The crypto market is undergoing fluctuations and adjustments, with small to medium coins performing impressively.

From June 3 to 16, the crypto market maintained a high-level fluctuation overall, without showing a systematic rebound. Driven by local themes, small and medium market cap tokens performed remarkably well. The average increase of tokens ranked in the top 500 by market cap reached 16.65%, with those ranked between 301-400 experiencing an increase of over 46%, indicating a clear preference from funds for assets with topicality 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. The overall structure presents a "theme rotation + mainstream stability" pattern, and unusual trading volumes remain an important signal for capturing short-term opportunities.

Market Trend Analysis

Overview of Price Fluctuation Data

The average increase of the top 500 tokens by market capitalization is 16.65%, among which:

• The top performers in market cap rankings 301-400 had an average increase of 46.85%.
• The market capitalization rankings 101-200 and 401-500 followed, with increases of 9.99% and 9.91%, respectively.
• The top 100 by market capitalization increased by 8.26%, maintaining a moderate upward trend.
• The market cap rankings 201-300 performed steadily, with an increase of 8.23%.

Overall, it shows characteristics of localized outbreaks in small and medium market capitalization, with capital rotation not fully spreading, and the rebound structure is selective.

Price Change Ranking

Top five increases:

1. AURA: +18,800%
2. 0X0: +119.76%
3. AB: +83.68%
4. PCI: +76.30%
5. REKT: +75.02%

Top five declines:

1. ZKJ: -83.95%
2. KOGE: -56.11%
3. MASK: -46.97%
4. SOS: -45.22%
5. TORN: -36.96%

The tokens with leading price increases are mostly concentrated in hot areas such as Meme, AI, and social minting, possessing community popularity or speculative space. The assets with the largest declines are concentrated in projects that have lost their heat or have outdated themes.

performance of the top 100 by market cap

Excluding stablecoins and LSD, the top five increase in value:

1. SPX: +43.24%
2. UNI: +40.52%
3. FARTCOIN: +32.25%
4. SKY: +26.64%
5. HYPE: +25.23%

Top five declines:

1. LEO: -2.42%
2. WBT: -0.51%
3. TKX: +0.55%
4. NEXO: +0.81%
5. FTN: +0.91%

Tokens with leading gains often possess characteristics of liquidity, narrative, and mechanism innovation. Defensive tokens, on the other hand, perform steadily in volatile markets.

Volume Analysis

Trading Volume Growth Ranking

Top five by trading volume:

1. AURA: +1600 times or more
2. CONSCIOUS: +100 times or more
3. ETHX: +56.17 times
4. PCI: +36.35 times
5. USDY: +26.06 times

These projects are mostly mid-cap tokens ranked between 100 and 400 in market capitalization, characterized by moderate size, high volatility, and active liquidity, making them easy targets for short-term speculation.

relationship between trading volume and price

• Most tokens with significant price increases are accompanied by a noticeable increase in trading volume, such as AURA, PCI, RVN, etc.
• Some projects such as CONSCIOUS, ETHX, and USDY have seen a significant increase in volume, but their prices have pulled back, which may reflect stage-based speculation or a decline in sentiment.
• A large number of assets with low price fluctuations and low trading volume are concentrated in the lower left quadrant, indicating that the market has not fully expanded.

The linkage between volume and price remains a key reference for identifying the attention of funds and market expectations. Projects in the upper right quadrant often exhibit characteristics of "hype narrative + volume-price resonance," making them more attractive to chasing funds.

correlation analysis

• The correlation between the "trading volume/market cap" of tokens and price increases is generally high, concentrated between 0.65 and 0.90.
• AXL, VENOM, ORBS, AURA and other small and medium market cap projects have a correlation coefficient as high as 0.85, showing a strong price-volume linkage characteristic.
• The correlation of mainstream assets such as UNI, KAI, and ICX is slightly lower at around 0.65-0.70, but due to their large market capitalization, the volatility is controlled, resulting in steadier gains.

The overall presentation shows structural market characteristics of "thematic drivers + market capitalization diffusion." Small and medium coins exhibit greater volatility and correlation under the influence of capital, while mainstream assets provide stable support.

Popular Airdrop Projects

1. OpenSea

   • World-leading NFT trading platform
   • Launched the Voyages reward program, combining XP with the Treasures system
   • Participation method: Complete platform designated tasks to earn XP and unlock Voyages of different rarities.

2. Treehouse

   • DeFi Operation and Reward Platform
   • Conduct the second season Point Farming activity
   • Participation method: Provide liquidity on networks like Arbitrum and Mantle to earn Nuts points

3. Recall

   • Decentralized Data Protocol
   • Launching Point Farming activities in collaboration with Zealy and Galxe platforms
   • Participation method: Complete social tasks, invite friends, participate in AI Agent matching search, etc. to earn Fragments points

4. Sophon

   • On-chain social identity platform
   • Conduct Beta phase Point Farming activities
   • Participation method: Complete designated tasks such as inviting friends, subscribing to emails, social interactions, etc. to earn points

Note: The airdrop plan may be updated at any time, it is recommended to follow the project's official channels for the latest information. Be sure to fully understand the risks before participating.

Summary

From June 3 to June 16, 2025, the crypto market maintained a high-level consolidation. Although it has not fully warmed up, small and medium-sized market cap tokens have performed remarkably, indicating that market enthusiasm has not waned. The average increase in the top 500 tokens by market capitalization was 16.65%, while those ranked 301-400 saw an increase of over 46%. Projects like AURA and CONSCIOUS experienced a surge in trading volume, reflecting that funds are actively seeking explosive targets.

Overall, it presents the characteristics of "thematic rotation + mainstream stability", with funds playing a game between narrative-driven and high-volatility targets. Volume anomalies remain an important trading signal, especially for small and medium-sized market cap projects. If the macro environment and regulatory expectations continue to stabilize, the market is expected to accumulate momentum amidst fluctuations.

In terms of airdrops, projects like OpenSea, Treehouse, Recall, and Sophon focus on popular sectors such as NFTs, DeFi, social identity, and AI data, encouraging user participation through a points mechanism. Continuous attention not only holds the promise of token incentives but also helps users become familiar with protocol operations and lock in early benefits.