BTC fluctuates at a high level, AURA rises more than 180 times, small and medium market capitalization tokens ignite a wave of enthusiasm

The cryptocurrency market has continued to fluctuate at high levels for the past two weeks, without showing any systematic recovery. However, driven by localized themes, small and medium market capitalization tokens have performed impressively. The average rise of the top 500 tokens by market capitalization reached 16.65%, with those ranked 301-400 seeing an increase of over 46%, indicating a clear preference for assets with topicality and narrative potential. AURA experienced a big pump of over 180 times, and projects like CONSCIOUS saw their trading volume increase by over a hundred times, highlighting the resonance effect of volume and price; while some tokens that saw an increase in volume but stagnated in price reflect a divergence in market expectations for their subsequent performance. The overall market presents a structure of "theme rotation + mainstream stability," and unusual trading volumes continue to be an important signal for capturing short-term opportunities.

According to data from the data platform, from June 3 to June 16, the cryptocurrency market maintained a range-bound oscillation, with the trend leaning towards high-level consolidation, and no obvious signs of recovery have emerged 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 around 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 maintain a hawkish tone, with officials remaining vigilant about the inflation outlook, as the core PCE stabilizes at 2.6%, and it is expected to return to the target range only by 2027. Meanwhile, the downward revision of GDP growth and the upward adjustment of the unemployment rate have intensified market 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 alone is not sufficient to constitute a decisive driving force for a new round of rising market trends. Attention should still be paid to macroeconomic data and the market's absorption capacity.

On the regulatory front, favorable signals have been released from the policy side. The "GENIUS Stablecoin Act" was successfully passed in the Senate on June 12 through procedural voting, indicating a structural shift in the regulatory attitude in the United States, with the regulatory path gradually becoming 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 related to 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 fluctuations and the interplay of policy games. Although the fundamental support is not yet sufficient, the easing of regulations and the strength of capital absorption are gradually improving, which may accumulate momentum for the second half of the year. In the short term, it is still necessary to closely monitor changes in trading volume and the reaction of macro indicators.

This article groups and counts 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 best, with an average rise of 46.85%, far exceeding other ranges, indicating that some small-cap tokens have gained high market attention and concentrated capital inflows. Tokens ranked 101-200 and 401-500 in market capitalization also performed well, with average rises of 9.99% and 9.99%, 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 a continuation of institutional allocation sentiment.

Relatively speaking, the tokens ranked 201-300 by market capitalization performed steadily, with an average rise of 8.23%, slightly lower than other ranges. Overall, the small and medium market capitalization sector shows characteristics of localized bursts, but the rotation of funds has not fully expanded, and market enthusiasm remains concentrated in certain themes and sectors. The current rebound structure is selective and it is still difficult to regard the sentiment as having fully warmed up.

In the past two weeks, although the overall cryptocurrency market has maintained a volatile consolidation pattern, capital rotation has been active, and some small market capitalization Tokens have performed particularly well, showing a clear structural differentiation in the market. The top riser is AURA, whose price has surged over 18,800% in two weeks, far exceeding other coins, indicating extreme speculative funds concentrated inflow. 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 a belief attribute, gaining high popularity on the X platform, and has become 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 rises, reflecting the market's strong preference for high volatility and high-profile assets. The top ten rising tokens are mostly concentrated in Meme, AI, and social minting categories, which have community popularity or speculation potential, attracting funds in the short term. Additionally, tokens like REKT, VENOM, and DAKU are also showing high Beta trends, demonstrating a strong performance under the structure of capital games.

In contrast, the decline leaderboard is concentrated on projects with waning popularity or outdated themes. ZKJ has dropped by 83.95%, while others like KOGE(-56.11%), MASK(-46.97%), SOS(-45.22%) and others have also seen significant declines, indicating that assets lacking narrative support are under obvious pressure as funds retreat.

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

To further analyze the structural characteristics of Token performance in this round of market conditions, this article presents a scatter distribution chart of the top 500 tokens by market capitalization. The horizontal axis represents the market capitalization ranking (, with smaller values indicating larger market capitalization ), and the vertical axis shows the price fluctuations from June 3 to June 16 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 price increases concentrated in the range of 10% to 80%, reflecting a significant systematic rebound characteristic in this round of market. Among them, AURA surged over 18,000%, showing an extreme rise in the chart; PCI also ranked among the top in price increases, indicating that some small and medium market capitalization tokens are still the focus of market capital games.

In the market capitalization range of ), the market capitalization ranking is about 100-400(, with the distribution being the most concentrated, and generally recording double-digit rise, reflecting that the funds are showing a "broad net" tendency, inclined to allocate assets with community popularity or strong narrative background. In contrast, individual assets with significant declines such as LA and DLC often lack topic support or belong to old thematic projects that have been overhyped in the early stages, recently encountering profit-taking or liquidity exhaustion.

As mentioned above, this round of rebound is not led by high market capitalization mainstream coins, but rather presents a structural characteristic of "mainstream coins being stable, while small and medium coins are active." Funds are more inclined to target assets with potential for topic speculation, community foundation, or innovative mechanisms.

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In the context of the current volatile market consolidation, the top 100 tokens by market capitalization have maintained a relatively steady performance overall. Excluding stablecoins and LSD) liquid staking derivatives(, the top five tokens by increase are SPX) +43.24%(, UNI) +40.52%(, FARTCOIN) +32.25%(, SKY) +26.64%(, and HYPE) +25.23%(, indicating that market funds are preferentially concentrated in mainstream projects that have narrative heat, high trading activity, or support from 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 the launch of a smart wallet feature by a certain trading 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 this 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 capital attention in a short period, presenting obvious high volatility characteristics; on the other hand, HYPE, as the native token of a certain ecosystem, also demonstrates a high Beta structural market performance under the boost of increased platform trading activity and topic popularity.

On the other hand, although the overall market is in a high-level consolidation state, some of the top 100 assets by market capitalization are performing weakly. The top five declines are LEO)-2.42%(, WBT)-0.51%(, while others like TKX)+0.55%(, NEXO)+0.81%(, and FTN)+0.91%( have limited gains, reflecting that during capital rotation, these types of assets possess certain defensive attributes. Even though they have not received significant attention, there has also not been a major pullback.

Overall, in this round of market, the tokens that have led in rise mostly possess characteristics of liquidity, narrative, and mechanism innovation, with capital preferring "high heat, high response" assets. Meanwhile, defensive tokens have shown stable performance in a volatile market, presenting a capital game pattern of "structural diffusion + differentiated rotation."

![Gate Research Institute: BTC is in high position fluctuation, AURA has a big pump of over 180 times, small and medium market capitalization coins are igniting a wave])/images/xDY30ihtfP.png(

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 started as a baseline, the increase 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 a trading volume growth of over 1,600 times, combined with its astonishing rise of over 18,000%, which fully demonstrates that this project has become the focal point of market attention in this round of market trends, with high speculation.

The following 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 made a significant entry, reflecting the market's phased attention to its narrative theme. It is worth noting that CONSCIOUS is not an ordinary financial asset, but rather a Web3 project that combines meditation practices with blockchain technology, dedicated to promoting the "Mindfulness" ) Mindfulness ( concept globally. 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. In terms of market capitalization distribution, such projects mostly rank between 100th to 400th in market capitalization, exhibiting characteristics such as moderate size, high volatility, and relatively active liquidity, making them easy targets for short-term speculative trading. Although a dramatic increase in trading volume does not necessarily accompany sustained price rises, it is often a precursor to market movements, especially for tokens with community momentum and narrative themes, which hold greater trading reference value.

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

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