Degens Funnel Millions Into Ethereum Meme Coins

Key Takeaways

• Over $5 million has been funneled into meme coins by just a few degen wallets in the past two weeks.

• PEPE remains the dominant meme coin, but RESOLV and ZEUS are emerging as next-gen contenders.

• Meme coin performance is highly uneven, with many losing ground despite high inflows.

• Wallet activity suggests coordinated trading behavior, pointing to a short-cycle, speculative strategy.
  

Who’s Fueling The Meme Coin Momentum?

On-chain analysis shows that although PEPE accounted for nearly $24 million in trading volume, only a small percentage of this came from a handful of high-activity degen wallets.

Source: Dune

These wallets alone contributed $5 million in total volume across several meme coins.

Strategic Wallets Taking Big Risks

Notably, their focus has extended beyond PEPE into newer and less established tokens like:

• RESOLV – $2.8 million

• ZEUS – $2.5 million

• IRIS – $1.4 million

These early bets indicate a willingness to rotate capital into emerging assets that offer higher upside potential, though with elevated risk.

A Tale Of Divergence

Despite rising inflows, performance among meme coins has been mixed. Data from the last two weeks shows that not all coins are benefiting equally.

Top Performers and Laggards:

• BOBO: +11.7% (Best performer)

• Elon-token: −19%

• FOLKI: −33% (Worst performer)

• BODEN & POPCAT: −5% to −8%

This disparity points to significant churn, while degens are deploying capital rapidly, the returns have been volatile and inconsistent. This is classic high-risk, high-reward territory, with traders rotating in and out of positions in short cycles.

The New Class Of Meme Coins

Fresh entrants like RESOLV and ZEUS are beginning to command serious attention. Together, these two tokens have seen over $5.3 million in combined trading volume from degen wallets.

Their swift rise highlights a shift from traditional meme coins (like SHIB or DOGE) to newer, untested projects where price discovery is still underway.

Why It Matters:

• These early trades may be speculative, but they shape liquidity.
• If successful, they can set trends across DEXs (decentralized exchanges).
• Traders may be positioning for short-term flips or farming opportunities.
  

Capital Concentration Remains High

While new tokens are gaining steam, PEPE remains the clear leader, accounting for:

• 20x the volume of BOBO
• 5x the volume of Bitcoin in some trading windows

This high concentration is a double-edged sword. While it reflects strong liquidity and name recognition, it also leaves the market vulnerable to rapid reversals.

A selloff or rotation away from PEPE could trigger cascading volatility across the meme coin ecosystem.

Wallet Behavior: Decoding Degen Activity

On-chain investigation reveals a pattern: a small group of wallets, each with close to $5 million in total trading volume, are executing dozens to hundreds of trades across multiple meme coins.

These wallets aren’t operating at institutional scale, but they appear strategic and fast-moving, with actions that often mirror one another.

Source: Dune

Key Observations:

• Diversification across multiple coins (PEPE, BOBO, SHIB, etc.)

• Frequent short-term trades

• Unclear origin of funds (profit recycling vs. new ETH deposits)

This behavior aligns more with meme coin micro-cycles than with traditional alt-season patterns.

FAQ

What is a “degen wallet”?

A “degen wallet” refers to a cryptocurrency wallet operated by a high-risk trader (often anonymous) who aggressively speculates on volatile, low-cap tokens—often meme coins or new launches.

Why is PEPE getting so much attention?

PEPE benefits from strong liquidity, brand recognition, and trading volume. It serves as a gateway meme coin for speculative capital and often sets the tone for broader meme market sentiment.

Are new coins like ZEUS and RESOLV safe investments?

No meme coin is “safe” in a traditional sense. ZEUS and RESOLV are early-stage speculative assets and carry significant risk. They may offer higher returns but also higher chances of loss.