BTC maintains high volatility, small coins lead this round of Rebound

The overall cryptocurrency market has maintained high volatility in the past two weeks, with no signs of a systematic rebound yet. Driven by specific themes, small and medium-cap tokens have performed impressively, with an average increase of 16.65% among the top 500 tokens by market capitalization. Notably, tokens ranked between 301 and 400 have seen an increase of over 46%, indicating a clear preference for assets with topical and narrative potential.

AURA surged over 180 times, and projects like CONSCIOUS saw trading volumes increase by over a hundred times, highlighting a significant volume-price resonance effect. However, some tokens that experienced volume increases but failed to rise reflect market expectations of differing future performances. Overall, the market shows a structure of "theme rotation + mainstream stability," and unusual trading volume remains an important signal for capturing short-term opportunities.

Against this backdrop, multiple potential projects are simultaneously launching airdrop activities, including OpenSea(, the world's leading NFT trading platform), Treehouse(, a DeFi rewards platform), Recall(, a decentralized data protocol), and Sophon(, an on-chain identity platform), all of which have opened task participation access.

Crypto Market Overview

In the past two weeks, the cryptocurrency market has generally maintained range-bound fluctuations, with a tendency towards high-level consolidation, and no obvious signs of recovery have appeared. During this period, BTC briefly reached as high as 110,000 USDT, with an increase of nearly 4%, and has currently fallen back to around 106,000 USDT, indicating that the market is still in a tug-of-war between bulls and bears.

On a macro level, the Federal Reserve maintains a hawkish tone, and officials remain vigilant about the inflation outlook. At the same time, the downward revision of GDP growth and the upward adjustment of the unemployment rate exacerbate market concerns about economic slowdown and delayed interest rate cuts, further suppressing the upward momentum of risk assets.

In terms of geopolitical issues, Iran and Israel have erupted in military conflict, leading to a rise in global risk aversion, benefiting traditional safe-haven assets such as gold. However, this event is not yet sufficient to constitute a decisive driving force for a new wave of rising market.

On the regulatory front, favorable signals are being released from the policy side. The "GENIUS Stablecoin Act" successfully passed procedural voting in the Senate, indicating a structural shift in the regulatory attitude in the United States, with the regulatory path gradually becoming clearer. The SEC also announced the formal withdrawal of several DeFi and crypto custody regulatory proposals, which the market generally views as positive support for the DeFi ecosystem.

Overall, the current crypto market is in a range of fluctuations and policy games. Although the fundamental support is not yet sufficient, the easing of regulations and the capacity for capital absorption are gradually improving, which may accumulate momentum for the market in the second half of the year. In the short term, it is still necessary to closely monitor changes in trading volume and the response of macro indicators.

Overview of this round's price fluctuation data

The overall average increase is 16.65%, with tokens ranked 301-400 showing the most outstanding performance, with an average increase of 46.85%, far exceeding other ranges, indicating that some small-cap tokens have gained significant market attention and concentrated capital inflow. Tokens ranked 101-200 and 401-500 also performed well, with average increases of 9.99% and 9.91%, respectively, showing relative stability. The mainstream assets in the top 100 by market capitalization have an increase of 8.26%, maintaining a moderate upward trend, indicating that institutional allocation sentiment continues.

In comparison, tokens ranked 201-300 by market capitalization performed steadily, with an average increase of 8.23%, slightly lower than other ranges. Overall, the small and mid-cap sector shows characteristics of localized outbreaks, but capital rotation has not fully unfolded, and market enthusiasm remains concentrated on certain themes and sectors. The current rebound structure is selective and cannot yet be seen as a comprehensive warming of sentiment.

Price Fluctuation Leaderboard

The top of the increase list is AURA, which has skyrocketed over 18,800% in price within two weeks, far surpassing other coins, indicating an extreme concentration of speculative funds. AURA is a meme coin deployed on the Solana chain, launched on May 30, 2024, focusing on the "aura" concept that went viral on TikTok, emphasizing the combination of social influence and personal charisma. Currently, the project has evolved into a community-led movement with faith-based attributes, gaining high popularity on the X platform, making it one of the hottest meme projects in the Solana ecosystem recently.

The rest, such as 0X0( +119.76% ), AB( +83.68% ), PCI( +76.30% ), also recorded significant gains, reflecting the market's strong preference for high volatility and high-profile assets. The top ten coins with the highest gains are mostly concentrated in the fields of Meme, AI, and social minting, possessing community popularity or speculative potential, and have attracted funding favor in the short term. Additionally, assets like REKT, VENOM, and DAKU have also shown high Beta trends, demonstrating strong performance under the capital game structure.

In contrast, the decline leaderboard is concentrated on projects that have lost popularity or have outdated themes. ZKJ's decline reached 83.95%, while others like KOGE(-56.11%), MASK(-46.97%), and SOS(-45.22%) also saw significant drops, indicating that assets lacking narrative support are clearly under pressure amid the retreat of funds.

Overall, the current market has not yet shown a systematic rebound, but the preference structure for funds is clear. Tokens with strong themes and active communities still have opportunities for short-term performance; meanwhile, projects without new narratives and lacking liquidity are likely to become heavy targets for sell-offs, with significant differentiation in market conditions.

Market capitalization ranking and price fluctuation relationship

From an overall distribution perspective, about 90% of tokens achieved positive returns, with the increase concentrated in the range of 10% to 80%, reflecting a significant systemic rebound characteristic in this round of market conditions. Among them, AURA's increase exceeded 18,000%, showing an extreme rise in the chart; PCI also ranks among the top in terms of increase, indicating that some mid- to small-cap tokens are still the focus of market capital games.

The mid-market capitalization range ( ranks approximately 100-400) with the most concentrated distribution, generally recording double-digit gains, reflecting a "broad net" strategy in capital allocation, leaning towards assets with community popularity or strong narrative backgrounds. In contrast, individual assets like LA and DLC, which have seen significant declines, often lack topic support or belong to previously hyped projects that have exhausted their potential, recently facing profit-taking or liquidity depletion.

As shown above, this round of Rebound is not dominated by high market cap mainstream coins, but instead presents a structural characteristic of "mainstream coins stable, small and medium coins active". Funds are more inclined to targets with topic speculation space, community foundation, or innovative mechanisms.

Top 100 Market Value Storm Rankings

In the context of the current round of consolidation, the top 100 tokens by market capitalization generally maintain a relatively stable performance. Excluding stablecoins and LSD( liquid staking derivatives ), the top five tokens by growth are SPX( +43.24% ), UNI( +40.52% ), FARTCOIN( +32.25% ), SKY( +26.64% ), and HYPE( +25.23% ), indicating that market funding preferences are concentrated on mainstream projects with narrative heat, high trading activity, or new concept support.

Among them, the performance of UNI's rise is particularly eye-catching, benefiting not only from increased governance revenue and enhanced liquidity but also related to the launch of a smart wallet feature by a major DeFi platform. This wallet introduces mechanisms such as one-click exchange, gas sponsorship, and arbitrary token payments, significantly improving user experience, and is based on the Ethereum EIP-5792 standard, further enhancing its technical advantages under the upcoming Pectra upgrade. This series of innovations has increased user stickiness, strengthened market confidence in the ecosystem, and has also become an important support for UNI's strong upward movement in this round.

Although FARTCOIN has Meme attributes, its core revolves around AI dialogue experiments and the "Truth Terminal" mechanism, combined with community dissemination and interactive gameplay, attracting a large amount of funding attention in a short period, presenting obvious high volatility characteristics; while HYPE, as the native token of the Hyperliquid ecosystem, also shows a high Beta structural market performance under the boost of increased trading activity on the platform and topic popularity.

On the other hand, although the overall market is in a high-level consolidation state, some assets in the top 100 by market capitalization are performing relatively weakly. The five largest declines are LEO(-2.42%), WBT(-0.51%), while others like TKX(+0.55%), NEXO(+0.81%), and FTN(+0.91%) have limited increases, reflecting that during capital rotation, these assets exhibit certain defensive properties. Even without significant attention, there has not been a substantial retracement.

Overall, the tokens that have led the gains in this round of market trends mostly possess characteristics of liquidity, narrative, and innovative mechanisms, with funds favoring "high heat, high response" assets. Defensive tokens, on the other hand, have shown stable performance in a volatile market, presenting a pattern of "structural diffusion + differentiated rotation" in capital games.

Analysis of the Current Volume Performance

Volume Growth Analysis

Data shows that the Solana meme token AURA leads with a trading volume growth of over 1,600 times, along with an astonishing increase of over 18,000%, clearly indicating that this project has become the market focus in this round of market conditions, exhibiting high speculation.

Following closely, CONSCIOUS has seen a price drop of about 4.6% over the past 14 days, but its trading volume has increased more than a hundredfold, indicating significant short-term capital involvement and reflecting the market's phased interest in its narrative theme. It is worth noting that CONSCIOUS is not an ordinary financial asset, but a Web3 project that combines meditation practices with blockchain technology, dedicated to promoting the concept of "Mindfulness" (Mindfulness ) globally. Its core goal is to build a decentralized ecosystem centered around mental health, breaking through the framework of traditional crypto projects, and gradually forming a unique cognition and value proposition in the market with its distinctive application scenarios and differentiated positioning.

The rest such as ETHX( + 56.17 times ), PCI( + 36.35 times ), and USDY( + 26.06 times ) also recorded significant volume, reflecting that under the impetus of high topic interest or new narratives, the market trading willingness has rapidly increased. From the market capitalization distribution, such projects are mostly located between the 100th and 400th ranks in market cap, characterized by moderate size, high volatility, and relatively active liquidity, making them easy targets for short-term speculative trading. A dramatic increase in trading volume does not necessarily accompany a sustained price increase, but it is often a precursor to market movement, especially for tokens with community momentum and narrative themes that have greater trading reference value.

In summary, changes in trading volume are an important indicator for identifying market heat and structural rotation, especially among small and medium-cap tokens, where changes in volume often precede price reactions, making it suitable as one of the monitoring signals for short-term trading.

Volume Change and Price Analysis

From the chart, it can be observed that most tokens with significant price increases are accompanied by a noticeable increase in trading volume, indicating a rapid market response to narrative themes, short-term trading opportunities, or community enthusiasm. For example, AURA, located in the extreme position of the upper right quadrant, saw its trading volume surge over 1,600 times, with a price increase of up to 18,000%, becoming the most representative case of "volume-driven rise" in this market cycle; projects like PCI and RVN, which have medium to low market capitalization, also fall into this area, reflecting that in structural rotations, capital tends to concentrate on assets with supportive enthusiasm, forming a resonance of price and volume increase.

In contrast, some projects such as CONSCIOUS, ETHX, and USDY have also seen a significant increase in trading volume, exceeding 25 times (, but their prices have shown a correction or even negative returns, indicating that although funds briefly entered the market, there is a lack of sustained buying or support for an upward expectation. This type of "increased volume without price increase" characteristic.