Ethereum Meme coin market recovers, Matt concept rises again

Recently, the crypto market has shown signs of warming up, with Ethereum performing particularly well. Thanks to the Pectra upgrade, continuous buying of related ETFs, and the success of the Virtual IPO model, the price of Ethereum continues to pump, while also driving the recovery of the on-chain Meme coin market.

In contrast to the Solana ecosystem, although established secondary Meme coins and AI sector tokens are generally rising, the primary market is accelerating its pace, lacking sustained narrative support. The upper market faces continuous selling pressure, while the lower market is being drained by PumpFun, with only the Bonk system continuously launching new projects, but it struggles alone, and the profit space for ordinary investors is narrowing.

The Ethereum meme coin market is recovering, and the concept of Matt Furie is rising again. Pepe, as the leader of the Ethereum meme coins, plays a major role in this round of pump. Matt's works are deeply bound to the EVM system, and projects like ANDY and BRETT have also achieved impressive performance. With the strong rise of Ethereum, old players are rekindling the Matt concept, awakening the long-dormant "meme chain."

The new projects of the Matt system worth noting include:

1. RATO: The character "Rato the Rat" in Matt's new book has a maximum market value of $36 million.

2. BERRY: The female version of "Pepe" that has appeared multiple times on Matt's Instagram, with a market cap reaching up to $55 million.

3. FROGGER: A classic arcade game IP, although not a work by Matt, it belongs to the frog concept, with a maximum market value of 2.8 million dollars.

Except for the Matt series, established tokens such as MOG, APU, PEPE, and SPX on ETH are also showing good growth momentum.

In terms of the Solana ecosystem, although the difficulty of making profits has increased, it remains the market's top choice. Recently, the number of active addresses has soared, with trading volume and liquidity far surpassing ETH Meme coins. In the primary market, the Raydium-based LaunchPad led by BONKFUN is fighting back against the PumpFun platform.

BONKFUN has performed remarkably, creating 6,911 tokens in 24 hours and generating approximately $500,000 in fees. Among them, projects like USELESS, HOSICO, and IKUN have stood out. At the same time, established Meme coins on Solana have also collectively surged, with projects like MoonDeng, PNUT, and TITCOIN showing significant increases.

In the secondary market, the top inflow is dominated by old coins that have been issued for over 150 days, such as MEW, POPCAT, SLERF, WIF, etc. AI concept coins have also garnered attention, with ai16z as a representative.

However, some believe that the current on-chain prosperity or lack of incremental funding support is actually a self-rescue by the market makers. As Meme coin projects become increasingly standardized, the likelihood of large-cap Meme coins appearing decreases. In the current situation where market cycles are shortening, investors need to respond cautiously and grasp the investment wisdom of "when others are greedy, I am fearful; when others are fearful, I am greedy."