Two memecoins stood out from the broader crypto market this past week: $PURR on @HyperliquidX and $OSAK from @OsakaProtocol on @Ethereum. The pair posted weekly gains of 24% and 20% respectiv
Two memecoins stood out from the broader crypto market this past week: $PURR on @HyperliquidX and $OSAK from @OsakaProtocol on @Ethereum. The pair posted weekly gains of 24% and 20% respectively, pushing their market caps to $104M and $16.2M.
$PURR is a deflationary memecoin launched on the Hyperliquid L1 blockchain, introduced as the first token for spot trading on the platform, with a maximum supply of 1 billion tokens.It launched with no sale, no team allocation and no stated utility, with half the genesis supply airdropped to points holders and the other half seeded into the PURR/USDC Hyperliquidity pool.Trading fees paid in PURR are burned, reducing the token's supply over time.
$OSAK is an Ethereum memecoin without a development team, inspired by the philosophy of Ryoshi of Shiba Inu, with 30% of the supply airdropped to early SHIB sellers who "missed" the rally.The project takes the memecoin formula and injects it with cross-chain utility by leveraging LayerZero's Omnichain Fungible Token (OFT) standard, allowing the token to move seamlessly across Ethereum, Arbitrum, Base, Solana, and other chains while maintaining a single supply.
The week's gains are notable for where they did not come from. Newer layer-2 tokens associated with @RobinhoodCrypto and @Arc failed to lead the memecoin charge, suggesting that established ecosystems like Hyperliquid and Ethereum continue to capture speculative attention ahead of newer entrants.
For $PURR in particular, the broader Hyperliquid narrative remains a key driver. PURR is the largest market cap and highest-volume native Hyperliquid token other than HYPE itself, with no other liquid, high-profile asset on the chain that can absorb a meaningful bid from HYPE holders looking for leveraged ecosystem exposure. As with all memecoins, both assets carry significant speculative risk and their valuations are primarily sentiment-driven rather than backed by protocol fundamentals.
Sources:CoinDesk: Purr (PURR) Price and Market DataBybit: PURR Token on Hyperliquid ExplainedBittime: What Is Osaka Protocol (OSAK)?
