After nearly three months of continuous correction, the crypto market has finally experienced a decent rebound. What’s particularly interesting about this rally is that it has taken on a clear "stepwise" pattern—starting with the Meme sector, which began to move at the beginning of the month, with an overall market cap increase of about 30%. Although it’s still too early to call it a bull market, this wave of market activity is definitely sending a signal: market risk appetite is rapidly warming up.

Looking closely at this rebound, several noteworthy phenomena can be observed.

First, established Meme coins have become the main drivers of the rebound. It’s not the new small coins that are surging randomly, but rather larger, highly liquid projects like DOGECOIN, SHIBA INU, and PEPE leading the charge. PEPE alone has surged 65% this month, firmly establishing itself as the leader. These coins, backed by years of community accumulation and amplified by social media, quickly caught up after the market stabilized, further driving other tokens like WIF, BONK, BROCCOLI, and PENGU to follow suit.

Second, on-chain activity indicators are also beginning to recover. The surge in blue-chip Meme coins reflects an increase in market participation and capital seeking new hotspots. This shift in sentiment often spills over into other sectors.