Recent developments in the crypto market worth noting.

**Market rebound and liquidation wave**
Despite the decline in the US stock market, cryptocurrencies have generally risen, with some investors taking profits. During this rally, a large number of short positions were liquidated, with 24-hour liquidation totaling $623 million, of which over $500 million were shorts. The short squeeze is evident.

**New projects launch and hot spot rotation**
A project called FOGO is set to list on several top exchanges tomorrow, but market response has been lukewarm— the project team rushed to launch without fully understanding their tokenomics, which has raised questions. Meanwhile, new projects in GameFi and DeFi are also launching one after another, though the latter has been delayed multiple times, limiting market enthusiasm.

**Sector rotation is obvious**
The privacy coin sector has been quite active recently. After XMR led the gains yesterday, related privacy tokens generally rebounded today. Additionally, cross-chain ecosystem fund inflows have increased significantly, with tokens like xDOG on OKChain also rising. The Ordinals ecosystem is not to be outdone; ORDI and Sats rose in tandem with the market recovery, following earlier hot topics like PEPE and BONK.

**Meme coins remain hot**
Various Meme coins continue to attract market attention. "Binance Life," as the first Chinese Meme coin to list spot trading, may open new market cap possibilities for similar projects.

**Sports concept preheating**
As the June World Cup approaches, CHZ has been steadily rising, indicating that the sports concept sector has already started early. Additionally, a short squeeze occurred with the SIP contract, with rumors that delays in unlocking by Korean project teams caused the short interest rate to spike.

**Platform updates**
CoinGecko is seeking to sell at a valuation of $500 million. Compared to Binance’s $400 million acquisition of CoinMarketCap in 2020, industry insiders consider this valuation relatively reasonable.