BTC is experiencing fluctuations at a high level, AURA has risen over 180 times, and small to mid-cap tokens are creating a wave of excitement.

From June 3 to June 16, 2025, the cryptocurrency market continued to oscillate at high levels, with no signs of a systematic recovery. Driven by local themes, small and medium market capitalization tokens performed well. The average rise of the top 500 tokens by market capitalization reached 16.65%, with the rise of tokens ranked 301-400 exceeding 46%, indicating a clear preference for assets with topical and narrative potential. AURA experienced a big pump of over 180 times, and projects like CONSCIOUS saw trading volumes increase by more than a hundred times, highlighting the resonance effect of volume and price. The overall market exhibited a structure of "theme rotation + mainstream stability," with abnormal trading volume still being an important signal for capturing short-term opportunities.

Cryptocurrency Market Overview

According to data, from June 3 to June 16, 2025, the overall cryptocurrency market maintained range fluctuations, with a tendency towards high-level consolidation, and no obvious signs of warming have appeared. 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 maintained a hawkish tone, with officials remaining vigilant about the inflation outlook. Core PCE stabilized at 2.6%, and it is projected that it will not return to the target range until 2027. At the same time, the GDP growth rate has been revised down, and the unemployment rate has been raised, intensifying market concerns about economic slowdown and delayed interest rate cuts, further suppressing the upward momentum of risk assets.

In terms of geopolitics, military conflict has erupted between Iran and Israel, driving up global risk aversion, with traditional safe-haven assets like gold benefiting as a result. However, this event is not yet a decisive driving force for a new round of rising market trends; subsequent attention should still be paid to macroeconomic data and the market's absorption capacity.

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

Overall, the current cryptocurrency market is in a fluctuating phase intertwined with policy games. Although the fundamental support is not yet sufficient, the easing of regulations and the capital absorption capacity 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 the changes in trading volume and the response to macro indicators.

Overview of this round of rise and fall data

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 performing the best, achieving an average rise 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 rises of 9.99% and 9.91%, respectively, showing relative stability. The mainstream assets in the top 100 by market capitalization rose by 8.26%, maintaining a moderate upward trend, indicating sustained institutional allocation sentiment.

In comparison, the tokens ranked 201-300 by market capitalization have performed steadily, with an average rise of 8.23%, slightly lower than other ranges. Overall, the mid and small market capitalization sectors show characteristics of localized explosions, but the rotation of funds has not spread comprehensively, 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 crypto market has maintained a fluctuating consolidation pattern, capital rotation has been active, and some small-cap Tokens have performed particularly well, showing a clear structural differentiation in the market. The top gainer is AURA, with a price that has risen over 18,800% in two weeks, far exceeding other coins, indicating a concentration of extreme speculative capital inflow. AURA is a Meme coin deployed on the Solana chain, set to launch on May 30, 2024, focusing on the "aura" concept that has gone viral on TikTok, emphasizing the combination of social influence and personal charisma. Currently, the project has evolved into a community-led movement with a faith attribute, gaining high popularity on the X platform, 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 rises, reflecting the market's strong preference for high volatility and high-topic assets. The top ten tokens with the highest rises are mostly concentrated in the fields of Meme, AI, and social minting, possessing community popularity or speculative space, and have gained funding favor in the short term. Additionally, REKT, VENOM, DAKU, etc. also show high Beta market performance, demonstrating strong performance under the structure of capital speculation.

In contrast, the decline leaderboard is focused on projects with waning popularity or outdated themes, with ZKJ experiencing a decline of 83.95%. Others such as KOGE (-56.11%), MASK (-46.97%), and SOS (-45.22%) also saw significant drops, indicating that assets lacking narrative support are under considerable pressure as funds retreat.

Overall, the current market has not yet shown systemic warming, but the funding preference structure is clear. Tokens with strong thematic relevance and active communities still have short-term performance opportunities; while projects without new narratives and lacking liquidity are likely to become heavy targets for sell-offs, with significant characteristics of market differentiation.

market capitalization ranking and rise and fall relationship

To further analyze the structural characteristics of token performance in this market cycle, 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 rise and fall 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 focal point of market capital games.

The market capitalization range (ranked approximately 100-400) is the most densely distributed, and generally records double-digit rises, reflecting a "broad net" approach of funds, inclined to allocate assets with community popularity or strong narrative backgrounds. In contrast, individual assets such as LA and DLC, which have seen significant declines, often lack topic support or belong to old theme projects that have been overhyped in earlier stages, recently encountering profit-taking or liquidity exhaustion.

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

Top 100 market capitalization风云榜

In the context of this round of volatile 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 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, UNI's rise is particularly eye-catching, benefiting not only from increased governance revenue and enhanced liquidity, but also related to a certain DEX launching smart wallet features. This wallet introduces mechanisms such as one-click exchange, Gas sponsorship, and arbitrary Token payments, significantly improving the 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, exhibiting 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 hot topics.

On the other hand, although the overall market is in a high-level consolidation state, some assets in the top one hundred by market capitalization are performing relatively weakly. The top five biggest declines are LEO (-2.42%), WBT (-0.51%), while the others such as TKX (+0.55%), NEXO (+0.81%), and FTN (+0.91%) have limited rises, reflecting that during capital rotation, these types of assets possess certain defensive attributes, even if they have not received significant attention, they have not experienced large retracements.

Overall, in this round of market trends, the tokens that have led in rise mostly possess characteristics of liquidity, narrative, and mechanism innovation, with funds favoring "high popularity and high responsiveness" assets. Defensive tokens, on the other hand, have shown stable performance in a volatile market, presenting a funding game pattern of "structural diffusion + differentiated rotation."

Analysis of the Performance in This Round of Volume Expansion

Trading 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 round of market conditions. Using the trading volume before the market started as a benchmark, the trading volume growth multiplier as of June 16 is calculated to measure changes in market heat and trading activity.

Data shows that the Solana Meme Token AURA leads with over 1,600 times trading volume growth, combined with its astonishing rise of over 18,000%, clearly indicating that this project has become the market focus in this round of market conditions, with a high degree of 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 funds have significantly intervened, reflecting the market's phased attention to its narrative themes. It is noteworthy 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" 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 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 increases, reflecting a rapid rise in market trading willingness driven by high topicality or new narratives. From the perspective of market capitalization distribution, these types of projects are mostly located between the 100th and 400th ranks in market capitalization, characterized by moderate size, high volatility, and relatively active liquidity, making them easy targets for short-term speculative trading. While the sharp increase in trading volume does not necessarily accompany a sustained rise in price, 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, trading volume anomalies are an important indicator for identifying market heat and structural rotation, especially among small and medium market capitalization tokens, where volume changes often precede price reactions and are suitable as one of the monitoring signals for short-term trading.

![Gate Research Institute: BTC high position volatility, AURA big pump over 180 times, small and medium market capitalization coins stir up a trend](