Overview

Gate Research Institute analyzed and sorted out the market dynamics and popular airdrop projects from June 3 to June 16, 2025. During this period, the crypto market continued to fluctuate at a high level, and there has been no systematic recovery, but driven by local themes, small and medium-sized market value tokens performed well. The average increase of the top 500 tokens by market value reached 16.65%, of which the increase in the range of 301-400 by market value exceeded 46%, showing that funds still have a clear preference for assets with topical and narrative potential. AURA soared more than 180 times, and the trading volume of projects such as CONSCIOUS increased more than 100 times, with a prominent volume-price resonance effect; while some tokens that have increased in volume but stagnated reflect the market's divergent expectations for their subsequent performance. The overall market presents a structure of "theme rotation + mainstream stability", and abnormal trading volume is still an important signal for capturing short-term opportunities.

In this context, multiple potential projects have simultaneously launched airdrop activities, including OpenSea (the world's leading NFT trading platform), Treehouse (DeFi rewards platform), Recall (decentralized data protocol) and Sophon (on-chain identity platform), all of which have opened task participation portals. This article will briefly introduce the characteristics and participation methods of these projects to help users seize the airdrop bonuses and mid- to long-term layout opportunities during the market rebound period.

Cryptocurrency Market Overview

According to CoinGecko data, from June 3 to June 16, 2025, the cryptocurrency market as a whole maintained range fluctuations, with a trend towards high consolidation, and no obvious signs of recovery have yet appeared. During this period, BTC once reached 110,000 USDT, an increase of nearly 4%. It has now fallen back to about 106,000 USDT, indicating that the market is still in a state of long-short tug-of-war. [1]

At the macro level, the FOMC meeting minutes released by the Federal Reserve at the end of May continued the hawkish tone, and officials remained vigilant about the inflation outlook. The core PCE stabilized at 2.6%, and it is expected to fall back to the target range by 2027. At the same time, the downward revision of GDP growth and the upward revision of unemployment rate have intensified market concerns about economic slowdown and delayed interest rate cuts, further suppressing the upward momentum of risky assets.

In terms of geopolitics, the military conflict between Iran and Israel has led to a rise in global risk aversion, and traditional safe-haven assets such as gold have benefited from this. However, this event is not enough to constitute a decisive driving force for a new round of rising prices, and we still need to pay attention to macro data and the market's ability to carry on.

In terms of regulation, the policy side has released positive signals. The GENIUS Stablecoin Act successfully passed a procedural vote in the Senate on June 12, indicating that the US regulatory attitude has undergone a structural shift, the regulatory path has gradually become clear, and policy uncertainty is expected to be alleviated in the future. The next day, the SEC also announced the formal withdrawal of a number of DeFi and crypto custody regulatory proposals, which the market generally regarded as active support for the DeFi ecosystem.

Overall, the current crypto market is in a period of volatility and policy game. Although the fundamental support is not sufficient, the regulatory relaxation and capital acceptance are gradually improving, which may accumulate momentum for the second half of the year. In the short term, we still need to keep a close eye on the linkage reaction between volume changes and macro indicators.

1. Panorama of this round of price fluctuations

This article groups and counts the top 500 tokens by market value, and observes the average increase in different market value ranges from June 3 to June 16.

The overall average increase was 16.65%, among which the tokens ranked 301-400 by market capitalization performed the best, with an average increase of 46.85%, far exceeding other ranges, indicating that some small-cap tokens have received high market attention and concentrated capital inflows. Tokens ranked 101-200 and 401-500 by market capitalization also performed well, with average increases of 9.99% and 9.91% respectively, which are relatively stable. The mainstream assets in the top 100 by market capitalization increased by 8.26%, maintaining a moderate upward trend, indicating that institutional allocation sentiment continues.

Relatively speaking, the tokens ranked 201-300 in market capitalization performed steadily, with an average increase of 8.23%, slightly lower than other ranges. Overall, the small and medium-sized market capitalization sectors showed local outbreak characteristics, but the capital rotation has not been fully rolled out, and the market heat is still concentrated in some themes and sectors. The current rebound structure is selective and it is difficult to regard it as a comprehensive recovery in sentiment.

Note: The market capitalization distribution is based on Coingecko data. The top 500 tokens by market capitalization are grouped into groups of 100 (such as ranking 1-100, 101-200, etc.). The price increase and decrease of tokens in each group from June 3 to June 16, 2025 are counted, and the average of each group is calculated as the average increase indicator for the market capitalization range. The overall average increase (16.65%) is the average of the individual increases of the top 500 tokens by market capitalization, unweighted.

Figure 1: The overall average increase is 16.65%. The most impressive increase is in the tokens ranked 301-400 by market capitalization, with an average increase of 46.85%.

Rising and falling dragon and tiger list

Although the overall crypto market has maintained a volatile consolidation pattern in the past two weeks, capital rotation has been active, and some small-cap tokens have performed particularly well, with the market showing obvious structural differentiation. AURA ranked first on the list of gains, with its price soaring by more than 18,800% in two weeks, far exceeding other currencies, indicating a concentrated influx of extreme speculative funds. AURA is a meme coin deployed on the Solana chain. It will be launched on May 30, 2024, featuring the "aura" concept that became popular on TikTok, emphasizing the combination of social influence and personal temperament. The project has now evolved into a community-led movement with belief attributes, and has a high degree of popularity on the X platform, becoming one of the most popular meme projects in the Solana ecosystem in recent times. [2]

Others such as 0X0 (+119.76%), AB (+83.68%), PCI (+76.30%) also recorded significant gains, reflecting that the market still has a strong preference for high-volatility, high-topic assets. The top ten tokens with the highest gains are mostly concentrated in the fields of Meme, AI, social coinage, etc., which have community popularity or hype space and are favored by funds in the short term. Others such as REKT, VENOM, DAKU, etc. also showed high Beta market, reflecting the strong performance under the capital game structure.

In contrast, the decline list is concentrated on projects whose popularity has waned or whose themes are outdated. ZKJ fell by 83.95%, and others such as KOGE (-56.11%), MASK (-46.97%), and SOS (-45.22%) also fell sharply, indicating that assets lacking narrative support are under obvious pressure as funds recede.

Overall, the current market has not seen a systematic recovery, but tokens with a clear capital preference structure, strong themes, and active communities still have short-term performance opportunities; while projects with no new narratives and lack of liquidity are likely to become the hardest hit areas for selling, and the market differentiation characteristics are significant.

Figure 2: The most outstanding performance is the Meme coin AURA on the Solana chain, which has increased by more than 18,800%

Relationship between market value ranking and price fluctuation

To further analyze the structural characteristics of token performance in this round of market, this article draws a scatter plot of the top 500 tokens by market value, with the horizontal axis representing the market value ranking (the smaller the value, the larger the market value), and the vertical axis representing the price increase or decrease from June 3 to June 16 (displayed on a logarithmic scale). Each dot in the figure represents a token, with green representing an increase and red representing a decrease.

From the overall distribution, about 90% of the tokens achieved positive returns, with the increase concentrated in the range of 10% to 80%, reflecting that this round of market has obvious systemic rebound characteristics. Among them, AURA increased by more than 18,000%, showing an extreme upward trend in the chart; PCI also ranked among the top in terms of increase, indicating that some small and medium-sized market value tokens are still the focus of market capital game.

The mid-market value range (market value ranking of about 100-400) is the most densely distributed, and generally recorded double-digit growth, reflecting that funds are "casting a wide net" and tend to allocate assets with social media popularity or strong narrative backgrounds. In contrast, some assets with the largest declines, such as LA and DLC, mostly lack topical support, or are old theme projects that were overdrawn by speculation in the early stage, and have recently encountered capital profit-taking or liquidity depletion.

In summary, this round of rebound was not dominated by high-market-cap mainstream coins, but rather showed the structural characteristics of "mainstream coins are stable and small and medium-sized coins are active". Funds prefer targets with topic speculation space, community foundation or innovative mechanisms.

Figure 3: Most tokens recorded positive returns in this period, with the increase mainly concentrated in the range of 10% to 50%.

Top 100 Market Capitalization List

In the context of this round of volatile market, the top 100 tokens by market value maintained a relatively stable performance. After excluding stablecoins and LSD (liquid pledge derivatives), the top five tokens with the highest increase were SPX (+43.24%), UNI (+40.52%), FARTCOIN (+32.25%), SKY (+26.64%) and HYPE (+25.23%), indicating that market funds prefer to focus on mainstream projects with narrative heat, high trading activity or new concept support.

Among them, UNI's growth performance is particularly eye-catching, which not only benefits from the increase in governance income and enhanced liquidity, but also has something to do with the launch of the smart wallet function by Uniswap Labs. The wallet introduces mechanisms such as one-click exchange, gas sponsorship, and arbitrary token payment, which significantly improves the user experience. It is based on the Ethereum EIP-5792 standard and will further enhance its technical advantages under the upcoming Pectra upgrade. This series of innovations has improved user stickiness, strengthened the market's confidence in the Uniswap ecosystem, and has become an important support for the strong upward movement of UNI in this round. [3]

Although FARTCOIN has Meme attributes, its core revolves around AI dialogue experiments and the "Truth Terminal" mechanism, combined with social communication and interactive gameplay, it has attracted a lot of capital attention in the short term and exhibited obvious high volatility characteristics; and HYPE, as the native token of the Hyperliquid ecosystem, has also shown a high Beta structural market performance driven by the increase in platform trading activity and the popularity of topics.

On the other hand, although the overall market is in a high-level consolidation state, some of the top 100 assets by market value performed weakly. The top five decliners were LEO (-2.42%) and WBT (-0.51%), while the others, such as TKX (+0.55%), NEXO (+0.81%), and FTN (+0.91%), had limited gains, reflecting that when funds rotate, these assets have certain defensive properties, and even if they have not received significant attention, they have not experienced a large retracement.

In general, most of the tokens with the highest gains in this round of market have the characteristics of liquidity, narrative and mechanism innovation, and funds prefer "high-heat, high-reaction" assets. Defensive tokens, on the other hand, performed stably in the volatile market, presenting a fund game pattern of "structural diffusion + differentiation rotation".

Figure 4: The leading tokens in the top 100 by market capitalization are mostly concentrated in sectors with active trading or high narrative popularity, indicating that capital allocation tends to be topical and responsive mainstream assets

2. Analysis of this round of volume growth

Volume Growth Analysis

Based on the analysis of token price performance, this article further observes the changes in the trading volume of some tokens in this round of market. Based on the trading volume before the market started, the growth rate of trading volume as of June 16 was calculated to measure the changes in market heat and trading activity.

Data shows that Solana Meme token AURA ranks first with a trading volume growth of more than 1,600 times. Combined with its amazing increase of more than 18,000%, it fully demonstrates that the project has become the focus of market attention in this round of market and is highly speculative.

Following closely behind, CONSCIOUS has seen a price drop of about 4.6% in the past 14 days, but its trading volume has increased by more than 100 times, indicating that short-term funds have been heavily involved, reflecting the market's periodic attention to its narrative themes. It is worth noting that CONSCIOUS is not an ordinary financial asset, but a Web3 project that combines meditation practice with blockchain technology, dedicated to promoting the spread and practice of the concept of "mindfulness" around the world. Its core goal is to build a decentralized ecosystem with mental health as the theme, break through the framework of traditional encryption projects, and gradually form unique cognition and value propositions in the market with unique application scenarios and differentiated positioning.

Others such as ETHX (+56.17 times), PCI (+36.35 times) and USDY (+26.06 times) also recorded significant volume increases, reflecting that driven by high topicality or new narratives, the market's willingness to trade has increased rapidly. From the perspective of market value distribution, these projects are mostly between 100th and 400th in market value, with moderate size, high volatility, and relatively active liquidity, making them easy targets for short-term capital speculation. Although the sharp increase in trading volume is not necessarily accompanied by a continued rise in prices, it is often a precursor to the start of the market, especially for tokens with community momentum and narrative themes, which are more valuable for trading reference.

In summary, abnormal trading volume is an important indicator for identifying market heat and structural rotation, especially in small and medium-sized market capitalization tokens. Changes in volume often lead price reactions and are suitable as one of the monitoring signals for short-term trading.

Figure 5: Solana Meme Token AURA ranks first with a trading volume growth of over 1,600 times, showing extremely high market participation

Volume Changes and Price Analysis

In order to further observe the relationship between volume changes and price trends, this article draws a scatter plot of volume increase multiples and price change %. The horizontal axis of the figure is the increase in the volume of each token in two weeks compared with the previous benchmark day, and the vertical axis is the price increase or decrease in the same period. A symmetrical logarithmic scale is used to clearly present extreme changes.

As can be observed from the figure, most of the tokens with significant gains are accompanied by a significant increase in trading volume, showing the market's rapid response to narrative themes, short-term trading opportunities or community enthusiasm. For example, AURA is located in the extreme position of the upper right quadrant, with a surge of more than 1,600 times in trading volume and a price increase of up to 18,000%, becoming the most representative "volume increase" model in this round of the market; medium and low market value projects such as PCI and RVN also fall in this area, reflecting that in the structural rotation, funds are more likely to concentrate on assets with heat support, forming a resonance of volume increase.

In contrast, some projects such as CONSCIOUS, ETHX and USDY have also seen a significant increase in trading volume (all more than 25 times), but their prices have shown a correction or even negative returns, indicating that although funds have entered the market in the short term, there is a lack of sustained buying or support for rising expectations. This type of "large volume but no increase" feature may reflect the market's periodic speculation or news-driven sentiment decline, especially in the absence of a strong narrative, substantive progress or community momentum follow-up.

In addition, a large number of assets with low growth rates and low volume changes gather in the lower left quadrant, indicating that although this round of market has a structural rise driven by themes, it has not spread to all assets. Non-hot projects outside the mainstream currencies are still in a wait-and-see or low-liquidity state.

Overall, the linkage between volume and price is still a key reference for identifying capital attention and market expectations in the current market. Projects in the upper right quadrant mostly show the characteristics of "hot narrative + volume and price resonance", which are more likely to attract funds chasing the rise, while tokens in the lower right or middle axis area need further observation to see whether they have the conditions for starting. The abnormal movement of volume, especially in medium and low market value projects, is often an early signal of the theme market, and is suitable as an important basis for short-term strategies.

Figure 6: Tokens such as AURA, PCI and RVN are located in the upper right quadrant, showing typical "volume increase" characteristics

Correlation analysis

After exploring the direct relationship between the change in the trading volume of tokens and their price performance, this article further analyzes the structural connection between the two from a statistical perspective. In order to assess whether the market's capital activity has a systematic impact, "trading volume/market value" is introduced as a relative activity indicator, and the correlation coefficient between it and the price fluctuation is calculated. Through correlation analysis, we can more comprehensively understand which tokens are more likely to be driven by capital liquidity in the current market, and whether there is a consistent pattern between the market's trading enthusiasm and price response, thereby providing investors with a more structurally insightful reference.

It can be observed from the figure that the correlation between the token's "volume/market value" and price increase is generally high, especially concentrated between 0.65 and 0.90, indicating that capital activity has a significant impact on price changes. The color of the scattered points represents the strength of the correlation (red is high and blue is low), and the size of the bubble is scaled according to the token's market value, reflecting the difference in market value.

The projects such as AXL, VENOM, ORBS and AURA in the upper left corner of the figure not only have a correlation coefficient of over 0.85, but also have relatively small bubbles, indicating that the trading volume of these small and medium-sized market value projects has increased dramatically during price increases, and they have the characteristics of "volume-price linkage", and are often regarded as the concentrated target of funds chasing hot topics.

On the right side, mainstream assets such as UNI, KAI, and ICX have a slightly lower correlation (about 0.65–0.70), but due to their large market capitalization, the bubble is significantly enlarged, which means that their volatility is under control and their growth is more stable. Although the degree of volume-price linkage is slightly lower, it still has an advantage in capital allocation due to its strong liquidity and institutional attention.

Overall, this chart shows the structural market characteristics of "theme driven + market value diffusion": small and medium-sized currencies are more volatile and interconnected under the impetus of funds, while mainstream assets provide stable support. Investors can use this to identify short-term high-chasing opportunities and mid-term layout targets, and optimize trading decisions by combining changes in trading volume and price correlation.

Figure 7: The trading volume and increase of small and medium-sized market value tokens such as AXL, VENOM, ORBS, and AURA are highly correlated, and the capital heat is concentrated

In summary, although there has not been a systematic rebound in the current crypto market, the structural capital rotation and the strong performance of small and medium-sized market value assets have shown that the market is still hot. Volume changes and theme-driven have become important bases for identifying trading opportunities. In addition to the active performance of the spot trading market, there are also multiple potential airdrop projects being promoted simultaneously in this period, covering popular tracks such as NFT, social, and AI. If users can grasp the rhythm, they are expected to make early arrangements during the market volatility period and obtain potential token benefits. The following will briefly sort out the current airdrop tasks and participation methods that are worth paying attention to.

Airdrop Hot Projects

This article sorts out popular projects with high airdrop potential from June 3 to June 16, 2025. Most of these projects have been supported by well-known investment institutions and are expected to release token airdrops in the next year. These include OpenSea (the world's leading NFT trading platform), Treehouse (DeFi rewards platform), Recall (decentralized data protocol) and Sophon (on-chain identity platform) and other Web3 projects, all of which have launched or confirmed airdrop plans to provide users with a variety of participation and profit paths. The following will detail the basic situation of each project, airdrop dynamics and participation methods to help users keep up with the market rhythm and seize early dividend opportunities.

OpenSea

OpenSea is the world's leading NFT trading platform, supporting users to create, trade and display various types of non-fungible token assets. The platform is compatible with multiple public chains (such as Ethereum, Polygon, Base, etc.), and continues to expand cross-chain support to enhance the user trading experience. OpenSea provides a wealth of creator tools and aggregation functions, covering a variety of categories such as artworks, collectibles, and game assets. [4]

OpenSea is currently launching the Voyages reward program, which combines the XP and Treasures systems to increase user interaction frequency and platform loyalty, and create a more gamified and incentive-based NFT ecosystem. Users can obtain XP by participating in the platform's designated functions to unlock Voyages of different rarities (common, uncommon, rare, epic and legendary). Among them, legendary Voyages usually appear in the form of "Shipments" and have the opportunity to receive exclusive rewards called "Treasures", which will be displayed directly on the user's personal homepage.

How to participate:

1. Go to the OpenSea task page and link your wallet and social account.

2. Complete designated tasks, such as purchasing NFTs, to obtain corresponding points.

Treehouse

Treehouse is a platform that integrates DeFi operations and reward mechanisms, and is committed to increasing user engagement through gamification design. The platform supports users to provide liquidity and stake assets on multiple blockchain networks, and encourages users to continue to interact through a points system (such as Nuts). Treehouse also introduces a Buff and Badge mechanism to provide additional rewards based on user activity and contribution, building a more sticky and participatory DeFi ecosystem. [5]

Currently, Treehouse is carrying out the second season of Point Farming activities. Users can earn Nuts (points) by providing liquidity on networks such as Arbitrum and Mantle. For every 0.1 ETH staked, 1 point can be obtained per day. Staking LP assets can also earn additional points. Nuts points can be used to redeem tokens or obtain official rewards in the future.

How to participate:

1. Go to the Treehouse official page and link your wallet.

2. Go to the Vaults page and provide liquidity to earn points.

Recall

Recall (formerly Ceramic) is a decentralized data protocol dedicated to providing a verifiable user data storage and access layer for AI and Web3 applications. The platform supports users to maintain their identity and data sovereignty across different platforms by establishing a trusted data sharing mechanism, which is particularly suitable for scenarios such as AI agents, on-chain identities, and social graphs. [6]

Currently, Recall is launching a Point Farming activity on Zealy and Galxe platforms, where users can earn Fragments (points) by completing designated tasks. Tasks include obtaining Discord roles, inviting friends, participating in AI Agent matching searches, etc. All interactions have the opportunity to accumulate points and obtain future airdrop qualifications. These points are expected to be used to redeem tokens or unlock exclusive rewards within the Recall ecosystem.

How to participate:

1. Go to the Recall official page and link your wallet.

2. Complete designated social tasks, such as following the official X account, to earn points.

3. Complete the specified tasks on Zealy and Galxe to earn points.

Sophon

Sophon is a decentralized platform focusing on social identity and on-chain interaction. It combines AI and zero-knowledge technology to create a verifiable and portable on-chain digital reputation system. The project focuses on "on-chain personality", "social graph" and "behavioral data", supports task systems, NFT authorization and interaction to mine user value, and plans to introduce incentive mechanisms to promote the development of Web3 scenarios such as content creation, DAO collaboration and identity credentials. [7]

Currently, Sophon is conducting a Point Farming activity in the Beta phase and issuing point rewards through a task system. There will be potential airdrops or platform incentives in the future. The latest tasks and progress can be obtained through its official website or social platforms.

How to participate:

1. Go to the Sophon official page and link your wallet.

2. Complete designated tasks, such as inviting three friends via a link and subscribing to an email.

3. Complete social tasks to earn points.

hint

The airdrop plan and participation methods may be updated at any time. Users are advised to follow the official channels of the above projects for the latest information. At the same time, users should participate with caution, pay attention to risks, and do sufficient research before participating. Gate does not guarantee the subsequent airdrop rewards.

Summarize

Looking back at the market cycle from June 3 to June 16, 2025, the overall crypto market maintained a high-level shock consolidation pattern. Although there was no systematic recovery, some small and medium-sized market value tokens performed well driven by structural fund rotation and local themes, indicating that the market heat has not yet significantly receded. The average increase of the top 500 tokens by market value was 16.65%, among which the tokens ranked 301-400 by market value had the most significant increase, with an increase of more than 46%, reflecting the continued preference of market funds for assets with topicality, narrative potential and price elasticity.

From the perspective of trading volume changes, the two projects AURA and CONSCIOUS have increased their trading volume by more than 100 times, becoming the focus of short-term market attention, indicating that funds are actively looking for trading targets with explosive power. The volume-price linkage chart further reveals that projects in the upper right quadrant often have the resonance characteristics of "explosive trading volume + soaring prices" and are sought after by the market; while some projects have increased trading volume but stagnant prices, reflecting the market's divergence in subsequent expectations.

Overall, this round of the market is still characterized by "rotation of themes + mainstream stability", and funds are looking for room for game between narrative-driven and high-volatility targets. Volume fluctuations are still an important signal for identifying the start of the market and judging the market structure, especially in small and medium-sized market value projects. If the subsequent macroeconomic and regulatory expectations continue to be stable, the market is expected to accumulate momentum in the shock and lay the foundation for the market in the second half of the year.

In terms of airdrop projects, the projects tracked in this issue, such as OpenSea, Treehouse, Recall and Sophon, show characteristics such as rich application types, clear task paths, and diverse ways of participation. These projects all focus on popular tracks such as NFT, DeFi, social identity or AI data protocols, have clear ecological positioning and practical scenarios, and motivate users to continue to interact through a points mechanism. Currently, most of them are in the early or testing stages of the activity. Users can accumulate points by completing designated tasks to obtain qualifications for subsequent airdrops or platform rewards. Continuous attention and participation are not only expected to obtain token incentives, but also help to familiarize themselves with the operation of the protocol and lock in early dividends.

References:

1. CoinGecko, https://www.coingecko.com/

2. Gate, https://www.gate.com/announcements/article/45594

3. X, https://x.com/Uniswap/status/1933168423825035768

4. OpenSea, https://opensea.io/rewards

5. Treehouse, https://www.treehouse.finance/

6. Recall, https://boost.absinthe.network/recall/dashboard

7. Sophon, https://app.sophon.xyz/leaderboard