Altcoin rally expands, giving some established blue-chip tokens a brief respite

BlockBeats News, May 8 — In April, a wave of meme coin activity led by tokens like RAVE attracted a large influx of market liquidity. In May, as RAVE began to decline, liquidity still seems to be searching for volatility opportunities among altcoins.

For example, in the past two days, tokens like NIL and JTO have quietly climbed to the top of the gainers list, with NIL achieving a doubling in price within a single day, though it also saw a sharp correction this morning. By contrast, JTO, RAY, DYDX, and ONDO have been experiencing slow upward movements and mild corrections, with valuations recovering gradually.

At the time of writing, NIL has risen 67.8% over the past 24 hours, JTO has increased by 39.3%, DYDX is up 32.4%, and STRK has gained 17.1% in the same period.

According to BlockBeats, during this period when Bitcoin is consolidating at high levels and market direction remains uncertain, established blue chips are taking advantage of the limited liquidity window to rally, making project team "self-rescue" actions more probable. However, if projects cannot consistently transfer value to their tokens, most blue-chip assets are likely to return to a slow downward trend.