BTC fluctuates at a high level, mid and small market capitalization coins create a surge, AURA rises over 180 times

Overview

In the past two weeks, the cryptocurrency market has continued to oscillate at high levels, and there has not yet been a systemic warming. However, driven by local themes, small and medium market capitalization tokens have performed remarkably. The average rise of the top 500 market capitalization tokens reached 16.65%, with those ranked between 301-400 seeing 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 experienced trading volumes that expanded over a hundred times, highlighting the significant volume-price resonance effect; meanwhile, some tokens that saw increased volume but failed to rise reflect divergent expectations in the market regarding their subsequent performance. Overall, the market presents a structure of "theme rotation + mainstream stability", and unusual trading volumes remain 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 participation gateways for tasks. This article will briefly introduce the characteristics of these projects and the ways to participate, assisting users in seizing the airdrop benefits and medium-to-long-term layout opportunities during the market rebound.

Cryptocurrency Market Overview

According to data from the data platform, from June 3 to June 16, 2025, the overall cryptocurrency market maintained a range-bound oscillation, with the trend leaning towards high-level consolidation, and there are no obvious signs of warming yet. During this period, BTC once reached a high of 110,000 USDT, with a rise of nearly 4%, and has currently fallen back to about 106,000 USDT, indicating that the market is still in a tug-of-war between bulls and bears.

On a macro level, the FOMC meeting minutes released by the Federal Reserve at the end of May continue to convey a hawkish tone, with officials remaining vigilant about the inflation outlook. The core PCE remains stable at 2.6%, and it is expected to take until 2027 to return to the target range. At the same time, the GDP growth rate has been revised down and the unemployment rate has been adjusted up, intensifying the market's concerns about economic slowdown and delayed interest rate cuts, further suppressing the upward momentum of risk assets.

In terms of geopolitics, military conflicts have erupted between Iran and Israel, driving up global risk aversion sentiment, benefiting traditional safe-haven assets such as gold. However, this event is not yet sufficient to constitute a decisive driving force for a new round of rising market trends, and attention still needs to be paid to macroeconomic data and the market's absorption capacity.

In terms of regulation, the policy front has released positive signals. The "Stablecoin Act" was successfully passed in a procedural vote in the Senate on June 12, indicating a structural shift in the U.S. regulatory attitude, with the regulatory path becoming gradually clearer, which is expected to alleviate policy uncertainty in the future. The next day, the SEC also announced the formal withdrawal of several regulatory proposals regarding DeFi and crypto custody, which the market generally views as positive support for the DeFi ecosystem.

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

This Round of Rise and Fall Data Overview

This article groups and analyzes the top 500 tokens by market capitalization, observing the average rise in different market capitalization ranges from June 3 to June 16.

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

In comparison, tokens ranked 201-300 by market capitalization have shown stable performance, with an average rise of 8.23%, slightly lower than other ranges. Overall, the small and mid-cap sector exhibits characteristics of localized explosions, but the rotation of funds has not fully spread, and market enthusiasm remains concentrated on certain themes and sectors. The current rebound structure is selective and cannot yet be regarded as a comprehensive recovery of sentiment.

Rise and Fall Leaderboard

In the past two weeks, although the overall cryptocurrency market has maintained a fluctuating consolidation pattern, capital rotation has been active, with some small-cap tokens performing particularly well, showing a clear structural differentiation in the market. The top gainer is AURA, which has surged over 18,800% in price within two weeks, far exceeding other coins, indicating extreme speculative funds concentrated inflow. AURA is a meme coin deployed on the Solana chain, set to launch on May 30, 2024, and is centered around 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 a belief attribute, gaining high popularity on social platforms, and has become one of the hottest meme projects in the Solana ecosystem recently.

Others such as 0X0 (+119.76%), AB (+83.68%), PCI (+76.30%) also recorded significant rise, reflecting the market's strong preference for high volatility and high-topic assets. The top ten tokens with the highest rise are mostly concentrated in the fields of Meme, AI, and social minting, possessing community popularity or speculative space, and gaining favor from funds in the short term. Additionally, REKT, VENOM, DAKU, etc. also show high Beta trends, demonstrating strong performance under the structure of capital speculation.

In contrast, the list of declines focuses on projects that are losing popularity or have outdated themes. ZKJ has fallen by 83.95%, while others like KOGE (-56.11%), MASK (-46.97%), and SOS (-45.22%) have also seen significant drops, indicating that assets lacking narrative support are under noticeable pressure as funds retreat.

Overall, the current market has not yet shown systemic warming, but the structure of capital preferences is clear. Tokens with strong themes and active communities still have short-term performance opportunities; meanwhile, projects without new narratives and lacking liquidity are likely to become heavy targets for selling, with significant characteristics of market differentiation.

Relationship between market capitalization ranking and rise and fall

To further analyze the structural characteristics of token performance in this round of market trends, this article presents a scatter plot of the top 500 tokens by market capitalization. The horizontal axis represents the market capitalization ranking (the smaller the number, the larger the market capitalization), while the vertical axis shows the price fluctuations from June 3 to June 16 (displayed on a logarithmic scale). Each dot in the chart represents a token, with green indicating a rise and red indicating a fall.

From an overall distribution perspective, about 90% of tokens achieved positive returns, with the rise concentrated in the range of 10% to 80%, reflecting a clear systemic rebound characteristic in this round of market conditions. Among them, AURA rose over 18,000%, showing an extreme surge in the chart; PCI also ranks among the top in terms of rise, indicating that some small and medium market capitalization tokens are still the focus of market capital games.

The market capitalization range (ranking about 100-400) has the densest distribution, generally recording double-digit rise, reflecting that funds are in a "broad net" strategy, tending to allocate assets with community popularity or strong narrative backgrounds. In contrast, individual assets with significant declines, such as LA and DLC, often lack topical support or belong to previously overhyped old projects, recently encountering profit-taking or liquidity exhaustion.

As mentioned above, this round of rebound is not dominated by high market capitalization mainstream coins, but rather shows a structural characteristic of "mainstream coins being stable, while small and medium coins are active." Funds prefer targets with speculative space, community foundation, or innovative mechanisms.

Top 100 Market Capitalization Rankings

In the context of the current market consolidation, the top 100 tokens by market capitalization have maintained a relatively stable performance overall. Excluding stablecoins and LSD (liquid staking derivatives), the top five tokens by rise are SPX (+43.24%), UNI (+40.52%), FARTCOIN (+32.25%), SKY (+26.64%), and HYPE (+25.23%), indicating that market funds are concentrated on mainstream projects with narrative heat, high trading activity, or supported by new concepts.

Among them, the rise of UNI is particularly eye-catching, benefiting not only from increased governance revenue and enhanced liquidity but also related to a certain trading platform launching a smart wallet feature. 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 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 capital attention in a short period, showing significant high volatility characteristics; while HYPE, as the native token of the Hyperliquid ecosystem, also demonstrates a high Beta structural market performance under the boost of platform trading activity and topic popularity.

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

Overall, in this round of market, the tokens that have led the rise mostly possess characteristics of liquidity, narrative, and mechanism innovation, with funds preferring "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 the capital game.

Analysis of the Current Volume Performance

Volume Growth Analysis

Based on the analysis of token price performance, this article further observes the changes in trading volume of certain tokens during this market cycle. Using the trading volume before the market began as a benchmark, the growth multiplier of trading volume up to June 16 is calculated to measure the changes in market heat and trading activity.

Data shows that the Solana meme token AURA ranks first with over 1,600 times the trading volume increase, along with its astonishing rise of over 18,000%, clearly indicating that this project has become the market focus in this round of行情, with high speculation.

Following closely, CONSCIOUS has seen a price drop of about 4.6% in the past 14 days, but its trading volume has increased more than a hundredfold, indicating that short-term capital has heavily intervened, reflecting the market's phased attention to 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 global dissemination and practice of the concept of "Mindfulness." Its core goal is to build a decentralized ecosystem focused on mental health, breaking through the framework of traditional crypto projects, and gradually forming a unique recognition and value proposition in the market through its unique 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 a rapid increase in market trading willingness driven by high topicality or new narratives.