Recently, the Crypto Assets market has shown a strong pump, especially in the past 90 days, where some emerging projects and small market capitalization Tokens have performed exceptionally well. Let's take a closer look at the winners and losers in this wave of market trends.

Among the Tokens at the top of the rise list, we can observe some common characteristics: most of them are projects with smaller market capitalization, have active communities, and are highly discussed on social media. These factors collectively drive rapid capital inflow in the short term.

The most remarkable are some projects in the Solana ecosystem. For example, PENGU achieved nearly 600% rise in 90 days, largely due to expectations of its upcoming listing on centralized exchanges. Similarly, other Tokens on Solana, such as BONK and WIF, also show strong growth momentum.

At the same time, some emerging public chain projects have also attracted the attention of investors. Conflux's native Token CFX is a good example, with a rise of over 128%, partly due to favorable policies from Hong Kong.

However, not all Tokens have enjoyed the dividends of this bull market. Some established decentralized finance (DeFi) projects like UNI and AAVE have performed relatively flat. Similarly, traditional payment Tokens such as XRP and XLM have also failed to keep pace with the market. This may reflect the market's response to a lack of new narratives or breakthrough developments for these projects.

It is worth noting that Ethereum (ETH), as a standout among mainstream Tokens, has maintained a rise of over 100%. This may be related to the market's expectations regarding the approval of Ethereum ETFs.

Overall, the current market seems to favor assets with high volatility and trending topics. Investors may continue to focus on emerging projects within the Solana ecosystem and some innovative public chains in the short term. At the same time, it is also important to closely monitor the progress of Ethereum ETFs, as this could have a profound impact on the entire Crypto Assets market.

For those traditional DeFi projects that are underperforming, they may need to launch new features or find new growth points to regain market favor. In this rapidly changing market, innovation and adaptability will be the keys to project success.