According to TechFlow, Andrew Kang, co-founder of Mechanism Capital, pointed out that Frogs are the dominant animals in the current cycle. In the last cycle, the wealth effect flowed from L1 to DeFi tokens in the ecosystem.

The same logic applies to this cycle, with ecosystem tokens being other prominent frog coins, which include Pepecoin (OG Pepe coin) and Apu Apustaja (Pepe’s Shib).