As multiple negative factors are exhausted by the market, the market has slightly recovered from the bottom, and the most eye-catching chain in the past 7 days is Ethereum. This chain, which was criticized a lot some time ago, has continued to rise in the price of Ethereum with the upgrade of Pectra, the continuous purchase of ETFs, and the success of Virtual's new issuance model. Capital recognition + technology upgrade + on-chain ecological prosperity have also led to a repeated recovery of Memecoins on the Ethereum chain.

On the other hand, Solana, the old secondary Memecoin and AI sector tokens have generally risen, but the primary market has become faster and faster because there are no more narratives to carry on. At the same time, the upper market faces the continuous release of selling pressure from related addresses such as FTX and Alameda, and the lower market continues to PumpFun. The new token only has the Bonk system that continues to output new golden dogs, but it is difficult to support it alone. Except for the upper addresses, fewer and fewer ordinary people can make money in the ecosystem.

@ec_unoxx's DUNE panel shows the profitability of nearly 30,000 addresses

ETH's Meme Recovery

Matt Furie's Concept Return

For Ethereum's Memecoin, Pepe is definitely the undisputed leader. In the last cycle of the ETH Meme craze, it has cultivated a very strong community. As one of the most well-known Memes, whether it is market value, capital inflow, or increase, it is the main force in this ETH Meme rally. Different from the "variability" of Shiba Inu concepts such as SHIB and FLOKI in other chains, or the V God Hippo stolen by Solana. The Frog system seems to be particularly fond of the EVM system, especially ETH, because Matt's work is bound to EVM and is deeply rooted in people's hearts. For example, ANDY and BRETT have both achieved impressive market capitalization and community.

At a time when Ethereum was rising strongly and even its rise affected the "widespread publicity" of the topic on Douyin, the old Ethereum traders were naturally no less enthusiastic and picked up the Matt concept again, allowing this long-dormant "Meme chain" to revive.

RATO

The first thing to mention is RATO, which is the character in Matt Furie's new book "Rato the Rat". Its image is almost the gray "Pepe" with a mouse nose and ears, but the image is a mouse. The current highest market value of the token has reached 36 million US dollars, and has now been adjusted back to 15 million US dollars.

BERRY

BERRY "Strawberry", this image has appeared on Matt's IG many times, the image of the female version of "Pepe". According to the well-known KOL "@0xZz007", the team is the original Eth$mstr team. The token once reached a market value of 55 million US dollars. After the launch of the token, there is a considerable degree of purchasing power. KOLs "private or public domain" promoted the token at almost the same pace, which made the token's trajectory quite stable before reaching a market value of 10 million US dollars. Now the token has pulled back to around 3.4 million US dollars.

FROGGER

In addition to the Pepe spin-offs in the Matt series, its first work Naked Crab Man, MACI, who is the "suspected" character of the next work with 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 founded 12 days ago. After two weeks of sideways trading, it suddenly soared 10 times yesterday. The number one on the list is the 15% token given to Vitalik. The current market value of the token has reached a maximum of 2.8 million US dollars, and has now been adjusted back to 2 million US dollars. Although it is a new concept of Frog, it is not known whether the narrative will continue in the current market.

The old Trading Bot project PepeBoost expressed his views on X. He believes that "Matt's series of characters have a unified style and are easy to identify. If Ethereum really starts a new round, there will definitely be a leading project among them, which can be paid special attention to."

Solana Old Meme A large amount of funds flowed in

When the on-chain market picks up, players will still regard Solana as the first driving force. The number of active addresses of Solana has soared in the past month. Although fewer and fewer players can make money, the trading volume and liquidity are an order of magnitude higher than ETH's Meme. In the primary market, Solana has suffered from PumpFun for a long time, but in today's market, the general offensive launched by Raydium LaunchPad, led by BONKFUN, seems to have worked. The transaction volume and transaction Txs of non-PumpFun platforms have reached the same level as last year.

BONK's counterattack

BONKFUN should be Solana's most successful product against Pumpfun. Thanks to the depth of the BONK community's roots in Solana and the proportion of large households plus the DEGEN team, this platform has been producing Golden Dogs from time to time. Recently, BONKGUY "theunipcs", who has a large purchasing volume in both the second-level and first-level orders, has contributed a lot of Golden Dogs on the BONK platform.

Since BONKFUN announced on May 11 that it would offer a $5,000 reward for five "takeoff" tokens in the following week, members of the community have begun to support various Meme communities crazily, and a large number of Chinese KOL players have also linked up with them, resulting in many "Chinese" narratives on BONKFUN's homepage.

The effect of the East-West alliance is naturally very obvious. According to BONKGUY, since the latest incentive plan started yesterday, LetsBONKfun has created 6,911 tokens in just 24 hours, and generated 2,880.36 SOL (about $500,000). If the $5,000 reward per token is as mentioned above, it can reward a full 100 token communities. This means that in just 24 hours, 20 times the benefit value of its own weekly reward activities was generated. Whether it is for BONK project parties or retail investors in the market, all ecological niches may be coveting more high-quality memes from BONKFUN.

USELESS

USELESS comes from a tweet posted by BONKGUY on X: "This is a useless currency and should not be pushed up." Such empty and emotional concepts like "FARTCOIN", "SHIT", and "HOUSECOIN" are loved by European and American communities. Since the launch of BONK, its market value has soared to 34 million US dollars, which makes people seem to see the same path as "HOUSECOIN".

HOSICO

HOSICO is the Memecoin that I mentioned when BONKFUN was launched. HOSICO, the "first generation" BONKFUN token promoted by BONKGUY, also continues to have a healthy K-line trend. This Internet celebrity cat has been ahead of other tokens of the same period since BONKFUN was launched. It is also regarded by the community as the most promising Memecoin to become BONK's first Memecoin to exceed 100 million market value.

Extended reading:

IKUN

As mentioned above, a large number of Chinese players have entered BONK, and the representative work is IKUN. This "chicken" concept, which almost everyone who has lived in the "cyberspace" of the Chinese area will know, has a market value of nearly 10 million US dollars after being stimulated by BONKGUY, and the current offer is 6 million US dollars.

The tears of the times, the old Memes collectively exploded

According to ARKHAM's TREEMAP data, half of the top 15 best-performing tokens in the past week are Solana's old Memecoin, among which MoonDeng and PNUT are the most popular concepts. The well-known KOL Chuanmu's logic for buying these two tokens is "they are very similar to the early pepe and shib", and in any case, these two concept coins of the same period have performed well in this cycle.

TITCOIN

Another equally eye-catching one is the COIN-like "copycat" TITCOIN. This pure "conspiracy disk" maintained quite good traffic data in the early stage by "sweeping the edge", and the funds behind it built the community while pulling out an almost "upward and not downward" disk in the bear market, accumulating 22,000 holder communities from March to May.

What other secondary targets are there?

The well-known data analyst @ec_unoxx has compiled many data indicators of secondary targets in the data charts on DUNE. Retail investors can combine the possible large inflow of tokens to cooperate with the analysis of K-line.

It can be seen that the tokens ranked at the top of the recent inflow are almost all old coins that have been launched for more than 150 days. MEW, POPCAT, SLERF, WIF and other older Memecoins occupy most of the inflow, while AI concepts led by ai16z, which recently released the launch platform autofun, occupy another part of the liquidity. One reason is the impact of the oversold some time ago, and the other is that Crypto has not seen any new AI concepts, so mature AI projects are also listed as one of the targets for bottom-fishing by smart money.

Along with the thriving on-chain, crypto poker player Wesley "CryptoApprenti1" believes that there is no incremental capital in this round of on-chain, and the appearance of prosperity is actually the dealer pulling up the market to save themselves, and said, "If you still believe that there will be super memes like $shib and $pepe in the last round, you have to think hard." It is true that with the assembly line of on-chain Meme, large-cap Memecoins have become increasingly rare after $Trump.

There are fewer and fewer "diamond hands" who can win, but many "paper hands" have a good rate of return by relying on PVP. After the news that "Trump's social platform Truth Social's Meme coin will be launched within the next 72 hours" by Crypto Banter founder @cryptomanran broke out, the future market is full of uncertainty. At the moment when the bull-bear transition is getting shorter and shorter, the classic saying of the legendary Warren Buffett who just retired some time ago, "When others are greedy, I am fearful, and when others are fearful, I am greedy" inevitably appears in my mind again.