June 2025 recap : narratives, best-performers, and coins to watch

Choppy month, Iran-Israel, HYPE, SPX, SYRUP

Jul 06, 2025

Welcome to this monthly recap, I am Viktor and you can find me here on Twitter and here on Telegram. Enjoy your reading !

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Main events that happened in June :

Pumpfun announced that they were planning to do an ICO at $4bn FDV, and raise $1bn through the ICO. Raising this much after having made $700M in revenue sounds like grift to me. SOL and the largest Solana memecoins (FARTCOIN) all dumped on the news, which went out on June 3.
An important event of June related to crypto happened in the stock market, with the IPO of Circle under the $CRCL ticker. The IPO price was at $31, and it immediately pumped to $100 on the listing day, then went as high as $300 in two weeks, after the stablecoin bill passed on the Senate. This level marked the pico-top for Circle which is now trading at $190. It went higher in market cap than the entire supply of USDC, and topped at $66bn fully diluted market cap. This also propelled $COIN (Coinbase stock) to $380, a level it had not seen since November 2021.
There have been several Upbit listings in June, and they all had similar price action : a massive pump on the news, which was usually followed by a retrace over several days, and sometimes with very negative funding. We’ve had $RVN, $AXL, and $ALT in June, as well as $LPT in May 30. All of these were good shorts.
Polymarket announced on June 6 that they would be partnering with Twitter, which lead $UMA to have a +60% in two days, before completely retracing the pump in a week.
$W (Wormhole) got listed on Coinbase on June, it pumped +35% in two days after that.
$MASK has been the coin to have the same kind of PA as $LAYER or $WCT this month, it pumped relentlessly to +240% returns in a month, before going down -50% in 3 hours on June 6. Another ‘rug-like’ price action has been $ZKJ, it literally went down -85% in a few hours…
Robinhood announced on June 30 that they would be issuing stocks on-chain, and that they were going to launch their own L2 based on the Arbitrum Orbit stack. The news was heavily frontrun on $ARB as it went up +30% on the day before, and then dumped on the actual news.
On June 30, the news got out that a Rex SOL ETF with staking would start trading two days later, it quickly pushed $SOL from $150 to $160 but then the pump got entirely retraced in one day. Blockworks also shared in June that the $SOL ETF was likely to get approved in only a few weeks.
A lot of new coins have been listed this month : $RESOLV, $HOME (Defidotapp), $H (Humanity Protocol), $SAHARA, $NEWT (Newton Protocol), $SPK (Spark). $RESOLV and $HOME were both good longs for a 2x right after their listing, but then went down, just like most of these coins. $H started with a heavy dump but then trapped a lot of shorts at the end of the month by going 2x in a few days from the bottom, without dips.
The $TRUMP memecoin team announced the launch of a Trump wallet in partnership with Magic Eden on June 3, it caused a short-lived 6% pump on TRUMP and then the Trump sons started denying any involvement with this wallet. On June 5, World Liberty Financial (WLFI) (the Trump family–backed DeFi firm) sent a cease-and-desist to Fight Fight Fight LLC and Magic Eden over the unauthorized “Trump Wallet,” leading to the site being taken offline. They later announced that the Trump Wallet was cancelled but that both teams were aligned and that WLFI would purchase some $TRUMP tokens. The price action for $TRUMP is now the endless bleeding again.

Main narratives of June :

Choppy month for $BTC

$BTC has spent the whole month in “summer chop” mode, ranging around $105k while always mean reverting to this level. It had two local bottoms in June. The first one was on June 5 when Elon and Trump started fighting publicly, and $BTC dipped to $100.4k before bouncing strongly back to $110K in 5 days.

The second bottom happened on June 22, and it was a consequence of the Iran-Israel war. BTC had a very weak PA during the conflict, and it dumped from $103k to almost $98k after the Iranian parliament voted the theoretical right to close the strait of Hormuz.

On June 23, Iran sent some missiles against US bases too, but none of them hit and it was more to save face than anything, and a few hours later Trump announced a ceasefire between the 2 countries, which lead to a sharp move back up to $106k on $BTC. “Nothing ever happens”…

On the altcoin front, they have basically been quite weak versus BTC during the whole month, and OTHERS/BTC has reached new cycle lows.

$HYPE new ATH at $46

One of the most noticeable coins for June has been $HYPE once again. Its price action has been quite unstoppable since the sub $10 bottom on the April bottom. It broke its $40 resistance in June 10, and then made a new ATH at $46 on June 16. It then corrected to almost $30 but closed the month at around $40. $HYPE is undeniably the main coin of the cycle behind $SOL now.

$SPX and $FARTCOIN

$HYPE is the serious, revenue-generating protocol that crypto natives want to bid, and on the other end of the spectrum, we have the pure memecoins like $SPX, that also received a lot of inflows in June. After some time consolidation between $1 and $1.2, $SPX finally broke out and then went basically up only for a few days until it reached its previous ATH again (around $1.7), where it topped locally once again. Murad has been able to create a Schelling point around $SPX as a cult meme, and he does now only shill this coin on X (as well as on Tiktok), relentlessly.

FARTCOIN is the other pure memecoin that permanently gets bids too, it performed decently in June versus most coins.

DeFi coins generating revenue

One DeFi coin with “fundamentals” has been particularly strong over the past 3 months, and that is $SYRUP (Maple Finance) which basically pumped from $100M to $600M mcap while its TVL and revenue keep growing steadily. Maple is a RWA/under-collateralized lending protocol that was already around in 2021 but suffered during the bear market and is now finally ‘so back’.

In the same category, $EUL (Euler), a lending protocol that got hacked in 2023 but came back strong with a TVL that is now going up only, it went up +27% in June for its fifth green monthly candle in a row. We can also cite Liquity, the most decentralized stablecoin protocol, with $LQTY going up +83% in June.

Coinbase announced on June 13 that they’d be integrating Base network’s decentralized exchanges directly into the main Coinbase app, allowing users to trade on‑chain assets seamlessly from within Coinbase. This caused a significant move up on $AERO, the coin of the leading DEX on Base, which closed the month with +57% returns.

What else happened in June ?

One coin that gathered a lot of attention is an on-chain coin on Base : $KTA (Keeta). It’s supposed to be a very fast alt L1, and its token was already running very hot in May as it went up 7x, and the pump continued in the first 10 days of June, and ended with a large spike from $1bn to $1.6bn FDV. Then a fud tweet sent it down -30% in a hour, and it marked the top. It closed the month at $0.6, down -63% from its ATH.

A few large cap pumps have been a bit random, for example $SEI went up almost 2x in two weeks, and the main piece of news that stands out about SEI is that it has been selected by the Wyoming Stable Token Commission as a candidate blockchain for WYST. $PENGU has also been particularly strong at the end of the month, it pumped 2x from its local bottom in only a few days.
A few coins listed on Binance perps are clearly being manipulated, and one of the most blatant examples has been $BANANAS31 in June, honestly you just have to take a look at the chart to realize it. I’ve written a tweet about how to handle these coins.
Three memecoins on-chain clearly stand out in June : $AURA, $USELESS, and $JOE. $AURA is a 2024 cat/culture coin which basically pumped from $1M to $200M mcap in two days, and does now sustain above $100M. $USELESS is the main coin launched on letsbonkfun which is the memecoin launchpad of BONK. It’s also heavily shilled by Unipcs (Bonk guy), and the coin has been going up only (with a price action similar as the first FARTCOIN run) from its $5M MC bottom to $230M at the end of the month. Finally, $JOE is the 2023 ETH memecoin that managed to maintain relevancy, and it went from $15M to $70M in June. It’s one of the ETH memes I like the most.

Best-performer list :

Best-performers among large caps in June :

KAIA : +52%
SEI : +45%
JTO : +35%
MKR : +24%
BCH : +22%
HYPE : +21%
SPX : +21%
UNI : +18%
AAVE : +11%
TRX : +5%

Smaller coins worth noting that had a good performance in June :

LQTY : +83%
SYRUP : +58%
AERO : +57%
RVN : +28%
COMP : +10%
USELESS : $10M → $220M
AURA : $1M → $220M
JOE : $20M → $70M
CLANKER : +65%

Thank you for reading this article,
Cheers,
Viktor.

Crypto Narratives

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