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PURR Two memocoins that performed prominently in the crypto market last week: $PURR and $OSAK
In the past week, two memocoins have stood out from the broader crypto market: $PURR located on the Hyperliquid L1 blockchain and $OSAK based on Ethereum. The two tokens achieved weekly gains of 24% and 20% respectively, pushing their market values to $104 million and $16.2 million respectively.
What are PURR and OSAK?
$PURR is a deflationary memecoin issued on the Hyperliquid L1 blockchain. It is launched as the platform's first token to support spot transactions, with a maximum supply of 1 billion coins. The project did not carry out token sales, team allocation, and the specific purpose was not clearly stated. Half of the initial supply is airdropped to point holders, and the other half is injected into the PURR/USDC liquidity pool. Through the transaction fee destruction mechanism, the supply of PURR will gradually decrease over time.
$OSAK is an Ethereum meme without a development team. Inspired by the philosophy of Shiba Inu founder Ryoshi, 30% of the supply was airdropped to early SHIB sellers to make up for the emotional loss of "missing out" the market. The project adopts the classic model of memecoin and injects cross-chain practicality through LayerZero's Cross-Chain Homogenization Token (OFT) standard, allowing tokens to be seamlessly transferred between multiple chains such as Ethereum, Arbitrum, Base, and Solana, while maintaining a single supply.
Established ecosystems defeat emerging chains
What is worth paying attention to this week's market performance is the flow of funds. Emerging Layer-2 tokens associated with Robinhood Crypto and Arc failed to lead the rising wave of memein, suggesting that mature ecosystems such as Hyperliquid and Ethereum are still attracting speculative money and ahead of new entrants.
Especially for $PURR, Hyperliquid's overall narrative remains a key driver of its price rise. In addition to HYPE itself, PURR is the native token with the largest listing value and the highest transaction volume in the Hyperliquid chain. Currently, there are no other high-profile assets that can absorb the leveraged ecosystem needs from HYPE holders.
Like all memes, both assets carry significant speculative risks, and their valuations are driven mainly by sentiment rather than supported by the fundamentals of the agreement.
