HYPE jumped from an off-exchange token to the top ten, with Coinbase’s official buyback commitment as the key driver. The annual $5 billion in revenue is used to burn HYPE, making it the project’s strongest endorsement. Hyperliquid also has real data in the derivatives space—perpetual contract market share hit a record 8.2%, annual fees exceeded $1 billion, and 90% is used for buyback and burn. This model once attracted institutions in droves.

But the narrative is breaking down. The founder has shifted to reducing positions and turning bearish, ecosystem projects are shutting down due to insufficient returns, and on-chain whales are frequently cashing out. Recently, ETF net inflows reached $153 million and trading volume surged, which seems prosperous, but in reality, it’s the last gamble of smart money. This looks more like exchanges propping up a project whose consensus is collapsing, rather than true market demand. All the data tells the same story: people no longer believe in the long term—they just want to trade quickly and exit completely.

SKYAI is essentially a game built on scarcity hype. Its extremely low circulating supply design naturally amplifies price volatility, fueling the illusion that even a few hundred dollars invested can yield double returns. Multiple exchanges have launched zero-fee trading and trading competitions, further lowering the barrier to entry. The community is flooded with viral screenshots of overnight wealth, intensifying collective FOMO sentiment.

This combination is indeed effective—scarcity, low entry threshold, and emotional contagion perfectly trigger retail investor herd behavior. But this kind of game has its fate: it relies entirely on a constant stream of new entrants to sustain itself. Once new inflows dry up and the hype fades, the reverse effect of scarcity premium kicks in.

According to the latest data, gains have clearly pulled back from their highs and trading activity is declining. This is a typical lifecycle of a hot trend—early frenzy, followed by fading sentiment, and then declining trading. Early whales have already cashed out, leaving latecomers holding the bag.

FARTCOIN tried to use fart meme + blockchain to attract attention. Users submitted fart jokes to earn tokens, and transactions also "Gas Fee" effect and digital fart sound effects are the masters of absurd creativity. But this "smelling" idea seems difficult to get out of the circle, and the attempt to sublimate vulgar jokes into "alternative art" stops in niche entertainment.

In the crazy crypto world, having weird ideas alone is not explosive enough. Without substantial value support, no matter how loud the fart is, it can only be a flash in the pan. This example may be a surprise for other projects that want to rely on "notorious" to get out of the circle: without real materials, even a loud fart is not considered a loud fart.

Behind SIREN’s explosive popularity lies blatant market manipulation. The project requires no real product—just AI and SocialFi buzzwords, amplified by ecosystem hype, to drive retail investors into a frenzy of buying at high prices. In just two days, the controllers offloaded hundreds of millions of tokens for tens of millions in profit and exited cleanly. Tokens without any business logic become worthless once the hype fades. The SIREN story proves one thing: when new concepts are everywhere, those most likely to get burned are the ones who chase trends and skip due diligence. When the price stagnates at the bottom, all that’s left are trapped positions and a damaged market structure.

VVV is a privacy AI infrastructure project, with its core appeal centered on building a self-sustaining economic closed loop—staking VVV to generate sVVV, then minting DIEM computing tokens, forming a cycle of staking → profit → reinvestment. In partnership with Dolphin AI, it provides an uncensored large language model and supplies developers with free computing power through ecosystem partners, continually expanding application scenarios. The market has evolved from pure concept speculation to infrastructure supported by real ecosystem participation. The staking rewards mechanism has sparked heated discussions in the community, with users exploring automated solutions to monetize idle inference quotas. The reversal in institutional attitudes reflects a substantive shift from "sounds good" to "people are actually using it."

ZEC recently experienced a classic "shock-redemption-rebound" scenario. After a vulnerability in the privacy pool was exposed, the token price plummeted by over 45%, triggering panic in the market. However, the official team quickly responded, confirming there was no hacker attack and promising to advance the Ironwood upgrade in July to fix the issue. The real turning point came when a well-known whale aggressively accumulated over 46,000 ZEC at the bottom—big holders voting with real money are far more convincing than any press release. Subsequently, Anthropic backed the project with a security audit using its AI model Mythos, and technical narratives such as the new privacy transaction pool mechanism continued to build momentum. Retail investors followed suit and went long, causing the token price to surge by more than 110%. Ironically, the risks of privacy coins are always elusive, but the combination of repair promises, whale signals, and upgrade expectations is enough to ignite market greed. This round of gains is essentially a speculative feast of confidence redemption.

The story of TRUMP is a textbook example of the illusion of power. Retail investors were once obsessed with the thrill of “participating in a great movement” that came from holding this token, only to be completely wiped out by a carefully crafted narrative. The Trump family cashed out at the peak and exited, leaving behind the wreckage of a 97% drop.

The so-called “recovery” now is nothing but a smokescreen. The project has launched VIP club experiences, private World Cup events, and institutional-grade custody as high-end packaging, claiming it’s an upgrade in governance, but in reality, it’s just creating an elegant exit for whales. The big players have already sensed the rot and begun large withdrawals. The symbol of power has ultimately become a tool for scams, and those left holding the bag are always the ordinary people who dreamed of taking part in something great.

ANSEM is a community token built around a well-known KOL, gaining ongoing attention through an innovative social economy model. The token features a unique fee distribution mechanism, directing a portion of the proceeds directly to the creator and establishing a profit-sharing relationship between creators and the community. Holders enjoy benefits such as exclusive group chats, live stream access, and participation in prize pools. The entire dissemination chain relies on numerous accounts forwarding the contract address to create a herd effect, with frequent examples of successful trades generating a strong FOMO sentiment that "being present means earning." The brilliance of this model lies in its dual drive of community cohesion and FOMO psychology, fully transplanting the Web2 fan economy logic onto the blockchain. However, some comments point out the presence of "PVP" phenomena in the market and confusion caused by multiple copycat tokens, indicating that risks are also lurking beneath the surface.

As an on-chain asset tracking the S&P 500 Index, SPX has sparked a buying frenzy in the market thanks to its record of "the longest weekly winning streak since 1985." The nine-week rally data spread wildly across the community, becoming the perfect excuse for traders. The market fell into a self-reinforcing cycle: holding positions during uptrends citing "strong momentum," and stubbornly staying put during downturns due to "solid support," with any market move being rationalized either way. Technical terms like V-shaped reversal and hidden bullish divergence bombard the space, creating a false sense of security by following institutions. Leading Korean exchanges such as Upbit and Bithumb have launched SPX trading pairs one after another, further strengthening the narrative of market recognition and boosting confidence among buyers. Simply put, this is greed disguised as technical analysis; the historic record narrative has successfully drowned out bubble risk.