Gate Research: BTC Consolidates at Highs, BONK Surges Over 56%, Small-Cap Rotation Heats Up

Overview

Gate Research has analyzed and summarized the market dynamics and trending airdrop opportunities from June 24 to July 7, 2025. During this period, the crypto market remained in a high-level consolidation phase. While overall sentiment has yet to fully recover, small and mid-cap tokens showed strong performance driven by localized narratives. Projects like BONK and REKT exhibited price-volume synergy, reflecting active short-term capital speculation. In contrast, certain tokens with rising volume but stagnant prices revealed diverging market expectations. Overall, the market displayed a structural pattern of “narrative rotation and mainstream resilience,” with volume anomalies continuing to serve as key indicators for short-term opportunities.

Against this backdrop, several promising projects have launched airdrop campaigns, including Altius (a next-gen data intelligence protocol), Camp Network (modular blockchain infrastructure), ChainOpera (an AI-powered on-chain interaction platform), and Sapien (an on-chain identity and social scoring system). All are currently open for task-based participation. This article provides a brief overview of these projects and their participation methods, helping users capture airdrop rewards during the market rebound and plan for mid- to long-term positioning.

Crypto Market Overview

According to CoinGecko data, from June 24 to July 7, 2025, the cryptocurrency market remained in a consolidation phase within a defined range, with prices trending toward the upper band. During this period, BTC briefly surged to a high of 110,307 USDT, marking a nearly 4% gain within the range, before pulling back to around 108,900 USDT—indicating a continued tug-of-war between bulls and bears.【1】

On the macro front, Federal Reserve Chair Jerome Powell recently suggested that a rate cut in July is not off the table, noting that the Fed might have already begun easing if not for the latest tariff hikes. He also warned that these new tariffs are expected to add inflationary pressure in the coming months. Markets interpreted Powell’s tone as slightly more flexible, leading to a short-term rebound in risk appetite.

In addition, the U.S. Senate passed a key procedural vote on the “Big & Beautiful Act” by a margin of 51–49, and President Trump officially signed it into law on July 4. Building on the 2017 tax cuts, the act introduces new deductions for tips, auto loans, and more, while significantly increasing spending on defense and border control. In the short term, this is expected to boost corporate profits and household income, improving sentiment in equities and risk assets, and encouraging capital flows into major crypto assets like BTC and ETH. However, the resulting fiscal deficit and inflation risk could become headwinds for future tightening policies.

On the regulatory side, the U.S. Senate has completed procedural review of the GENIUS Act, while the House is accelerating its own progress. Republican leadership recently declared the week of July 14 as “Crypto Week” and plans to vote on three key digital asset bills: the GENIUS Act, the CLARITY Act, and legislation opposing the launch of a central bank digital currency (CBDC). These developments indicate a more structured approach by Congress to establish a comprehensive regulatory framework for digital assets, aiming to provide legal clarity for stablecoins, trading platforms, and emerging products.

Overall, the crypto market is currently in a transitional phase, with regulatory clarity improving and policy actions intensifying. While investor sentiment remains cautious, structural tailwinds are gradually building. With the Fed’s stance becoming more flexible, “Crypto Week” approaching, and institutional products like ETFs gaining traction, the second half of the year could mark a pivotal point for sentiment recovery and capital inflows. In the near term, it is recommended to closely monitor the legislative progress of the three major crypto bills and net flows into mainstream crypto ETFs, which may serve as key indicators for market direction.

1. Overview of Price Performance

This article analyzes the performance of the top 500 tokens by market capitalization, grouping them to observe the average price change across different market cap tiers from June 24 to July 7, 2025.

Overall, the market exhibited a pattern of structural rotation, with small-cap tokens generally outperforming larger assets, indicating a strong investor preference for high-volatility assets. Tokens ranked 301–400 by market cap delivered the strongest performance, with an average gain of nearly 8%—significantly higher than other groups—suggesting a surge of capital into this lower-mid segment, fueling a short-term rally. The 401–500 range followed with a solid average gain of around 2.7%.

Among mainstream assets, the top 100 tokens by market cap posted a modest average gain of approximately 2.2%, indicating continued interest from institutional and conservative investors. Tokens ranked 201–300 performed similarly to the top 100, showing a neutral trend. In contrast, tokens ranked 101–200 showed the weakest performance, with an average gain of less than 1%—the lowest among all groups—indicating a lack of narrative catalysts and relatively low investor attention.

In summary, current capital flows exhibit a clear directional bias, with gains concentrated in select small- and mid-cap segments. This reflects a localized rotation and narrative-driven rebound, where sentiment shows signs of recovery but has not yet broadly expanded.

Note: Market cap data is sourced from CoinGecko. The top 500 tokens are grouped in blocks of 100 (e.g., ranks 1–100, 101–200, etc.), and the average price change for each group is calculated over the period from June 24 to July 7, 2025. The overall average gain of 3.07% represents the unweighted mean of individual token returns within the top 500.

Figure 1: The overall average gain was 3.07%, with the 301–400 group showing the highest performance, averaging nearly 8%.

Top Gainers and Losers

Over the past two weeks, the crypto market has remained in a consolidation phase, but capital rotation continues actively, with certain small-cap tokens delivering particularly strong performances. The market has shown clear signs of structural divergence. Most of the top 10 gainers come from narrative-driven sectors such as memecoins, AI, community-based, or experimental projects—characterized by high volatility and strong speculative appeal, making them key targets for short-term capital.

Leading the gainers is MORI, which surged over 558%, far outperforming other tokens. MORI is a memecoin deployed on the Solana blockchain. Its minimalist narrative and intense community engagement quickly cultivated a speculative subculture on X (formerly Twitter), making it one of the top high-beta assets in the recent Solana rally. Other strong performers include OFT (+182.31%, focused on fragmented on-chain storytelling), USELESS (+111.16%, a satirical memecoin), and PROM (+80.61%, integrating NFTs with a social invitation mechanism)—all showcasing strong community dynamics and viral narratives.

The list also features Solana-based memecoins like BONK and PENGU. BONK benefited from the ETF filing news and the fact that Letsbonk’s token issuance volume surpassed that of Pump.fun. The number of BONK holders has now exceeded one million, helping it gain over 56% during the period. Newer projects like AIC and EUL, which combine AI narratives with native blockchain infrastructure, also performed well—highlighting the market’s continued appetite for high-beta, high-narrative assets.

In contrast, the top losers list is dominated by tokens that have lost narrative momentum or suffered a drop in attention. SAHARA (-45.66%), a zero-knowledge-based data trading platform once popular for its “AI + Data” narrative, has seen waning interest recently. Other notable decliners include ZBCN (-39.15%) and TKX (-37.11%). These declines suggest that in a market still lacking a full recovery, underperforming or low-interest assets are more vulnerable to capital outflows. Even older tokens like BSV and RVN appeared on the list, indicating that legacy tokens are gradually losing appeal amid new narrative cycles.

Overall, while the market has not yet entered a phase of systemic reversal, capital flows have clearly shifted toward high-volatility, narrative-driven, and community-active assets. There are still short-term opportunities in select themes. On the flip side, tokens lacking liquidity, attention, or compelling narratives face increasing risk of marginalization, highlighting a highly polarized market structure.

Figure 2: The best-performing asset was MORI, a Solana-based memecoin, which surged over 550%.

Relationship Between Market Cap Ranking and Price Performance

To further analyze the structural characteristics of token performance during this market cycle, this report presents a scatter plot of the top 500 tokens by market capitalization. The horizontal axis represents market cap rankings (with larger caps on the left), while the vertical axis shows the percentage change in price from June 24 to July 7, displayed on a logarithmic scale. Each dot in the chart represents a token—green for price increases and red for declines.

Overall, around 55% of the tokens posted gains, indicating a tentative recovery in market sentiment. However, a full-scale rebound has yet to materialize, and the market remains structurally segmented. Tokens with the most notable gains are predominantly small- to mid-cap assets—such as MORI, OFT, USELESS, and PROM—which cluster in the upper-right section of the chart. These tokens often carry strong narratives, active communities, or hype-driven momentum, giving them higher social virality and short-term explosive potential. As a result, they tend to attract attention and liquidity more easily during choppy market phases.

Tokens in the lower mid-cap range generally showed stable gains, suggesting capital rotation is favoring this segment. On the other hand, tokens like SAHARA and ZBCN ranked among the biggest losers, reflecting waning narrative strength or reduced community interest, making them primary targets for capital outflows.

In summary, the current market is not being led by major assets. Instead, it displays a clear structural pattern of “blue-chip stability, altcoin activity, and wide divergence.” Capital is flowing toward small- to mid-cap tokens with strong communities, compelling narratives, or novel mechanisms. Meanwhile, assets lacking liquidity or narrative support are facing heightened downside pressure.

Figure 3: Over half of the top 500 tokens posted gains, with most clustered in the 0–50% range. Small- and mid-cap tokens showed stronger activity and momentum.

Top 100 Market Cap Leaders

Amid the current range-bound market environment, the top 100 cryptocurrencies by market cap have generally maintained stable performance. Excluding stablecoins and LSDs (Liquid Staking Derivatives), the top five gainers during this period were BONK (+56.45%), PENGU (+53.77%), XDC (+11.29%), FARTCOIN (+11.11%), and AAVE (+10.93%). These tokens are characterized by strong narratives, active communities, or heightened trading interest—indicating a capital preference for high-beta assets during market consolidation.

BONK and PENGU, both prominent Solana-based memecoins, benefited from broader macro-level optimism (e.g., ETF narratives) and stood out thanks to their robust communities and sustained social momentum. FARTCOIN, while also meme-oriented, drew attention for its AI-integrated interaction model, which triggered speculative flows and exhibited classic high-volatility behavior. AAVE and XDC, on the other hand, demonstrated the resilience of traditional DeFi protocols: AAVE gained from ongoing protocol upgrades, while XDC was boosted by rising interest in the RWA (Real World Assets) narrative—especially following Credefi and CRYMBO launching lending and compliance tools on the XDC network in late June, reinforcing its utility in bridging traditional finance and blockchain.

Conversely, several tokens in the top 100 saw notable declines. The five worst performers were PI (−13.73%), VIRTUAL (−9.41%), TRUMP (−7.20%), SKY (−7.02%), and TAO (−6.86%). These were mostly assets that had previously surged on hype or thematic narratives but entered consolidation due to a lack of new catalysts. PI and VIRTUAL, which drew attention in May due to ecosystem developments and speculative trends, respectively, now face dual pressures from profit-taking and waning sentiment, leading to more muted price action.

In summary, the top 100 tokens exhibit a “strong-get-stronger, narrative-driven rotation” pattern. Projects with sustained narratives and trading momentum are more likely to attract market attention, while speculative assets lacking continued support are prone to corrections—highlighting the structural divergence that often characterizes choppy market conditions.

Figure 4: Top-performing tokens in the top 100 market cap bracket are mainly clustered in highly active or narrative-rich sectors, reflecting investor preference for thematically relevant and responsive mainstream assets.

2. Volume Surge Analysis

Trading Volume Growth Analysis

Building on the analysis of price performance, this section further examines changes in trading volume for selected tokens during the current market cycle. Using trading volume prior to the rally as a baseline, we calculate each token’s volume multiplier as of July 7 to assess shifts in market interest and trading activity.

Data shows that REKT, a token ranked outside the top 300 by market cap, saw its trading volume surge more than 20x. Although its price only rebounded modestly (+11.03%), the sharp increase in volume suggests clear signs of short-term speculative activity. REKT is a memecoins that follows a minimalist issuance model—no pre-mining, no token distribution, and no private sales. Its core feature is anonymous token creation on-chain, making it highly volatile and appealing to risk-seeking traders.

In the Solana ecosystem, memecoins BONK recorded over a 10x volume increase alongside a 56% price rally, reinforcing its previously discussed strong performance. Its surge reflects continued investor interest, driven by community momentum and ecosystem development.

Other notable tokens include SAFE (7.64x), VENOM (6.12x), and TON (5.88x). VENOM posted nearly a 40% price increase amid project expansion and community engagement. By contrast, TON saw a significant rise in volume but a modest price pullback (−2.75%), possibly indicating inflows from short-term traders or selling pressure.

From a market cap perspective, most tokens with notable volume increases are ranked between 50 and 300—an area characterized by moderate size, high volatility, and active liquidity. While a surge in volume doesn’t always accompany sustained price gains, it often signals increased market attention. Especially among small- and mid-cap tokens, volume spikes can serve as a leading indicator of potential short-term moves and are worth monitoring closely.

Figure 5: Tokens like REKT and BONK saw significant volume expansion, reflecting growing market attention to small- and mid-cap assets.

Volume-Price Relationship Analysis

Extending the previous section’s analysis of volume anomalies, this part overlays price performance with volume increase multiples by plotting a scatter chart. The x-axis represents each token’s trading volume multiple (compared to the baseline period), while the y-axis shows the corresponding percentage price change over the same two-week period. A symmetric log scale is used to better illustrate extreme movements in both dimensions.

Overall, the top-right quadrant features a cluster of tokens that exhibit classic “volume–price resonance”—meaning both trading volume and price rose significantly. Among them, BONK saw its trading volume surge over 10x while its price rose 56%, reaffirming its strong performance discussed earlier. Fueled by Solana community momentum and the ongoing memecoin frenzy, BONK has become a magnet for speculative capital. Similarly, VENOM and SAFE also fall into this quadrant, gaining 39.66% and 11.02%, respectively, suggesting these narrative-driven tokens attracted solid market interest and liquidity support.

Notably, REKT recorded only an 11% price increase but saw a 15x spike in volume—placing it firmly in the top-right quadrant as well. As a minimalist, on-chain token issuance project with no pre-mining or token distribution, REKT’s performance highlights the market’s continued appetite for high-volatility, high-risk assets. This also underscores that even modest price gains can be accompanied by strong capital flows if the volume change is dramatic enough.

In contrast, the bottom-right quadrant includes tokens that experienced a significant surge in volume without a corresponding price increase. For example, TON’s volume grew nearly 6x, yet its price dipped slightly (−2.75%). This may be due to its recently launched “golden visa” staking program, which attracted capital for lockups but failed to generate sustained buy pressure. While interest in the token rose, short-term price action remained under pressure, suggesting limited momentum.

The bottom-left quadrant is largely populated by tokens with muted volume and price movements, reflecting a structural rotation pattern. Market capital remains concentrated in a handful of tokens with strong narratives or community-driven momentum, while the broader market has yet to see a full-scale rally.

In conclusion, the interplay between volume anomalies and price trends remains a key signal for identifying short-term capital interest and the potential onset of market rallies. Especially among small- and mid-cap tokens, “sharp increases in volume” often precede price reactions, and when coupled with compelling narratives or social catalysts, these tokens are more likely to attract active trading and capital inflows—making this a vital reference for short-term trading strategies.

Figure 6: Tokens such as BONK, VENOM, SAFE, and REKT occupy the top-right quadrant, exemplifying volume–price resonance and serving as key case studies of volume-driven rallies in the current market cycle.

Correlation Analysis

After exploring the direct relationship between trading volume and price performance, this section further analyzes the structural correlation between the two metrics from a statistical perspective. To assess whether market liquidity and trading activity systematically impact price movements, we introduce the “Volume-to-Market Cap” ratio as a proxy for relative trading activity and compute its correlation coefficient with price change. This correlation analysis helps identify which tokens in the current market cycle are more likely to be driven by liquidity flows and whether consistent volume-price linkage patterns exist—offering investors deeper structural insights.

As shown in the chart, the correlation between the “Volume-to-Market Cap” ratio and price change for most tokens falls between 0.60 and 0.85, indicating a moderate to strong relationship between trading activity and price movement. In the visual, the color of each bubble represents the strength of correlation (red for high, blue for low), while bubble size reflects the market cap of each token, capturing their relative scale in the market.

In the upper-left quadrant, tokens like LPT, EUL, MGG, SUN, and VENOM exhibit high correlation coefficients (0.82–0.85) and relatively small market caps, suggesting that these small- to mid-cap tokens experience more pronounced price fluctuations when trading activity intensifies. These assets demonstrate clear volume-price sensitivity, often becoming focal points for short-term speculative capital.

Conversely, in the right-hand area, tokens such as BONK, REKT, STETH, and MANA show slightly lower correlation values (0.60–0.65) but have significantly larger market caps, represented by bigger bubbles. These tokens benefit from ample liquidity and broad market participation. While they exhibit less pronounced volume-price coupling, they play a stabilizing role in broader market trends due to their size and visibility.

Overall, the chart highlights a “narrative-driven + market cap-diffused” structure: smaller-cap tokens are more susceptible to sharp moves driven by capital inflows, while large-cap assets serve as anchors for mainstream capital and tend to remain more stable. Investors can use these insights to monitor changes in trading activity, assess the strength of the correlation between activity and price, and refine both short-term trading and mid-term allocation strategies accordingly.

Figure 7: Tokens like LPT, EUL, SUN, and VENOM exhibit strong volume–price linkage, suggesting targeted speculation; larger-cap tokens like REKT and STETH are more stable, reflecting broader institutional participation.

In summary, although the crypto market has yet to experience a full-scale rebound, structural rotation trends have become increasingly pronounced, with capital clearly favoring small- and mid-cap assets that feature strong narratives and high trading activity. Volume surges and narrative-driven catalysts have emerged as key indicators for identifying short-term trading opportunities and capital momentum in the current market environment.

Beyond active trading dynamics, several potential airdrop campaigns are also progressing in parallel this period—spanning high-interest sectors such as data intelligence, modular infrastructure, AI-powered interaction, and on-chain identity. For users who can stay ahead of the curve, these initiatives offer promising opportunities to gain early exposure and secure future token rewards amid a consolidating market. The following section provides a brief overview of noteworthy airdrop tasks and participation guidelines.

Airdrop Highlights

This article highlights key airdrop opportunities between June 24 and July 7, 2025, focusing on promising early-stage Web3 projects such as Altius (a next-gen data intelligence protocol), Camp Network (modular blockchain infrastructure), ChainOpera (an AI-powered on-chain interaction platform), and Sapien (an on-chain identity and social scoring system). These projects are largely in their initial phases and are attracting users through incentivized testnets, task-based systems, AI interactions, and social account binding. Their points, badges, and identity verification mechanisms may become critical factors for future token distribution. Users can accumulate points and secure potential airdrop eligibility by registering accounts, connecting wallets and social profiles, and completing daily tasks. The following sections outline each project’s core positioning, latest campaigns, and participation steps to help users stay ahead and capture early-stage rewards.

Altius

Altius is an emerging data intelligence protocol designed for onchain-native users. It aims to build an open and composable data scoring and incentive system. By integrating wallet behaviors, onchain activity, and social identities, Altius seeks to establish a decentralized onchain reputation layer to serve as a trusted reference for applications like DeFi, airdrop distribution, and task platforms.【2】

Currently, Altius is offering limited-time access to its “Early Bird” role—a key identity badge for early supporters, which may grant eligibility for exclusive airdrops, whitelist spots, or platform point rewards in the future.

How to participate:

1. Visit the Altius task page, join the official Discord server, and complete identity verification.
2. Link your EVM wallet and X (Twitter) account, and follow the official X account.
3. In the Discord #x-wallet-registration channel, type the command /register and interact with the bot to complete registration. Upon successful registration, you’ll receive the “Early Bird” role.

Camp Network

Camp Network is a Web3 project focused on building modular blockchain infrastructure. It aims to enhance blockchain scalability and developer experience through a lightweight protocol stack. The project adopts a phased incentivized testnet approach to continuously improve protocol security and participant engagement.

Currently, Camp Network has launched Phase 2 (Act 2) of its “Incentivized Testnet V2,” along with new tasks for users to earn points that may be used for future airdrops or testnet rewards.【3】

How to participate:

1. Visit the Camp Network website, enter the Quest system, and complete the new “Act 2” tasks. Each completed task contributes to your participation score.
2. Stay active by completing tasks, performing onchain actions, and submitting feedback—these activities may be rewarded with incentive points.

ChainOpera

ChainOpera is a Web3 platform combining onchain AI models and incentive mechanisms. Users can earn points by interacting with AI agents, submitting high-quality prompts, and completing verification tasks.【4】

The platform has launched its “Prompt-to-Earn” campaign and Season 2 airdrop. Early participants may receive badges, ranking rewards, and potential token allocations.

How to participate:

1. Visit the ChainOpera website, connect your wallet, and begin interacting with the AI chatbot to start the “Prompt-to-Earn” mission.
2. Sign in daily to earn points and complete verification tasks, such as following the official X account, to unlock rewards.

Sapien

Sapien is an onchain social scoring platform designed to build user identity and reputation through social account connections and task completions. Users earn points based on their interactions, which may be used for airdrops, governance, or growth rewards. Unlike traditional airdrop platforms, Sapien emphasizes user participation and community contribution, leveraging platforms like X, Discord, and Farcaster to build a trusted Web3 user network.【5】

The platform currently features a variety of active campaigns, allowing users to earn points by completing simple tasks, which may be used for future rewards, airdrop allocations, or governance rights.

How to participate:

1. Visit the official website, connect your wallet, and create a user profile.
2. Complete social integration tasks such as linking your X account and following the official account to earn points.

Reminder

Airdrop plans and participation methods are subject to change at any time. Therefore, it is recommended that users follow the official channels of the above projects for the latest updates. Additionally, users should exercise caution, be aware of the risks, and conduct thorough research before participating. Gate does not guarantee the distribution of subsequent airdrop rewards.

Conclusion

Reviewing the Market from June 24 to July 7, 2025, the crypto market remained in a consolidation phase near its highs. While a full-scale recovery has yet to emerge, structural capital rotation and thematic catalysts have driven notable performances among small- and mid-cap tokens, indicating that market enthusiasm has not significantly faded. Among the top 500 tokens by market cap, the average price increase was 3.07%, with those ranked between 301–400 seeing the most impressive gains—averaging nearly 8%. This reflects continued investor preference for assets with strong narratives, volatility potential, and social momentum.

In terms of trading volume, tokens such as BONK, REKT, and VENOM experienced significant surges, with some seeing more than 10x volume increases. These tokens became short-term focal points, highlighting the market’s active search for breakout opportunities. Volume-price correlation charts further reveal that tokens in the top-right quadrant (i.e., with both sharp volume growth and price increases) exhibited strong “volume-price resonance” and tended to attract speculative capital. Conversely, tokens that showed rising volume but no price follow-through suggest market uncertainty regarding their outlook.

Overall, the market remains in a structurally segmented state marked by “thematic rotations and mainstream stability.” Investors continue to seek opportunities in high-volatility, narrative-driven assets. Abnormal changes in trading volume remain a key signal for identifying market shifts and sector rotations—particularly valuable when analyzing small- to mid-cap tokens. If macro and regulatory conditions continue to improve, the market may gradually gain momentum through the summer, setting the stage for a broader recovery in the second half of the year.

Additionally, this period tracked several promising airdrop campaigns, including Altius, Camp Network, ChainOpera, and Sapien, spanning hot sectors like data intelligence, modular infrastructure, AI interactions, and on-chain identity. These campaigns are still in early or incentivized testing phases, offering users the chance to earn points—and potentially future token rewards—by connecting wallets, completing tasks, or inviting others. Ongoing participation not only boosts airdrop eligibility but also positions users to capture early Web3 incentives.


Reference：

1. CoinGecko, https://www.coingecko.com/
2. Altius, https://www.altiuslabs.xyz/blog/welcome-to-the-altius-wallet-registration-hub
3. Camp Network, https://testnet.campnetwork.xyz/
4. ChainOpera, https://chat.chainopera.ai/
5. Sapien, https://app.sapien.io/join/AmethystTakinFelicity

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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.