Pump, Dump, Repeat

It wasn’t just another month in crypto, it was pure chaos, innovation, speculation, and euphoria wrapped into 31days. 

From Telegram’s AI power plays to Avalanche’s insider-flavored FIFA partnership, and Ethereum’s unexpected comeback tour, May delivered across every corner of the market.

So let’s unpack what happened and where the next big moves might come from.

Bitcoin: King of the Mountain

Bitcoin opened the month at $94K, tapped an ATH of $112K, and closed near $104.5K up 50% from April’s tariff-induced dip. 

Major players joined the treasury race: Trump Media raised $2.5B to buy BTC, GameStop dropped $500M, and even Saylor’s back with his third BTC-backed stock.

Sure, some are calling it “peak euphoria.” But the truth? Most of these institutions are just getting started and they’re not selling. The conviction is real, and BTC remains the foundation of this cycle.

ETH Wakes Up (Finally)

Ethereum surprised the market with a sharp rally from $1,800 to $2,730 in just days, briefly pushing ETH/ BTC to 0.026 a rare and powerful move.

ETH beta plays followed: $ETHFI soared 225%, $EIGEN doubled, and $PEPE jumped 2x.

And then came $SBET — a tiny cap stock that raised $425M to become the “MicroStrategy of ETH.” It rocketed 20x, proving there’s appetite for ETH treasury plays too. While the ETH/BTC ratio cooled later, this wasn’t a flash-in-the-pan it might be ETH’s comeback arc.

Hacks, Hype & Headlines

On May 22, Cetus, the main DEX on Sui, suffered a $220M exploit. SUI’s price took over two hours to react to a surprising delay for crypto but ultimately dropped 10%. Thankfully, $180M was frozen, and Sui promised full reimbursement, causing a short-lived bounce.

Meanwhile, Telegram made headlines with a $1.5B raise and plans to integrate Grok AI. $TON surged 25% before cooling off. And in a classic case of “buy the rumor, sell the dinner,” $TRUMP pumped to $16 in anticipation of a memecoin-holder banquet… then dumped right back to $12.5 once the hype faded.

New Narratives: Internet Capital Markets & InfoFi

In mid-May, the “Internet Capital Markets” (ICM) narrative took flight, spearheaded by LAUNCHCOIN and the Believe App a launchpad for tokenized Web2 startups. It felt like ICOs reimagined with memes, but the buzz was real: LAUNCHCOIN went from $15M to $380M mcap in three days.

Another hot trend? InfoFi. $COOKIE, inspired by Kaito’s success, launched Cookie Snaps and rode the wave to 150% gains. $KAITO itself gained 200% from bottom to top.

Meme Coins: Still Running the Show

Memes staged a historic comeback. Not just the fresh stuff but the ones you forgot existed.

$MOODENG rose 10x in five days. $PNUT tripled. $CHILLGUY went 6x. These weren’t driven by narratives, but short squeezes and sheer degeneracy. Influencers like Bonk Guy and Murad helped bring energy (and liquidity) back to meme land. SPX pumped 80% in May, $WIF and $POPCAT followed suit, and even $FARTCOIN reached a ridiculous $1.6B mcap before retracing.

Breakout Coins of the Month

Among large caps, $HYPE was the clear winner climbing from $20 to $40 with barely a pause. With massive mindshare and cult-like community backing, some are already eyeing a $100 target. It could be the Solana of this cycle, though $100B FDV might prove a tough ceiling.

Other notable large-cap performers:

• $SPX: +80%

• $AAVE: +50%

• $QNT: +44%

• $ETH: +41%

• $PEPE: +31%

Mid-caps and small caps also saw explosive runs:

• $KTA: +465%

• $MOODENG: +385%

• $KAITO: +135%

• $ETHFI: +93%

• $PNUT: +47%

• $LAUNCHCOIN: +700%

• LABUBU: $500K → $50M

May 2025 reminded us that crypto is never one-dimensional. While Bitcoin set new highs and big players doubled down, meme coins outperformed, low-caps exploded, and AI-infused launchpads stole the spotlight.

The market remains chaotic, narrative-driven, and beautifully irrational. But if you can read between the lines and ride the waves it’s a trader’s paradise.

As we are into June, keep your eyes on narratives. Because when hype meets timing, it’s not just price that moves it’s entire sectors.

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