The crypto market is experiencing a general pump, with 90% of tokens rising.

Recently, the crypto market has experienced a significant pump. After Bitcoin retraced below $100,000 on June 22, there was a brief panic in the market. However, the market quickly rebounded, starting a new round of rise. Unlike before, this pump is not limited to mainstream Tokens; many long-dormant Tokens have also performed well.

To gain a deeper understanding of the market dynamics, we conducted a comprehensive analysis of 403 spot trading pairs in an attempt to capture the true pulse of the market.

Overall Market Performance

Analysis shows that 94.8% of tokens experienced a rise during this period, with an average increase of 30.38% and a median of 25.92%. This performance is significantly stronger than the rebound in April.

Specifically:

• 7 tokens have risen over 100%, with the highest increase reaching 335%.
• 34 tokens have risen by between 50% and 100%
• Most Tokens have a rise of less than 50%, accounting for 84.6%.

It is worth noting that 307 Tokens have risen more than Bitcoin's 15.31% rise, demonstrating the strong performance of altcoins.

Top 20 Token Characteristics by Rise

1. Market capitalization distribution: primarily concentrated in small cap (<$100 million) and mid cap ($100 million - $1 billion)
2. Category: Mainly focused on MEME, AI, and DeFi-related, with infrastructure Tokens also showing impressive performance.
3. Ecological distribution: Mainly concentrated on the three major public chains of Ethereum, BSC, and Solana.

Track Performance

1. MEME coin performed the best, with an average rise of 42.2%
2. Infrastructure categories followed closely, with a rise of 40.98%
3. The unexpected rise of GameFi, with an average pump of 35.15%
4. DEX, AI, and smart contract platforms have also performed quite well.
5. RWA Token performance was mediocre, with a rise of only 11.94%
6. Wallet-related Tokens performed poorly, with an average decline of 3.09%.

Performance of Public Chain Ecosystem

1. Solana ecosystem leads, rise 39.41%
2. Base ecosystem follows closely behind, with a rise of 33.86%
3. Arbitrum, Ethereum, and BSC rank in the top five with rise rates of 31.42%, 31.14%, and 28.41% respectively.
4. The performance of the Avalanche ecosystem is average, with a rise of only 10.86%.

Relationship between Market Capitalization and Rise

The current rise is not highly correlated with the market capitalization of tokens:

• Large market cap Tokens (greater than $1 billion) average rise of 33.93%
• Small-cap tokens (<$100 million) average rise of 30.41%
• Mid-cap Tokens (100 million - 1 billion USD) average rise of 29.45%

Small-cap and mid-cap tokens remain the market leaders, with a total of 348 tokens in this range.

Token Issuance Time and Performance

1. The tokens issued in 2024 performed the best, with an average rise of 42.76%.
2. The issuance of tokens in 2023 ranked second, with an average rise of 34.57%.
3. The performance of the tokens issued in 2019, 2025, and 2018 was also good.
4. The performance of tokens issued in 2017 and 2021-2022 is relatively poor.

It is worth noting that the Tokens issued in 2017 performed poorly in the recent two rounds of pump, which may reflect that early projects are gradually losing market attention.

Outlook on the Shanzhai Season

Although this round of pump shows a general rise, it is still some distance from a true "altcoin season":

• Only 7 tokens exceed the 2024 high.
• 38 Tokens are still more than 90% away from the 2024 peak.
• 146 Tokens are over 80% away from the 2024 peak.
• 302 Tokens are more than 50% away from the 2024 peak.

This means that most tokens need to rise at least twice to return to the price levels of 2024. From this perspective, the altcoin season still seems to have considerable potential. However, whether this round of pump can be sustained remains to be further verified by the market.