Gate Research Institute: ETH creates a new high in swing trading, MYX surges over 1600%, small and medium market capitalization leads with higher trade volumes.

Encryption Market Overview

According to CoinGecko data, from July 28 to August 11, 2025, the overall crypto market showed a strong upward trend, with the total market value increasing significantly by about 4.12 million trillion, and most mainstream cryptocurrencies recorded double-digit gains. The technical aspect of BTC is approaching a key resistance level, with the momentum of increased positions at high levels slowing down, and risks gradually accumulating; meanwhile, ETH has set a new high in its technical aspect, breaking through 4,300 USDT, but the speed of capital inflow still lags behind BTC. [1]

Recently, the encryption market has been active across multiple fronts, with public chains, DeFi, and policies all signaling positive developments. Among them, the transaction volume and number of transactions on the Ethereum chain have both reached new highs in recent years, indicating a significant rebound in network activity and capital participation. On the macro and regulatory fronts, the U.S. SEC has clarified that certain liquid staking products do not constitute securities, clearing compliance obstacles for the introduction of staking services in Ethereum spot ETFs; Trump is promoting crypto-friendly policies and strengthening Federal Reserve reforms, continuously releasing positive signals; Hong Kong is accelerating the compliance process for RWA, further attracting the attention of international capital.

Overall, with the recovery of the public chain ecosystem and the resonance of favorable policies, the encryption market continues to show a strong pattern, and funding confidence has significantly improved. Mainstream assets are performing steadily, with BTC maintaining an upward rhythm in a high price range; although it is nearing a key resistance in the short term, the bullish structure has not yet been broken; ETH benefits from on-chain activity and staking advantages, maintaining an upward trend in the medium term. Although short-term momentum has slightly slowed, there is still room for extension. Trading activity and on-chain capital flow are both showing positive changes, combined with stable expectations of macro policies and an improved regulatory environment, the market structure is evolving towards a healthy and sustainable direction, laying a solid foundation for future breakthroughs and market expansion.

First, the data on the fluctuations for this round is panoramic.

This article groups and analyzes the top 500 tokens by market capitalization, observing their average increase from July 28 to August 11.

Overall, the market structure shows a clear differentiation, with tokens ranked 301–400 performing notably, averaging an increase of nearly 30%, significantly higher than other ranges, indicating that funds in this round of market conditions tend to chase high-elasticity assets with small to mid-market capitalizations.

The market capitalization rankings 201–300 and 1–100 have a secondary increase, overall falling within the range of 3%–6%, showing stable performance; the tokens ranked 101–200 and 401–500 recorded average increases of 5.04% and 6.29% respectively, although relatively mild, still maintaining positive growth.

Overall, the capital distribution presents a pattern of "stable top assets + breakout of mid to low market cap": top assets are steadily rising, maintaining the market tone; at the same time, the mid to low market cap sector is more resilient under capital drive, raising the central point of this round of increase. This structure indicates a recovery in risk appetite, with the market transitioning from a single mainstream trend to a broader and more diversified allocation stage, laying the foundation for subsequent rotations and trend continuation.

Note: The market capitalization distribution is based on CoinGecko data, grouping the top 500 tokens by market cap into sets of 100 (e.g., rankings 1–100, 101–200, etc.), calculating the price fluctuations of tokens within each group during the period from July 28, 2025, to August 11, 2025, and computing the average for each group as an indicator of the average increase for that market cap range. The overall average increase (9.44%) is the unweighted average of the individual increases of the top 500 tokens.

Figure 1: The overall average increase is 9.44%, with the most remarkable increase being in tokens ranked 301–400 by market capitalization, with an average increase of nearly 30%.

Price Fluctuation Leaderboard

In the past two weeks, the encryption market has continued to rise overall, with faster capital rotation and some small-cap, high-volatility assets performing outstandingly. Most of the top ten tokens by growth are concentrated in the Meme, public chain ecosystem, and emerging concept sectors, possessing high topicality and speculative potential, becoming the focus of short-term capital pursuit.

In terms of the涨幅榜, MYX ranks first with an astonishing increase of 1608.26%, far outperforming other tokens. As a multi-chain perpetual contract decentralized exchange, MYX achieves nearly zero slippage trading through its innovative Matching Pool Mechanism, and offers leverage support of up to 50–125 times. Recent exchange launches, V2 upgrade announcements, and expectations for ecosystem expansion, combined with community enthusiasm and capital inflow, have all contributed to a significant surge in its price in the short term, making it a high Beta focus in the market.【2】

TROLL and SOON ranked second and third, rising by 481.21% and 252.80%, respectively, benefiting from active community engagement and speculative enthusiasm. XNY, EVA, and TIBBIR saw increases in the range of 90%–137%, largely supported by specific ecological narratives or thematic rotations; MINIDOGE, OMNI, ZORA, and BIO also recorded increases of 65%–75%, indicating that funds are actively positioning in high-elasticity assets with small to medium market capitalization.

In terms of the decline rankings, the overall adjustment range is relatively mild, with KET experiencing the largest drop at 39.83%, likely related to short-term profit-taking and insufficient liquidity. ACT, SQD, and WEMIX saw declines in the range of 20% to 23%, mostly due to their significant previous gains and the cooling off of interest in these projects. This reflects that, under a structurally bullish market pattern, there are still phase adjustments for tokens lacking thematic support or capital backing.

Overall, this round of market rebound is dominated by high-profile tokens with active communities and potential application scenarios, with funds clearly preferring targets that have strong narratives and high Beta attributes; meanwhile, projects lacking liquidity, experiencing reduced popularity, or lacking a compelling story are being marginalized, and the structural rotation pattern is expected to continue.

Figure 2: The most prominent multi-chain perpetual contract DEX project MYX has surged by 1608.26% in the past two weeks, driven by the exchange listing, V2 upgrade announcement, and ecological expansion benefits.

Market Capitalization Ranking and Price Change Relationship

To further analyze the structural characteristics of token performance in this market cycle, this article plots a scatter distribution chart of the top 500 tokens by market capitalization. The horizontal axis represents the market capitalization ranking (the further left, the larger the market capitalization), and the vertical axis shows the price fluctuation from July 28 to August 11, displayed on a logarithmic scale. Each dot in the chart represents a token, with green indicating an increase and red indicating a decrease.

From an overall distribution perspective, the price increases are mainly concentrated in the 5%–100% range, indicating that while market sentiment has warmed, it has not yet entered a full rebound phase. The assets with the largest gains are mostly small to mid-cap assets, particularly MYX, TROLL, SOON, XNY, and EVA, which are clearly positioned at the top of the chart with increases exceeding 100%, reflecting the market's tendency to chase high Beta projects that have topicality, ecological support, or exchange catalysis. Among them, MYX has surged by 1608.26%, making it the most prominent token in this round, benefiting from a recent concentration of listings on multiple exchanges, a V2 upgrade announcement, and favorable ecological expansion, with significant short-term capital inflows and sentiment boosts.

Overall, the mid-to-late market capitalization range has shown relatively active performance, with a clear pattern of fund rotation. In contrast, most projects on the decline list have encountered capital withdrawal due to a lack of thematic support or a decrease in phase heat, such as KET, ACT, SQD, and WEMIX, which have experienced significant declines. These are mostly small to mid-sized tokens with declining topic heat or weak liquidity, making them easy targets for capital withdrawal in a volatile market.

Figure 3: Over half of the top 500 tokens by market cap have risen, with funds favoring small and mid-cap projects that have clear themes and strong volatility, with MYX leading in growth.

Top 100 Market Capitalization Rankings

In this round of volatile consolidation, the overall performance of the top 100 tokens by market capitalization has been stable, with the fluctuations in price relatively converging, reflecting a defensive allocation tendency of capital in mainstream sectors. Excluding stablecoins and LSD tokens, the top five tokens with the highest gains are: LDO (+36.95%), ENA (+32.68%), MNT (+32.62%), LINK (+20.49%), IP (+18.82%).

Most of these projects have ecological upgrades, cross-chain layouts, or industry event catalysts, reflecting the market's preference for assets with "narratives and practical application scenarios." Among them, LDO benefits from the recovery of the Ethereum staking track and expectations of protocol upgrades, performing the best; ENA and MNT release positive signals in the stablecoin and public chain ecological expansion, respectively; LINK continues to gain market recognition for its strategic layout in the cross-chain and oracle sectors; IP attracts capital inflows due to enhanced community momentum and market topic relevance.

In contrast, some projects in the top 100 by market capitalization have seen significant declines. The top five declines are: XMR (-15.46%), BONK (-13.12%), FLR (-8.89%), QNT (-8.02%), and PI (-7.72%). Among them, XMR and BONK have the largest declines, impacted respectively by regulatory pressure on privacy coins and a cooling in Meme popularity; FLR and QNT are experiencing capital withdrawals due to a lack of significant catalysts; PI is under pressure due to market expectation fulfillment and insufficient liquidity.

Overall, the top 100 tokens by market capitalization have shown strong resilience in a volatile market, with a clear focus on allocating funds towards mainstream assets that have narrative support, ecological catalysts, or long-term development potential, reflecting a strategy characterized by "selecting the strong while maintaining stability." Projects with leading price increases are often benefiting from sector recoveries and ecological benefits, while previously popular assets that lack new thematic support are facing structural adjustment pressures. In the short term, the market may continue to exhibit a defensive rotation pattern.

Image 4: Among the top 100 tokens by market capitalization, the leaders in growth are concentrated in sectors with ecological catalysts and thematic advantages. Funds tend to allocate to mainstream projects that respond sensitively, while some previously popular assets have shown a correction.

2. Analysis of the performance of this round of volume increase

Trading Volume Growth Analysis

Based on the analysis of token price performance, this article further observes the changes in trading volume of certain tokens during this market cycle. Using the trading volume before the market started as a benchmark, the volume growth multiple as of August 11 is calculated to measure changes in market enthusiasm and trading activity.

Data shows that SOON has the most significant increase in trading volume, reaching 56.79 times, with a market capitalization ranking of 444, indicating that small and medium-sized projects have high elasticity characteristics in capital games. GMX's trading volume increased by 20.56 times, benefiting from its continued activity in the perpetual contracts and derivatives DEX space. MYX's trading volume grew by 13.98 times, becoming the standout project in this round, catalyzed by its listing on exchanges, the V2 upgrade announcement, and ecosystem expansion, with clear short-term capital inflow and sentiment driving.

In addition, COW and AERO recorded transaction volume increases of 12.18 times and 6.88 times respectively, while the price rebound was relatively limited, at 4.83% and 42.75% respectively, indicating that although there are signs of active trading in the market, the upward price momentum varies.

Structurally, this round of increased project volume has a broad coverage, encompassing small and medium market cap public chains, derivatives protocols, and trading platform-related assets, rather than being concentrated on a single theme. This reflects that market funds are shifting from concentrated speculative trading based on sentiment to a more distributed game pattern. Although the rapid increase in trading volume may not directly drive prices to continue rising, it often signifies a rising market attention, making it one of the important signals for observing short-term market trends.

Figure 5: The trading volumes of tokens such as SOON, GMX, and MYX have significantly increased, with some prices rebounding simultaneously, indicating that funds are seeking trading targets that offer both volatility and liquidity.

Trading Volume Changes and Price Analysis

Based on the continued observation of projects with abnormal trading volume, this article further combines price performance to create a scatter plot of Volume Increase Multiple and Price Change %. The horizontal axis represents the growth multiple of each token's trading volume in the past two weeks compared to the baseline period, while the vertical axis represents the price fluctuation during the same period, using a symmetric logarithmic scale to more intuitively present extreme changes.

As can be seen from the chart, the upper right quadrant is concentrated with the targets that have significant characteristics of "increased volume + rising prices" in this round of market, in line with the "volume-price resonance" logic. Among them, MYX's trading volume increased by about 13.98 times, and the price soared by 1608.26%, driven by the exchange listing, V2 upgrade announcement, and positive ecological expansion, with a clear influx of short-term funds and driven by sentiment, making it the most outstanding project in this round of market. SOON's trading volume surged by 56.79 times, and the price increased by 252.80%, reflecting the high elasticity of small and medium-sized market cap projects under the dominance of sentiment. GMX recorded a 20.56 times increase in volume, with a price increase of 33.61%, maintaining a high level of attention in the derivatives DEX sector.

In addition, EVA and AERO are also located in the upper right quadrant, recording price rebounds of over 30% and 40%, respectively, accompanied by more than a 5-fold increase in trading volume, reflecting the dual push of market funds driven by themes and active trading. Although COW's trading volume exceeded 12 times, its price increase was less than 5%, indicating that while there are signs of active trading, the upward momentum is relatively insufficient.

Overall, projects in the upper right quadrant often possess clear narratives, event catalysts, and liquidity support, becoming the focal point of this round of concentrated capital pursuit; while some projects in the lower right quadrant, although experiencing increased trading volume, show lackluster price performance, indicating that the market is more selective regarding themes and growth potential under structural conditions.

Figure 6: MYX, SOON, GMX, etc. are located in the upper right quadrant, presenting a typical "volume-price resonance" structure, and are representative projects of the significant capital pursuit in this round of volume increase.

Correlation Analysis

After discussing the relationship between token trading volume changes and price performance, this article further analyzes the structural linkage between the two from a statistical perspective. To assess whether market capital activity systematically affects price fluctuations, the relative activity indicator "trading volume / market capitalization" is introduced, and its correlation coefficient with price changes is calculated. Through this analysis, it is possible to identify tokens in the current market that are more susceptible to capital-driven movements and reveal the strength of the linkage between volume and price.

From the chart, it can be seen that most tokens have a correlation coefficient concentrated between 0.65 and 0.85, indicating a general positive correlation between fund activity and price changes. The color of the bubbles represents the strength of the correlation (red for high, blue for low), and the size of the bubbles reflects the market capitalization of the tokens, making it easier to observe the volume and price characteristics of assets of different sizes.

The tokens OMNI, BIO, ORCA, MYX located in the upper left corner of the chart have the highest correlation, with coefficients ranging from 0.82 to 0.87. This indicates that such small to mid-cap assets are more likely to experience synchronized fluctuations in price when trading volume increases, which is a typical "high elasticity volume-price linkage" structure and also a preferred trading target for short-term funds.

In contrast, the projects on the right side, such as MNT, ZRO, AERO, BTSE, and GAS, have relatively low correlation (around 0.65–0.70), but their bubble sizes are larger, indicating a higher market capitalization and widespread capital participation. These types of assets have slightly weaker price-volume linkage but experience milder fluctuations, making them suitable for medium to long-term allocation or participation by conservative funds. It is noteworthy that MNT has the largest bubble, reflecting its massive capital volume in this round of price-volume structure. Even though the correlation is low, it remains an important target of market attention.

Overall, small and medium market cap tokens generally have higher price-volume elasticity, while large market cap tokens have ample liquidity but exhibit relatively mild price reactions, reflecting the structural differentiation in the current market regarding risk appetite and capital allocation.

Figure 7: Tokens with small to medium market capitalization such as OMNI, BIO, ORCA, and MYX have high volume-price correlation and are significantly affected by capital fluctuations; large market capitalization projects like MNT and AERO have lower volume-price correlation but are of substantial market size, showing more stable trends.

In summary, the characteristics of the volume-price linkage in this round of the encryption market have significantly strengthened, and the driving role of capital activity on price fluctuations has become more pronounced. Small and medium-sized assets such as OMNI, BIO, ORCA, MYX, etc., are more likely to show synchronized price increases when trading volume expands, demonstrating high elasticity and short-term speculative value; while larger market capitalization assets like MNT, AERO, BTSE, etc., maintain a stable structural state and play a liquidity anchoring role in structural market conditions. Overall, market capital is focusing on "high activity + strong narrative" targets for rotation allocation, and the pattern of volume-price differentiation and structural market conditions is expected to continue.

In addition to the active performance of the trading market, this period also has several potential airdrop projects being promoted simultaneously, covering popular tracks such as incentive point platforms, task interaction communities, game creation and community platforms, and decentralized node networks. If users can grasp the participation rhythm, they are expected to layout in advance and obtain potential token gains during market fluctuations. The following will briefly outline the current airdrop tasks worth paying attention to and the participation methods.

Hot Airdrop Projects

This article compiles a list of airdrop potential projects worth focusing on from July 28 to August 11, 2025, covering several active early-stage projects such as ByteNova (a points reward platform that combines AI and community interaction), Camp Network (a task incentive-based interaction platform), Beamable (a creation and community platform for game developers and players), and Nexus (a decentralized node network). These platforms generally adopt forms such as social tasks, browser hanging, point incentives, or testnet operations to encourage users to participate in ecological construction in the early stages. The points and achievements obtained may be exchangeable for tokens or used for airdrop distribution in the future. Users can accumulate participation credentials over the long term by registering accounts, binding wallets and social accounts, completing tasks, or continuously running nodes. The following will explain the basic positioning, latest activities, and participation paths of each project, assisting users in laying out early dividends in Web3.

ByteNova

ByteNova is a Web3 platform that combines AI with community interaction, launching a points reward system where users can accumulate points (Crystals) by completing specified social and community tasks, and in the future, receive confirmation rewards from the project team. The tasks include forms such as following, interacting on social platforms, and linking accounts, aiming to enhance user engagement and ecosystem activity.

Participation Method:

1. Go to the ByteNova official website and enter the Rewards page, log in to your account using your email or wallet.
2. Complete social interactions according to task guidelines (such as following Twitter, binding Discord, liking tweets, etc.) or periodic sign-in tasks to earn corresponding point rewards.
3. Bind your wallet address to ensure that points can be redeemed for rewards in the future.

Camp Network

Camp Network is a task incentive-based interactive platform that has currently entered the second phase of the Incentivized Testnet, with several new tasks added in the latest phase. Users can earn points and rewards by completing social, gaming, and community interaction tasks in different scenarios within the platform, aiming to enhance ecological activity and user engagement.

Participation Method:

1. Go to the Camp Network official website and log in or register an account.
2. Enter the virtual camp map, follow the scene prompts to select and complete tasks, such as following the X account, joining the Telegram community, trying out the game, etc.
3. Completing tasks can earn you corresponding points, and continuous participation can improve your ranking on the leaderboard and qualify you for subsequent rewards.

Beamable

Beamable is a Web3 community and creation platform for game developers and players, combining task incentives and social interaction to drive ecosystem user growth and engagement. The platform will open "Point Farming" activities seasonally, where users can earn points and badges by completing tasks and redeem them for limited rewards.

Participation Method:

1. Go to the Beamable official website to register an account, complete identity verification, and link your wallet.
2. Enter the Start page and complete the specified tasks according to the instructions, such as following the official and partner X accounts, forwarding announcements, joining the Telegram community, binding social media accounts, etc.
3. On the Supporter Box Claim page, claim rewards based on the number of badges collected. Accumulated points can improve season rankings and be exchanged for more prizes.

Nexus

Nexus is a decentralized node network platform that aims to build high-performance, scalable blockchain infrastructure through distributed node operation and contribution of computing power. The third phase of the testnet is currently underway, and users can earn points by continuously running nodes. These points may be used to redeem rewards or rights when the mainnet goes live.

Participation Method:

1. Go to the Nexus official website and log in or register an account to complete the basic information setup.
2. Enter the node operation interface, click the start button to initiate node operation, and keep the browser page open to continuously accumulate points.
3. You can check the current node status and points progress on the page at any time, and claim rewards after meeting the conditions.

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Airdrop plans and participation methods may be updated at any time. It is recommended that users follow the official channels of the above projects for the latest information. At the same time, users should participate with caution, be mindful of risks, and conduct thorough research before participating. Gate does not guarantee the distribution of subsequent airdrop rewards.

Summary

Looking back at the market cycle from July 28 to August 11, 2025, the characteristics of the encryption market's volume-price linkage have significantly strengthened. The technical aspect of ETH set a new high for the wave segment, breaking through 4,300 USDT, demonstrating a strong ability to maintain trends among mainstream assets. Overall, it presents a pattern of structural rotation and thematic-driven parallelism. Among the top 500 tokens by market capitalization, the multi-chain perpetual contract DEX project MYX has surged by as much as 1608.26%, showing the brightest performance; mid and small-cap tokens like SOON and GMX have seen significant upward movement, becoming preferred targets for short-term funds; while large-cap assets like MNT and AERO have shown steady volatility, playing a role in liquidity anchoring.

Observing the changes in trading volume, tokens such as SOON, GMX, and MYX have shown significant increases in volume, with some trading volume increasing by more than 10 times, accompanied by rising prices, forming a typical "volume-price resonance" pattern that attracts market attention. The volume-price distribution chart shows that assets located in the upper right quadrant have clearer capital inflows and price reactions, reflecting the market's preference for assets with liquidity, topicality, and event catalysts; projects like EVA and AERO have also seen simultaneous increases in volume and price due to ecological benefits and enhanced trading activity.

Overall, the market's capital rotation is still configured around "high activity + strong narrative", and changes in trading volume remain an important indicator for identifying short-term trends and thematic rotations. Small and medium-sized assets exhibit higher volatility elasticity and trading opportunities during this structural phase, while large-cap assets provide stability and liquidity support. If the market continues to benefit from favorable policies and capital inflow, the structural rotation pattern is expected to persist, accumulating momentum for the mid-term trend.

In addition, the ByteNova, Camp Network, Beamable, and Nexus projects tracked in this issue cover various sectors including incentive platforms, interactive task communities, game creation and community platforms, and decentralized node networks. The task settings are clear and the participation paths are well-defined. Currently, most are in the testing or early incentive stages, where users can accumulate points by registering accounts, linking social media and wallets, completing tasks, or running nodes, to qualify for future airdrops or rewards. Continuous participation not only helps in obtaining potential token incentives but also facilitates early positioning for the early benefits of Web3.
Reference Materials:

1. CoinGecko, https://www.coingecko.com/
2. X, https://x.com/MYX_Finance/status/1951824008137359767
3. ByteNova, https://bytenova.ai/rewards/quests
4. Camp Network , https://testnet.campnetwork.xyz/
5. Beamable, https://hub.beamable.network/ref/3WSKSVQ7
6. Nexus, https://app.nexus.xyz/

Disclaimer Investment in the cryptocurrency market involves high risks, and it is recommended that users conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not take responsibility for any losses or damages resulting from such investment decisions.