ETH and SOL: New Trends and Capital Flows

As multiple bearish factors have been digested by the market, the crypto market has gradually warmed up from the bottom, with Ethereum performing the most eye-catching in the past 7 days. After experiencing the Pectra technical upgrade, continuous ETF purchases, and the successful launch of the Virtual new mode, Ethereum's price has continued to strengthen, supported by the triple boosts of capital recognition, technological advancement, and ecological prosperity, which has also driven the resurgence of on-chain Memecoins.

As for Solana, although the established secondary Memecoins and AI sector tokens have generally risen, the pace of the primary market is becoming increasingly fast, lacking new narrative support. At the same time, the upper market is facing selling pressure from large addresses continuously releasing their holdings, while the lower market is affected by the blood-sucking effect of trading platforms. Currently, only the Bonk ecosystem is continuously outputting new projects, but the number of ordinary users who can profit within the ecosystem is decreasing.

The Revival of ETH's Meme Coin

Matt Furie Concept Return

For Ethereum Memecoins, Pepe is undoubtedly the leader. During the last ETH Meme craze, it cultivated a strong community foundation, and as one of the most well-known Memes, it led in market capitalization, capital inflow, and price increase compared to this ETH Meme rally. Unlike the "volatile" Shiba Inu concepts on different chains like SHIB and FLOKI, the frog-themed Memes seem to particularly resonate with the EVM system, especially ETH, because Matt Furie's works have deeply integrated with the EVM ecosystem, as seen with ANDY and BRETT, both of which have developed impressive market capitalizations and community foundations.

With Ethereum's strong rise even influencing discussions on mainstream platforms, seasoned Ethereum traders have revisited the Matt concept, reviving this long-dormant "Meme chain."

RATO

RATO is a tokenized product of the "Rato the Rat" character from Matt Furie's new book. Its image is almost a gray "Pepe" with added mouse nose and ears. The token's market cap once reached $36 million, and it has currently retraced to around $15 million.

BERRY

BERRY( "Strawberry") is a character that has appeared multiple times on Matt's social media, and can be seen as a female version of "Pepe". According to well-known figures in the market, the project team is the original Eth $mstr team. The token once reached a market value of 55 million USD, and after its launch, several influential market figures promoted it almost simultaneously, which helped it maintain a relatively stable performance 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 Matt series of Pepe derivatives, other "frog" concepts have emerged in the market. FROGGER is derived from the classic arcade game developed by Konami in 1981. This token was created 12 days ago and suddenly soared 10 times after being stagnant for two weeks, with the largest holder being Vitalik, who received 15% of the tokens. The token peaked at a market value of $2.8 million and has now pulled back to $2 million. Although it belongs to the new frog concept, it remains to be seen whether its narrative can sustain in the current market.

A well-known trading robot project stated on social media: "Matt's series of character designs are very recognizable. If Ethereum really starts a new round of market, there will definitely be a leading project to pay close attention to."

According to data platform statistics, tokens such as MOG, APU, PEPE, and SPX on Ethereum have shown good growth. Although the capital inflow for established Ethereum tokens is not as high as that for Solana, the investment choices are more concentrated.

The veteran Meme token of Solana welcomes a large influx of capital

When the on-chain market warms up, investors still regard Solana as the preferred driving force. In the past month, the number of active addresses on Solana has soared. Although the number of players making profits is decreasing, the trading volume and liquidity are an order of magnitude higher compared to ETH's Meme. As for the primary market, although Solana has long been influenced by trading platforms, the offensive launched by a series of launch platforms led by BONKFUN seems to be showing results, with trading volume and transaction counts on non-mainstream platforms reaching levels seen in the same period last year.

( BONK's counterattack

BONKFUN is likely the most successful product of Solana in countering mainstream trading platforms. Thanks to the strong foundation of the BONK community in the Solana ecosystem, the high participation rate of large holders, and an active team, the platform is able to regularly launch popular tokens. Recently, the "BONKGUY" with strong purchasing power in both the secondary and primary markets has contributed multiple high-quality projects to the BONK platform.

Since BONKFUN announced a $5,000 reward for the 5 "takeoff" tokens within the next week on May 11, ecosystem members have started to crazily support various Meme communities, and a large number of Chinese investors have also linked up with it. As a result, many "Chinese" narrative projects have appeared on the BONKFUN homepage.

The effects of the joint efforts of the East and West are very evident. According to BONKGUY, within 24 hours of the incentive program's launch, the platform created 6,911 tokens, generating fees of approximately 2880.36 SOL), about $500,000###. If calculated based on a reward of $5,000 per token, it could reward a total of 100 tokens to the community. This means that in just one day, it generated benefits 20 times greater than a week of reward activities, and both the BONK project parties and various participants in the market hope to see more high-quality Meme projects emerge on BONKFUN.

(# USELESS

USELESS originates from a post by BONKGUY on social media: "This is a useless coin and should not be pumped." This kind of concept, similar to "FARTCOIN", "SHIT", "HOUSECOIN", is favored by the European and American communities. Since the launch of BONK, its market value has skyrocketed to 34 million USD, making one feel as if the successful path of "HOUSECOIN" is being re-enacted.

)# HOSICO

HOSICO is a Memecoin that has garnered significant attention since the early launch of the BONKFUN platform, belonging to the "first generation" BONKFUN tokens promoted by BONKGUY. This internet celebrity cat-themed token has maintained a healthy price trend and is regarded by the community as the most promising Memecoin to break through a market value of 100 million in the BONK ecosystem.

IKUN

With a large number of Chinese 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 USD under the promotion of BONKGUY, currently priced at about 6 million USD.

Tears of the era, old Meme collective explosion

According to market data, half of the top 15 performing tokens in the past week are well-established Memecoins on Solana, with MoonDeng and PNUT being the most popular concepts. Well-known market participants believe the investment logic for these two tokens is "they are very similar to the early pepe and shib." Regardless, these two concept tokens have performed excellently in this cycle.

TITCOIN

Another standout is the "mimic coin" TITCOIN. This project, which clearly has a "grey area" nature, maintained good traffic data in its early stages due to its topicality. Behind the scenes, funds are building the community while creating an almost "only up no down" trend during the bear market, accumulating 22,000 holders in the community from March to May.

Which secondary assets are worth paying attention to?

Market data analysts have organized indicators for multiple secondary assets on the data platform. Investors can combine the potential large capital inflows of tokens to assist in K-line analysis.

Data shows that the tokens with the highest recent capital inflow are almost all old coins that have been issued for more than 150 days. Established memecoins like MEW, POPCAT, SLERF, and WIF account for most of the capital inflow, while the new AI concept led by ai16z that has recently been launched occupies another portion of liquidity. On one hand, this is due to the impact of earlier overselling, and on the other hand, the crypto market has not yet seen new AI concepts, so mature AI projects are also viewed by funds as one of the targets for bottom fishing.

Accompanied by seemingly prosperous on-chain activities, some analysts believe that this round of market conditions has not brought in incremental funds, and the prosperous appearance is actually a form of self-rescue by large holders. They stated, "It is necessary to check one’s cognition if one still believes that there will be another super meme like the last round of SHIB or PEPE." Indeed, with the industrial production of on-chain memes, large market cap Memecoins have become increasingly rare after TRUMP.

The number of "diamond hands" capable of long-term profits is decreasing, while many "paper hands" are achieving decent gains through short-term trading. Following the revelation by the founder of a certain social platform that "the Meme coin of Trump's social platform will be launched in the next 72 hours," the future market is filled with uncertainty. With increasingly shorter bull-bear transition cycles, one can't help but recall the classic saying of a Wall Street legend: "When others are greedy, I am fearful; when others are fearful, I am greedy."