The crypto market is experiencing fluctuations and consolidation, with small to mid-cap tokens performing remarkably.

In the past two weeks, the crypto market has maintained a high-level fluctuation overall, without showing a systemic recovery. However, driven by local themes, small and medium market capitalization tokens have performed remarkably. The average increase of the top 500 tokens by market capitalization reached 16.65%, with those ranked between 301-400 witnessing an increase of over 46%, indicating a clear preference for assets with topicality and narrative potential. AURA surged over 180 times, while projects like CONSCIOUS saw their trading volumes expand by over a hundred times, highlighting the resonance effect between volume and price. On the other hand, some tokens that experienced increased trading volumes but stagnated in price reflect a divergence in market expectations regarding their future performance. The overall market trend presents a structure of "theme rotation + mainstream stability," where volume anomalies remain an important signal for capturing short-term opportunities.

Crypto Market Overview

According to the data, from June 3 to June 16, 2025, the crypto market as a whole maintained a range-bound fluctuation, with a tendency towards high-level consolidation, and no obvious signs of warming up have emerged. During this period, BTC once reached a high of 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 FOMC minutes released by the Federal Reserve at the end of May maintained a hawkish tone, with officials remaining vigilant about the inflation outlook. The core PCE remained stable at 2.6%, and it is expected to take until 2027 to return to the target range. At the same time, the downward revision of GDP growth and the upward adjustment of the unemployment rate have heightened 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, leading to a rise in global risk aversion, which benefits traditional safe-haven assets like gold. However, this event alone is not enough to constitute a decisive driving force for a new round of bullish market trends; attention should still be paid to macroeconomic data and the market's capacity to absorb.

In terms of regulation, the policy has released positive signals. The "GENIUS Stablecoin Act" was successfully passed in procedural voting in the Senate on June 12, indicating a structural shift in the U.S. regulatory attitude, 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 multiple DeFi and crypto custody regulatory proposals, which the market generally sees as positive support for the DeFi ecosystem.

Overall, the current crypto market is in a range characterized by fluctuations and policy games. Although the fundamental support is still insufficient, 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 interaction with macro indicators.

Overview of the Rise and Fall Data in This Round

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

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 market capitalization tokens have gained significant attention from the market 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, the tokens ranked 201-300 by market capitalization have shown stable performance, with an average increase of 8.23%, slightly lower than other ranges. Overall, the mid-small market capitalization segment exhibits characteristics of localized outbursts, but the rotation of funds has not spread comprehensively, and market enthusiasm remains concentrated in certain themes and sectors. The current rebound structure is selective and cannot yet be seen as a full recovery of sentiment.

Price Change Leaderboard

In the past two weeks, the crypto market has maintained a fluctuating consolidation pattern, but capital rotation has been active, with some small-cap Tokens performing particularly well, showing a clear structural differentiation in the market. The top performer on the gainers' list is AURA, which has surged over 18,800% in price in two weeks, far exceeding other coins, indicating extreme speculative capital concentration. 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 faith attributes, gaining high popularity on the X platform, becoming one of the hottest Meme projects in the Solana ecosystem recently.

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

In contrast, the decline list focuses on projects that have lost popularity or have outdated themes, with ZKJ experiencing a drop of 83.95%. Others like KOGE (-56.11%), MASK (-46.97%), and SOS (-45.22%) also saw significant declines, indicating that assets lacking narrative support are under noticeable pressure as funds retreat.

Overall, the current market has not shown systemic warming, but the preference structure for funds is clear; tokens that are strongly thematic and have active communities still present short-term performance opportunities. In contrast, projects without new narratives and lacking liquidity are likely to become heavy targets for sell-offs, with distinct characteristics of market differentiation.

market capitalization ranking and price fluctuation relationship

To further analyze the structural characteristics of Token performance in this market cycle, this article has plotted a scatter distribution map of the top 500 Tokens by market capitalization. The horizontal axis represents the market capitalization ranking (a smaller value indicates a larger market capitalization), and the vertical axis shows the price fluctuation from June 3 to June 16 (displayed on a logarithmic scale). Each dot in the chart represents a Token, with green indicating an increase and red indicating a decrease.

From an overall distribution perspective, about 90% of tokens achieved positive returns, with the growth concentrated in the range of 10% to 80%, reflecting a clear systemic rebound characteristic in this round of market. Among them, AURA's growth exceeded 18,000%, showing an extreme rise in the chart; PCI also ranked high in growth, indicating that some small and medium market capitalization tokens are still the focus of market capital speculation.

The market capitalization range (ranking approximately 100-400) is the most densely distributed, and generally records double-digit growth, reflecting a "broad net" approach to funding, tending to allocate 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 appeal, recently encountering profit-taking or liquidity depletion.

As shown above, this round of rebound has not been led by high market capitalization mainstream coins, but rather exhibits a structural characteristic of "mainstream coins being stable, while small and medium coins are active". Funds are more inclined to favor targets with speculative space, community foundation, or innovative mechanisms.

Top 100 market capitalization风云榜

In the context of the current market consolidation, the top 100 tokens by market capitalization have maintained a relatively strong performance overall. 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%). This indicates that market funds are concentrated on mainstream projects that have narrative heat, high trading activity, or are supported by new concepts.

Among them, the performance of UNI's increase is particularly eye-catching, benefiting not only from the increase in governance revenue and enhanced liquidity but also related to the launch of the smart wallet feature by Uniswap Labs. This wallet introduces mechanisms such as one-click exchange, Gas sponsorship, and any Token payment, 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 the Uniswap ecosystem, and has also become an important support for UNI's strong upward trend 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 significant financial attention in a short period, displaying obvious high volatility characteristics; meanwhile, HYPE, as the native Token of the Hyperliquid ecosystem, also shows a high Beta structural market performance driven by increased trading activity on the platform and rising topic heat.

On the other hand, although the overall market is in a high-level consolidation state, some assets in the top 100 by market capitalization show weak performance. The top five declines are LEO (-2.42%) and 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 assets possess certain defensive attributes. Even if they have not gained significant attention, there has not been a substantial retracement.

Overall, in this round of market trend, the tokens that have led the increase mostly exhibit characteristics of liquidity, narrative, and mechanism innovation, with capital favoring "high popularity, high reaction" assets. In contrast, defensive tokens have shown stable performance in a volatile market, reflecting a capital game pattern of "structural diffusion + differentiated rotation."

Analysis of the Current Volume Performance

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. Taking the trading volume before the market started as a benchmark, it calculates the trading volume growth multiplier as of June 16 to measure the changes in market enthusiasm 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 increase of over 18,000%, fully demonstrating that the project has become the market focus in this round of market trends, with high speculation.

Although the price of CONSCIOUS has dropped by about 4.6% in the past 14 days, 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 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" 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 with its unique application scenarios and differentiated positioning.

In addition, 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. From the perspective of market capitalization distribution, these 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 capital speculation. Although the dramatic increase in trading volume does not necessarily accompany a sustained price rise, 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 rotation, 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.

![Gate Research Institute: BTC High Position Fluctuation, AURA