When proactive market makers start to take initiative
Author: Gu Yu, ChainCatcher
As mainstream cryptocurrencies stabilize and rebound, the altcoin market has suddenly changed, with coins like RAVE, ORDI, and Binance Life experiencing significant surges, with RAVE reaching a maximum increase of 86 times.
It is noteworthy that this is not just an increase in a few tokens, but a collective surge driven by hundreds of tokens. This is a very rare situation in the bear market over the past year.
According to RootData, as of noon on April 17, among tokens with a circulating market cap above $10 million, more than 45 tokens have increased by over 50% in the past seven days, and over 170 tokens have increased by more than 20%, accounting for 19.2% of all tokens with a circulating market cap above $10 million.
If we extend the time frame to one month, there are at least three projects with maximum increases of 10 times, namely RAVE, ARIA, and Binance Life.
Further analysis of these high-increase tokens reveals the following characteristics:
First, they are mainly newly issued tokens from the past year, such as RAVE, Binance Life, and GENIUS, all of which were issued since last October. Statistics show that more than two-thirds of the tokens were issued within the past year. Due to the high concentration of holdings and the fact that VC token releases have not yet begun, project parties and market makers can buy back chips at low prices, creating favorable conditions for manipulating K-lines and prices.
Second, they are primarily AI and meme concept tokens, such as ORDI, SIREN, and KSYAI. Most of these tokens also lack VC investment and holdings, have stronger community consensus attributes, and are part of the popular narratives of the recent cycle, which can better drive investor sentiment.
Third, most of these high-increase tokens have launched on the Binance contract market, and often show sudden surges (over 50%) as a sign of initiation without any favorable news, indicating that their increases have obvious signs of manipulation.
In the second half of last year, the Binance Alpha version also saw a continuous rise in high-increase tokens, with many newly launched Alpha tokens experiencing varying multiples of increases. During this process, the key role played by "active market makers" has gradually been recognized by the market.
In fact, the Binance Alpha version is a structured game directed by market makers. Alpha provides chip accumulation and initial flow, Perp amplifies liquidity and volatility, while OI and funding rates become key tools for manipulators.
As more and more high-increase tokens have fallen over 90%, investors have suffered heavy losses. In late March this year, Binance announced that it would rectify the chaos among market makers, requiring token project parties to disclose the identities, legal entities, and contract terms of market makers to Binance, prohibiting profit-sharing agreements and guaranteed return arrangements.
However, in hindsight, this rectification has made market makers even more "active." Taking advantage of the easing of the Iran conflict and the warming of mainstream cryptocurrencies, active market makers have begun to aggressively pump prices after long-term accumulation, creating one after another meme coin.
The disasters created by market makers have led many KOLs to remind investors of market risks. "The previous altcoin season was a collective buying frenzy driven by retail funds, propelled by genuine market heat. Now, the so-called 'altcoin market' is a performance of a few tokens under high control by manipulators, where liquidity is controlled by manipulators, creating information asymmetry, and price movements depend on their mood. The essence of the two is vastly different; blindly following will only lead to being harvested by the manipulators," crypto KOL Shen Xiaowang posted on X.
Recently, in the "2026 Cryptocurrency Industry Investor Relations and Token Transparency Status Report" released by Connor King, founder of the crypto consulting firm Novora, the data shows that only 1% of projects disclosed specific market makers and terms, including token lending, options structures, and performance incentives. This means that the market-making status of most projects remains in a black box, with severe lack of transparency.
Now, this wave of enthusiasm has lasted nearly a week, and most high-increase tokens are still hovering at high prices, with only a few tokens like ARIA experiencing significant price declines—ARIA's price has dropped from a high of $1.02 to $0.1.
Regardless of the risks hidden within, exchanges should be pleased with this phenomenon. From a rational business perspective, exchanges should welcome meme coins, as they contribute significantly to transaction fees and generate topics of discussion. The role of meme coins is essentially to artificially create volatility and attention.
"It is impossible for exchanges to completely ban meme coins, as their main income comes from transaction fees. If there are no hot topics in the market, and mainstream coins fluctuate daily with less than 5% volatility, without these active market makers creating targets, trading frequency will definitely be lower. Without new targets, there is no sentiment, no stories, and the market will quickly enter a cycle of 'low volatility → low trading → low income,'" Ru7 said.
Currently, the vast majority of altcoins are still at historical lows, with around 20% increases appearing insignificant compared to declines of over 90%. For example, although ARB has recently risen over 50%, it still needs to increase 20 times to surpass its previous historical high price.
Whether this is a "pseudo altcoin season" or the early stage of a long altcoin cycle still depends on the performance of mainstream cryptocurrencies and the macroeconomic environment, as well as the actions of core players.
Thomas "Tom" Lee, chairman of Bitmine, stated: "Bitmine has maintained an accelerated pace of purchasing ETH every week for the past four weeks, as our fundamental judgment is that ETH is in the final stage of a 'mini cryptocurrency winter.' In the past week, we acquired 71,524 ETH, the highest purchasing speed since the week of December 22, 2025."
Crypto analyst Amr Taha pointed out that multiple indicators reflect that Bitcoin chips are shifting from weak hands to strong hands, showing a steady accumulation rather than aggressive selling. CoinGlass liquidity maps show that a large amount of visible liquidity is concentrated in the $86,000 to $90,000 range. Market sentiment has turned bullish, with traders setting Bitcoin's target price at $88,000.
If the previous altcoin season was characterized by "fund-driven increases," the current situation is closer to "structurally manufactured increases." Under the combination of high control, low circulation, and high leverage, both price increases and decreases are greatly amplified—this same logic also means that risks are simultaneously amplified.
When the vast majority of tokens are still deeply entrenched in historical declines, localized surges seem more like selective releases of liquidity rather than a comprehensive return.
In such a market, chasing increases is often easier than judging trends, but the cost is also higher.
You may also like

Transcript of Dr. Han, founder of Gate, speaking at the University of Hong Kong: Breaking the Matthew Effect and Winning in Asymmetric Competition

Who will replace AAVE as the new king?

Fu Peng 2026 First Public Speech: What Exactly Are Crypto Assets? Why Did I Join the Crypto Asset Industry?

Lattice Capital Founder: Crypto VC, Seeing is Believing Because of Faith

The Pitch Is Set. So Is the Trade: CHZ, SportFi, and the UCL Window That Won't Wait
CHZ is gaining momentum as SportFi narratives accelerate alongside the UEFA Champions League(UCL) and global football cycles. This article explores how CHZ, fan tokens, and the broader SportFi ecosystem are driven by real-world events, market narratives, and capital flows—offering insights into why SportFi is emerging as one of the most dynamic sectors in crypto.

Morning Report | SpaceX acquires Cursor for $60 billion; Kalshi and Polymarket launch perpetual contract trading; NeoCognition completes $40 million financing

IMF | The Future of Stablecoins and Payments: Evidence from Financial Markets

56% Spike in Memecoin Trading Volume, Yet Shiba Inu (SHIB) Remains Static With 0 Netflow
Key Takeaways: Recent memecoin market saw a volume increase of 56%, highlighting a shift in investor interest towards…

American Airlines Praises Ripple, Surprising XRP Community
Key Takeaways: American Airlines reports exceptional results from Ripple Treasury usage. Ripple Treasury aids treasury efficiency without needing…

USDT Supply Surges to $188B as Tether Solidifies Stablecoin Dominance
Key Takeaways: Tether’s USDT supply reaches an all-time high of $188 billion, maintaining its dominance in the stablecoin…

North Korea’s $500M DeFi Heist Unveils New Cyber Warfare Tactics
Key Takeaways: North Korean operatives have obtained over $500 million from DeFi platforms in under three weeks. The…

How Crypto Futures Markets Are Fueling ‘Scam Coin’ Insider Schemes
Key Takeaways: RAVE’s market cap skyrocketed to $6.7 billion before plummeting by 95% due to insider control and…

XRP Price Prediction: Wall Street Giants Eye Ripple – Should You?
Key Takeaways: Wall Street players like Mastercard and BlackRock are adopting bullish XRP positions. XRP Ledger sees a…

WOJAK Crypto Meme Coin Pumps 87% as MAXI Targets $5M: Unveiling the Trading Insights of 2026
Key Takeaways: WOJAK crypto surged 87% in 24 hours, driven by aggressive accumulation, signaling renewed interest in meme…

XRP Price Prediction: Wall Street Giants Back Ripple’s Future – Should You?
Key Takeaways: Leading Wall Street firms are showing bullish interest in XRP’s price potential. At the Digital Assets…

XRP Price Prediction: Wall Street Giants Shift Focus to Ripple
Key Takeaways: XRP Ledger is seeing massive institutional interest from giants like Mastercard and BlackRock, aligning with overall…

Protect Your Crypto: Practical Steps to Avoid Scams
Key Takeaways: Recognize red flags early by knowing scams like phishing and rug pulls. Secure your assets with…

How Much Is Blueface Worth? Latest Net Worth Revealed (2026)
Key Takeaways: Blueface’s net worth in 2026 ranges from $4 million to $7 million, reflecting both his musical…
Transcript of Dr. Han, founder of Gate, speaking at the University of Hong Kong: Breaking the Matthew Effect and Winning in Asymmetric Competition
Who will replace AAVE as the new king?
Fu Peng 2026 First Public Speech: What Exactly Are Crypto Assets? Why Did I Join the Crypto Asset Industry?
Lattice Capital Founder: Crypto VC, Seeing is Believing Because of Faith
The Pitch Is Set. So Is the Trade: CHZ, SportFi, and the UCL Window That Won't Wait
CHZ is gaining momentum as SportFi narratives accelerate alongside the UEFA Champions League(UCL) and global football cycles. This article explores how CHZ, fan tokens, and the broader SportFi ecosystem are driven by real-world events, market narratives, and capital flows—offering insights into why SportFi is emerging as one of the most dynamic sectors in crypto.


